SEC Info - Riley Investment Management LLC, et al. - ‘SC 13G/A’ on 2/13/09 re: Applied Science Products, Inc.

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Riley Investment Management LLC, et al. – ‘SC 13G/A’ on 2/13/09 re: Applied Science Products, Inc.

On: Friday, 2/13/09, at 4:31pm ET · Accession #: 1019687-9-506 · File #: 5-79849

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/13/09  Riley Investment Management LLC   SC 13G/A               1:20K  Applied Science Products, Inc.    Publicease Inc/FA
          B. Riley & Co. LLC
          B. Riley & Co. Retirement Trust
          Bryant Riley
          Riley Investment Management LLC
          Riley Investment Partners Master Fund LP

Amendment to Statement of Beneficial Ownership — Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G/A    Amendment No. 5                                       10     37K 

SC 13G/A 1st Page of 10 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

 UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)*

FLIGHT SAFETY TECHNOLOGIES, INC.
(Name of Issuer)

COMMON STOCK
(Title of Class of Securities)

 33942T207
(CUSIP Number)

 DECEMBER 31, 2008
 (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule 
is filed:                                                                       

|_|      Rule 13d-1(b)                                                          

[X]      Rule 13d-1(c)                                                          

|_|      Rule 13d-1(d)                                                          

--------------                                                                  
*                                                                               
The remainder of this cover page shall be filled out for a reporting person's   
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the       
disclosures provided in a prior cover page.                                     

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of   
1934 ("Act") or otherwise subject to the liabilities of that section of the Act 
but shall be subject to all other provisions of the Act (however, see the       
Notes).                                                                         

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CUSIP No.  33942T207                                                            

--------------------------------------------------------------------------------
1     Name of Reporting Persons.                                          
I.R.S. Identification Nos. of above person (entities only)    

Riley Investment Partners Master Fund, L.P.                   
--------------------------------------------------------------------------------
2     Check the Appropriate Box if a Member of a Group (See Instructions) 
                                                                         (a) [ ]
                                                                         (b) [X]
--------------------------------------------------------------------------------
3     SEC Use Only                                                        

--------------------------------------------------------------------------------
4     Citizenship or Place of Organization                                

Cayman Islands                                                
--------------------------------------------------------------------------------
Number of         5    Sole Voting Power                              

Shares               410,629                                      
                     -----------------------------------------------------------
Beneficially       6    Shared Voting Power                             

Owned by              -0-                                           
                     -----------------------------------------------------------
Each           7    Sole Dispositive Power                      

Reporting              410,629                                        
                     -----------------------------------------------------------
Person          8    Shared Dispositive Power                     

With                -0-                                         
--------------------------------------------------------------------------------
9     Aggregate Amount Beneficially Owned by Each Reporting Person        

410,629                                                       
--------------------------------------------------------------------------------
10    Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
         (See Instructions)                                                  [ ]

--------------------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)                   

4.6%(1)                                                       
--------------------------------------------------------------------------------
12    Type Of Reporting Person (See Instructions)                         

PN                                                            
--------------------------------------------------------------------------------

--------------                                                                  
(1) Based on 8,295,210 shares of common stock of Flight Safety Technologies,    
Inc. (the "Issuer") outstanding at January 9, 2009, as reported in the Issuer's 
Quarterly Report on Form 10-Q for the quarter ended November 30, 2008 filed with
the Securities and Exchange Commission on February 5, 2009.                     

-2- 

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CUSIP No.  33942T207                                                            

--------------------------------------------------------------------------------
1    Name of Reporting Persons.                                           
I.R.S. Identification Nos. of above person (entities only)      

Riley Investment Management LLC                                 
--------------------------------------------------------------------------------
2    Check the Appropriate Box if a Member of a Group (See Instructions)  
                                                                        (a)  |_|
                                                                        (b)  [X]
--------------------------------------------------------------------------------
3    SEC Use Only                                                         

--------------------------------------------------------------------------------
4    Citizenship or Place of Organization                                 

Delaware                                                        
--------------------------------------------------------------------------------
Number of         5    Sole Voting Power                              

Shares               475,770(2)                                   
                     -----------------------------------------------------------
Beneficially       6    Shared Voting Power                             

Owned by              100,000(3)                                    
                     -----------------------------------------------------------
Each           7    Sole Dispositive Power                      

Reporting              475,770(2)                                     
                     -----------------------------------------------------------
Person          8    Shared Dispositive Power                     

