UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D/A
(Amendment No. 3)
Under the Securities and Exchange Act of 1934
(Amendment No. _____)*
Lantronix, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
516548 10 4
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(CUSIP Number)
Tom Kelleher
11150 Santa Monica Blvd.
Suite 750
Los Angeles, CA 90025
(310) 966-1444
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 28, 2003
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
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* 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 disclosures provided in a prior cover page.
The information required on 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 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).
CUSIP No. 516548 10 4 13D Page 2 of 4 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SACC Partners LP; Riley Investment Management LLC; B. Riley & Co., Inc.;
Bryant R. Riley
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC, PF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
N/A
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 4,494,320
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
4,494,320
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0-
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,494,320
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.07%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN, IA, BD, IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 516548 10 4 13D Page 3 of 4 Pages
________________________________________________________________________________
Item 1. Security and Issuer.
Common Stock of Lantronix, Inc.
15353 Barranca Parkway
Irvine, California 92618
________________________________________________________________________________
Item 2. Identity and Background.
(a) SACC Partners LP (a Delaware limited partnership)
Riley Investment Management LLC (Delaware ltd. liab. co.)
B. Riley & Co., Inc. (Delaware corporation)
Bryant R. Riley (individual residing in California)
(b) 11150 Santa Monica Boulevard, Suite 750
Los Angeles, CA 90025
(c) Mr. Riley owns all of the outstanding shares of B. Riley & Co., Inc.
("BRC"), an NASD member broker-dealer. Mr. Riley also manages and owns
all of the outstanding membership interests of Riley Investment
Management LLC ("RIM"), a California registered investment adviser.
RIM is the investment adviser to and general partner of SACC Partners
LP ("SACC"). They are all located at the address specified in (b)
above.
(d) None
(e) None
(f) United States
________________________________________________________________________________
Item 3. Source and Amount of Funds or Other Consideration.
SACC's purchases were made with SACC partnership funds, BRC's purchases were
made with BRC corporate funds and Mr. Riley's purchases were made with his own
personal funds.
________________________________________________________________________________
Item 4. Purpose of Transaction.
SACC, BRC and Mr. Riley acquired the issuer's shares for investment purposes.
________________________________________________________________________________
Item 5. Interest in Securities of the Issuer.
(a) SACC owns 3,486,700 shares of Lantronix's common stock. Because RIM has
sole voting and investment power over SACC's security holdings and Mr. Riley in
his role as the sole manager of RIM controls RIM's voting and investment
decisions, each of SACC, RIM and Mr. Riley may be deemed to have beneficial
ownership of the 3,486,700 shares held by SACC, representing approximately 6.27%
of Lantronix's common stock.
BRC owns 402,201 shares of Lantronix's common stock. Because Mr. Riley has sole
voting and investment power over BRC's security holdings, both BRC and Mr. Riley
may be deemed to have beneficial ownership of the 402,201 shares of Lantronix's
common stock, representing approximately 0.72% of Lantronix's common stock.
Mr. Riley personally owns 605,419 shares of Lantronix's common stock,
representing approximately 1.09% of Lantronix's common stock.
To summarize, Mr. Riley may be deemed to beneficially own a total of
4,494,320 shares of Lantronix common stock (8.07%) through his relationships
with SACC, RIM and BRC, as well as his personal holdings.
(b) With respect to all of the shares that he holds and that are held by
each of SACC and BRC, Mr. Riley has sole power to vote and dispose or direct the
disposition of the shares.
(c) Please see Exhibit A for Mr. Riley's, SACC's and BRC's transactions in
Lantronix's shares in the past sixty (60) calendar days.
(d) None
(e) Not applicable
________________________________________________________________________________
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The relationships between Mr. Riley, SACC, RIM and BRC are described above under
Item 2(c) above. There is no written agreement among the reporting parties
regarding Lantronix's shares.
________________________________________________________________________________
Item 7. Material to be Filed as Exhibits.