With                100,000(3)                                  
--------------------------------------------------------------------------------
9    Aggregate Amount Beneficially Owned by Each Reporting Person         

575,770                                                         
--------------------------------------------------------------------------------
10    Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares  
(See Instructions)                                              
                                                                             |_|
--------------------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)                     

6.4%(1)                                                         
--------------------------------------------------------------------------------
12    Type Of Reporting Person (See Instructions)                           

IA                                                              
--------------------------------------------------------------------------------
--------------                                                                  
(2) Because Riley Investment Management LLC has sole investment and voting power
over 410,629 shares of Common Stock held by Riley Investment Partners Master    
Fund, L.P. and 65,141 shares held in managed accounts by its investment advisory
clients, Riley Investment Management LLC may be deemed to have beneficial       
ownership of these shares.                                                      

(3) Riley Investment Management LLC has shared voting and dispositive power over
100,000 shares of Common Stock held in managed accounts of its investment       
advisory clients, which are indirectly affiliated with Riley Investment Partners
Master Fund, L.P.                                                               

-3- 

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CUSIP No.  33942T207                                                            

--------------------------------------------------------------------------------
1    Name of Reporting Persons.                                           
I.R.S. Identification Nos. of above person (entities only)      

B. Riley & Co. Retirement Trust                                 
--------------------------------------------------------------------------------
2    Check the Appropriate Box if a Member of a Group (See Instructions)  
                                                                        (a)  |_|
                                                                        (b)  [X]
--------------------------------------------------------------------------------
3    SEC Use Only                                                         

--------------------------------------------------------------------------------
4    Citizenship or Place of Organization                                 

United States                                                   
--------------------------------------------------------------------------------
Number of         5    Sole Voting Power                              

Shares               2,600                                        
                     -----------------------------------------------------------
Beneficially       6    Shared Voting Power                             

Owned by              0                                             
                     -----------------------------------------------------------
Each           7    Sole Dispositive Power                      

Reporting              2,600                                          
                     -----------------------------------------------------------
Person          8    Shared Dispositive Power                     

With                0                                           
--------------------------------------------------------------------------------
9    Aggregate Amount Beneficially Owned by Each Reporting Person         

2,600                                                           
--------------------------------------------------------------------------------
10    Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares  
(See Instructions)                                              
                                                                             |_|
--------------------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)                     

0.0%(1)                                                         
--------------------------------------------------------------------------------
12    Type Of Reporting Person (See Instructions)                           

EP                                                              
--------------------------------------------------------------------------------
--------------                                                                  

-4- 

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CUSIP No.  33942T207                                                            

--------------------------------------------------------------------------------
1     Name of Reporting Persons.                                          
I.R.S. Identification Nos. of above person (entities only)    

B. Riley & Co., LLC                                           
--------------------------------------------------------------------------------
2     Check the Appropriate Box if a Member of a Group (See Instructions) 
                                                                       (a) [ ]
                                                                       (b) [X]
--------------------------------------------------------------------------------
3     SEC Use Only                                                        

--------------------------------------------------------------------------------
4     Citizenship or Place of Organization                                

Delaware                                                      
--------------------------------------------------------------------------------
Number of         5    Sole Voting Power                              

Shares               341,133                                      
                     -----------------------------------------------------------
Beneficially       6    Shared Voting Power                             

Owned by              -0-                                           
                     -----------------------------------------------------------
Each           7    Sole Dispositive Power                      

Reporting              341,133                                        
                     -----------------------------------------------------------
Person          8    Shared Dispositive Power                     

With                -0-                                         
--------------------------------------------------------------------------------
9     Aggregate Amount Beneficially Owned by Each Reporting Person        

341,133                                                       
--------------------------------------------------------------------------------
10    Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)                                            
                                                                             [ ]
--------------------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)                   

3.8%(1)                                                       
--------------------------------------------------------------------------------
12    Type Of Reporting Person (See Instructions)                         

BD                                                            
--------------------------------------------------------------------------------
--------------                                                                  

-5- 

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CUSIP No.  33942T207                                                            

--------------------------------------------------------------------------------
1    Name of Reporting Persons.                                           
I.R.S. Identification Nos. of above person (entities only)      

Bryant Riley                                                    
--------------------------------------------------------------------------------
2    Check the Appropriate Box if a Member of a Group (See Instructions)  
                                                                        (a)  |_|
                                                                        (b)  [X]
--------------------------------------------------------------------------------
3    SEC Use Only                                                         