There are no written agreements amongst the parties relating to the filing of
this joint acquisition statement, nor are there any written agreements,
contracts, arrangements, understandings, plans or proposals relating to (1) the
borrowing of funds to finance the acquisition of shares, (2) the acquisition of
issuer control, liquidation, sale of assets, merger, or change in business or
corporate structure or any matter disclosed under Item 4, or (3) the transfer or
voting of securities, finder's fees, joint ventures, options, puts, calls,
guarantees of loans, guarantees against loss or of profit, or the giving or
withholding of any proxy.
________________________________________________________________________________
CUSIP No. 516548 10 4 13D Page 4 of 4 Pages
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: May 28, 2003
SACC PARTNERS LP
By: Riley Investment Management
LLC, its General Partner
By: /s/ Bryant R. Riley
--------------------------------
Bryant R. Riley,
President
RILEY INVESTMENT MANAGEMENT LLC
By: /s/ Bryant R. Riley
--------------------------------
Bryant R. Riley, President
B. RILEY & CO., INC.
By: Bryant R. Riley
--------------------------------
Bryant R. Riley, President
/s/ Bryant R. Riley
--------------------------------
Bryant R. Riley
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
EXHIBIT A
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Reporting Party Date # of Shares Price/Share Type and Manner
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SACC 4/22/03 75,000 0.4667 Brokered
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B. Riley & Co. 3/28/03 200 0.75 Brokered
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3/28/03 5300 0.72 Brokered
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3/31/03 100 0.77 Brokered
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3/31/03 200 0.77 Brokered
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3/31/03 400 0.77 Brokered
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3/31/03 4300 0.77 Brokered
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3/31/03 4774 0.75 Brokered
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3/31/03 5000 0.75 Brokered
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3/31/03 10000 0.77 Brokered
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4/2/03 100 0.75 Brokered
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4/2/03 400 0.78 Brokered
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4/2/03 500 0.78 Brokered
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4/2/03 1100 0.78 Brokered
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4/2/03 2000 0.77 Brokered
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4/3/03 300 0.75 Brokered
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4/3/03 1200 0.75 Brokered
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4/4/03 5200 0.75 Brokered
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4/7/03 400 0.71 Brokered
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4/7/03 10000 0.75 Brokered
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4/8/03 200 0.71 Brokered
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4/8/03 4600 0.71 Brokered
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4/9/03 8900 0.71 Brokered
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4/14/03 2200 0.71 Brokered
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4/15/03 100 0.62 Brokered
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4/15/03 100 0.65 Brokered
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4/15/03 100 0.68 Brokered
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4/15/03 500 0.71 Brokered
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4/15/03 3700 0.71 Brokered
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4/17/03 -25500 0.66 Brokered
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4/17/03 100 0.62 Brokered
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4/17/03 100 0.65 Brokered
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4/17/03 350 0.65 Brokered
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4/17/03 25100 0.65 Brokered
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4/22/03 -75000 0.4667 Brokered
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4/22/03 25000 0.5 Brokered
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4/22/03 50000 0.45 Brokered
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4/23/03 -100000 0.51 Brokered
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4/23/03 1100 0.5 Brokered
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4/23/03 33300 0.5 Brokered
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4/24/03 -10300 0.5764 Brokered
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4/24/03 100 0.55 Brokered
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4/24/03 200 0.55 Brokered
-----------------------------------------------------------
4/24/03 600 0.5 Brokered
-----------------------------------------------------------
4/24/03 700 0.54 Brokered
-----------------------------------------------------------
4/24/03 1300 0.55 Brokered
-----------------------------------------------------------
4/24/03 7400 0.55 Brokered
-----------------------------------------------------------
4/25/03 5200 0.55 Brokered
-----------------------------------------------------------
4/28/03 300 0.55 Brokered
-----------------------------------------------------------
4/28/03 1600 0.55 Brokered
-----------------------------------------------------------
4/28/03 8500 0.55 Brokered
-----------------------------------------------------------
4/28/03 10000 0.55 Brokered
-----------------------------------------------------------
4/30/03 2900 0.55 Brokered
-----------------------------------------------------------
5/1/03 100 0.52 Brokered
-----------------------------------------------------------
5/1/03 200 0.55 Brokered
-----------------------------------------------------------
5/1/03 300 0.55 Brokered
-----------------------------------------------------------
5/1/03 7100 0.55 Brokered
-----------------------------------------------------------
5/2/03 500 0.55 Brokered
-----------------------------------------------------------
5/2/03 16000 0.55 Brokered
-----------------------------------------------------------
5/6/03 -25000 0.52 Brokered
-----------------------------------------------------------
5/6/03 -14000 0.53 Brokered
-----------------------------------------------------------
5/6/03 -8100 0.53 Brokered
-----------------------------------------------------------
5/6/03 200 0.51 Brokered
-----------------------------------------------------------
5/6/03 4030 0.53 Brokered
-----------------------------------------------------------
5/6/03 22000 0.52 Brokered
-----------------------------------------------------------
5/6/03 25000 0.45 Brokered
-----------------------------------------------------------
5/7/03 -16600 0.53 Brokered
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5/7/03 -7000 0.54 Brokered
-----------------------------------------------------------
5/7/03 -5000 0.54 Brokered
-----------------------------------------------------------
5/7/03 -2200 0.53 Brokered
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5/7/03 -1000 0.53 Brokered
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5/7/03 -300 0.53 Brokered
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5/7/03 100 0.51 Brokered
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5/7/03 32000 0.5237 Brokered
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5/8/03 -13700 0.5196 Brokered
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5/8/03 -4500 0.53 Brokered
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5/8/03 -1000 0.53 Brokered
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5/8/03 500 0.51 Brokered
-----------------------------------------------------------
5/8/03 18700 0.5229 Brokered
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5/9/03 -6800 0.51 Brokered
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5/9/03 6800 0.51 Brokered
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5/12/03 -400 0.6 Brokered
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5/13/03 -26500 0.6 Brokered
-----------------------------------------------------------
5/13/03 -16000 0.6 Brokered
-----------------------------------------------------------
5/13/03 -5500 0.6 Brokered
-----------------------------------------------------------
5/13/03 -5500 0.6 Brokered
-----------------------------------------------------------
5/13/03 -100 0.6 Brokered
-----------------------------------------------------------
5/13/03 5000 0.58 Brokered
-----------------------------------------------------------
5/13/03 8000 0.6 Brokered
-----------------------------------------------------------
5/14/03 -58100 0.6 Brokered
-----------------------------------------------------------
5/14/03 -20000 0.59 Brokered
-----------------------------------------------------------
5/14/03 -15000 0.6 Brokered
-----------------------------------------------------------
5/14/03 -13000 0.6 Brokered
-----------------------------------------------------------
5/14/03 -5400 0.6 Brokered
-----------------------------------------------------------
5/14/03 -2000 0.6 Brokered
-----------------------------------------------------------
5/14/03 -1200 0.6 Brokered
-----------------------------------------------------------
5/14/03 -1000 0.6 Brokered
-----------------------------------------------------------
5/14/03 -400 0.6 Brokered
-----------------------------------------------------------
5/14/03 58000 0.5883 Brokered
-----------------------------------------------------------
5/15/03 -30000 0.6 Brokered
-----------------------------------------------------------
5/15/03 -5000 0.6 Brokered
-----------------------------------------------------------
5/15/03 -5000 0.65 Brokered
-----------------------------------------------------------
5/15/03 -3600 0.6 Brokered
-----------------------------------------------------------
5/15/03 -2700 0.65 Brokered