--------------------------------------------------------------------------------
4    Citizenship or Place of Organization                                 

United States                                                   
--------------------------------------------------------------------------------
Number of         5    Sole Voting Power                              

Shares               862,803(4)                                   
                     -----------------------------------------------------------
Beneficially       6    Shared Voting Power                             

Owned by              100,000(5)                                    
                     -----------------------------------------------------------
Each           7    Sole Dispositive Power                      

Reporting              862,803(4)                                     
                     -----------------------------------------------------------
Person          8    Shared Dispositive Power                     

With                100,000(5)                                  
--------------------------------------------------------------------------------
9    Aggregate Amount Beneficially Owned by Each Reporting Person         

919,503(4)                                                      
--------------------------------------------------------------------------------
10    Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares  
(See Instructions)                                                
                                                                             [X]
--------------------------------------------------------------------------------
11    Percent of Class Represented by Amount in Row (9)                     

10.3%(1)                                                        
--------------------------------------------------------------------------------
12    Type Of Reporting Person (See Instructions)                           
IN                                                              
--------------------------------------------------------------------------------
--------------                                                                  
(4) Because Riley Investment Management LLC has sole voting and investment power
over security holdings of Riley Investment Partners Master Fund, L.P.'s and     
certain managed accounts of its investment advisory clients and Mr. Riley, in   
his role as the sole manager of Riley Investment Management LLC, controls its   
voting and investment decisions, Mr. Riley may be deemed to have beneficial     
ownership of the 410,629 shares of Common Stock held by Riley Investment        
Partners Master Fund, L.P. and 65,141 shares held in managed accounts by its    
investment advisory clients. Includes 2,600 shares owned by B. Riley & Co.      
Retirement Trust. Because Mr. Riley, in his role as Trustee of the B. Riley &   
Co. Retirement Trust, controls its voting and investment decisions, Mr. Riley   
may be deemed to have beneficial ownership of the 2,600 shares owned by B. Riley
& Co. Retirement Trust. Includes 43,300 shares of Common Stock owned by         
custodial accounts of Mr. Riley's children. Although Mr. Riley controls voting  
and investment decisions in his role as custodian for the children's accounts,  
Mr. Riley disclaims beneficial ownership of these shares. Includes 341,133      
shares owned by B. Riley & Co., LLC. Mr. Riley is the Chairman and sole indirect
equity owner of B. Riley & Co., LLC.                                            

(5) Riley Investment Management LLC has shared voting and dispositive power over
100,000 shares of Common Stock held in managed accounts of its investment       
advisory clients, which are indirectly affiliated with Riley Investment Partners
Master Fund, L.P. Mr. Riley, in his role as the sole manager of Riley Investment
Management LLC controls its voting and investment decisions.                    

-6- 

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CUSIP No.  33942T207                                                            

ITEM 1.                                                                         

(a) Name of Issuer                                                              
Flight Safety Technologies, Inc.                              

(b) Address of Issuer's Principal Executive Offices                             
28 Cottrell Street                                            
Mystic, Connecticut 06355                                     

ITEM 2.                                                                         

1.                                                                    
     Riley Investment Partners Master Fund, L.P. (Cayman Islands limited
partnership)                                                  
      Riley Investment Management LLC (Delaware limited liability company)
Bryant Riley (individual residing in California)              
2.                                                                    
B. Riley & Co. Retirement Trust (employee benefit plan)       
B. Riley & Co., LLC (Delaware limited liability company)      

(b)  Address of Principal Business Office or, if none, Residence                
1.                                                                    
11100 Santa Monica Blvd.                                      
Suite 810                                                     
Los Angeles, CA 90025                                         

2.                                                                    
11100 Santa Monica Blvd.                                      
Suite 800                                                     
Los Angeles, CA 90025                                         

(c) Citizenship                                                                 
United States                                                 

(d) Title of Class of Securities                                                
Common Stock                                                  

(e) CUSIP Number                                                                
33942T207                                                     

-7- 

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CUSIP No.  33942T207                                                            

ITEM 3.                                                                         
  IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(b) OR 240.13D-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS A:                                

     (a) [ ] Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).                                                                    

        (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

        (c) [ ]Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).                                                                    

         (d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C 80a-8).                                           

(e) [ ] An investment adviser in accordance with              
ss.240.13d-1(b)(1)(ii)(E);                                                      

       (f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);                                                      

       (g) [ ] A parent holding company or control person in accordance with
ss. 240.13d-1(b)(1)(ii)(G);                                                     

  (h) [ ] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);                                 

  (i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company Act of 1940 
(15 U.S.C. 80a-3);                                                              

(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).  

ITEM 4.                                                                         
OWNERSHIP.                                                                

      Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.       

For each Reporting Person:                                                      

(a) Amount beneficially owned: Please see Line 9 on the cover sheet for each    
reporting person (including footnotes thereto).                                 

(b) Percent of class: Please see Line 11 on the cover sheet for each reporting  
person (including footnotes thereto).                                           

(c) Number of shares as to which the person has:                                

(i) Sole power to vote or to direct the vote: Please see Line 5 on the cover    
sheet for each reporting person (including footnotes thereto).                  

(ii) Shared power to vote or to direct the vote: Please see Line 6 on the cover 
sheet for each reporting person (including footnotes thereto).                  

(iii) Sole power to dispose or to direct the disposition of: Please see Line 7  
on the cover sheet for each reporting person (including footnotes thereto).     

(iv) Shared power to dispose or to direct the disposition of: Please see Line 8 
on the cover sheet for each reporting person (including footnotes thereto).     

-8- 

SC 13G/A 9th Page of 10 TOC 1st Previous Next ↓Bottom Just 9th
CUSIP No.  33942T207                                                            

ITEM 5.                                                                         
OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.                 

         If this statement is being filed to report the fact that as of the date
      hereof the reporting person has ceased to be the beneficial owner of
        more than five percent of the class of securities, check the following
[ ].                                                          

INSTRUCTION: Dissolution of a group requires a response to this item.           

ITEM 6.                                                                         
  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

Not applicable                                                

ITEM 7.                                                                         
        IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.     

Not applicable                                                

ITEM 8.                                                                         
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.    

Not applicable                                                

ITEM 9.                                                                         
NOTICE OF DISSOLUTION OF GROUP.                               

Not applicable                                                

ITEM 10.                                                                        
CERTIFICATION                                                 

(b)      The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(c):                                  

By signing below I certify that, to the best of my knowledge and belief, the    
securities referred to above were not acquired and are not held for the purpose 
of or with the effect of changing or influencing the control of the issuer of   
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.                   

-9- 

SC 13G/A Last Page of 10 TOC 1st Previous Next ↓Bottom Just 10th
CUSIP No.  33942T207                                                            

 SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and  
correct.                                                                        

Date: February 13, 2009                                                         

                         RILEY INVESTMENT PARTNERS MASTER FUND, L.P.

                                    By: Riley Investment Management, its General
       Partner

      By:  /s/ BRYANT R. RILEY
                                    --------------------------------------------
                        Bryant R. Riley, Managing Member

              RILEY INVESTMENT MANAGEMENT, LLC

      By:  /s/ BRYANT R. RILEY
                                    --------------------------------------------
                        Bryant R. Riley, Managing Member

             B. RILEY & CO. RETIREMENT TRUST

      By:  /s/ BRYANT R. RILEY
                                    --------------------------------------------
                        Bryant R. Riley, Managing Member

 B. RILEY & CO., LLC

      By:  /s/ BRYANT R. RILEY
                                    --------------------------------------------
                 Bryant R. Riley, Chairman

      By:  /s/ BRYANT R. RILEY
                                    --------------------------------------------
       Bryant R. Riley

-10-

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘SC 13G/A’ Filing	Date	First	Last	Other Filings

Filed on:	2/13/09	10		4
	2/5/09	2		10-Q/A
	1/9/09	2
	12/31/08	1		13F-HR
	11/30/08	2		10-Q, 10-Q/A, NT 10-Q
				List all Filings

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Filing Submission 0001019687-09-000506 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Riley Investment Management LLC, et al. – ‘SC 13G/A’ on 2/13/09 re: Applied Science Products, Inc.

On: Friday, 2/13/09, at 4:31pm ET · Accession #: 1019687-9-506 · File #: 5-79849

Previous ‘SC 13G’: ‘SC 13G/A’ on 1/16/09 · Next: ‘SC 13G/A’ on 2/17/09 · Latest: ‘SC 13G/A’ on 9/25/14

Amendment to Statement of Beneficial Ownership — Schedule 13GFiling Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Amendment to Statement of Beneficial Ownership — Schedule 13G
Filing Table of Contents