-----------------------------------------------------------
5/15/03 -1000 0.6 Brokered
-----------------------------------------------------------
5/15/03 -100 0.65 Brokered
-----------------------------------------------------------
5/16/03 -9800 0.73 Brokered
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5/16/03 -8250 0.73 Brokered
-----------------------------------------------------------
5/16/03 -3000 0.75 Brokered
-----------------------------------------------------------
5/16/03 -3000 0.75 Brokered
-----------------------------------------------------------
5/16/03 -3000 0.73 Brokered
-----------------------------------------------------------
5/16/03 -3000 0.73 Brokered
-----------------------------------------------------------
5/16/03 -2400 0.77 Brokered
-----------------------------------------------------------
5/16/03 -2000 0.77 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.84 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.84 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.84 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.79 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.84 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.79 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.79 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.77 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.77 Brokered
-----------------------------------------------------------
5/16/03 -1000 0.71 Brokered
-----------------------------------------------------------
5/16/03 -900 0.73 Brokered
-----------------------------------------------------------
5/16/03 -800 0.75 Brokered
-----------------------------------------------------------
5/16/03 -600 0.73 Brokered
-----------------------------------------------------------
5/16/03 -600 0.73 Brokered
-----------------------------------------------------------
5/16/03 -500 0.75 Brokered
-----------------------------------------------------------
5/16/03 -400 0.84 Brokered
-----------------------------------------------------------
5/16/03 -400 0.84 Brokered
-----------------------------------------------------------
5/16/03 -300 0.73 Brokered
-----------------------------------------------------------
5/16/03 -100 0.79 Brokered
-----------------------------------------------------------
5/16/03 -100 0.8 Brokered
-----------------------------------------------------------
5/16/03 -100 0.8 Brokered
-----------------------------------------------------------
5/16/03 -100 0.81 Brokered
-----------------------------------------------------------
5/16/03 -100 0.77 Brokered
-----------------------------------------------------------
5/16/03 25000 0.742 Brokered
-----------------------------------------------------------
5/20/03 -40000 0.6342 Brokered
-----------------------------------------------------------
5/20/03 -400 0.66 Brokered
-----------------------------------------------------------
5/20/03 -100 0.64 Brokered
-----------------------------------------------------------
5/20/03 1000 0.63 Brokered
-----------------------------------------------------------
5/20/03 4841 0.63 Brokered
-----------------------------------------------------------
5/20/03 17200 0.6405 Brokered
-----------------------------------------------------------
5/20/03 17500 0.63 Brokered
-----------------------------------------------------------
5/21/03 -100 0.65 Brokered
-----------------------------------------------------------
5/21/03 100 0.55 Brokered
-----------------------------------------------------------
5/21/03 5000 0.58 Brokered
-----------------------------------------------------------
5/22/03 -25000 0.65 Brokered
-----------------------------------------------------------
5/22/03 -1099 0.65 Brokered
-----------------------------------------------------------
5/23/03 -25000 0.66 Brokered
-----------------------------------------------------------
5/23/03 -1600 0.68 Brokered
-----------------------------------------------------------
5/27/03 -12600 0.67 Brokered
-----------------------------------------------------------
5/27/03 -3000 0.69 Brokered
-----------------------------------------------------------
5/27/03 -2500 0.69 Brokered
-----------------------------------------------------------
5/27/03 3100 0.69 Brokered
-----------------------------------------------------------
5/28/03 -17300 0.69 Brokered
------------------------------------------------------------
5/28/03 -1100 0.69 Brokered
------------------------------------------------------------
5/28/03 2500 0.66 Brokered
------------------------------------------------------------
5/28/03 7700 0.69 Brokered
------------------------------------------------------------
5/29/03 -1025 0.69 Brokered
------------------------------------------------------------
5/29/03 100 0.63 Brokered
------------------------------------------------------------
5/30/03 -59000 0.6469 Brokered
------------------------------------------------------------
5/30/03 2900 0.65 Brokered
------------------------------------------------------------
5/30/03 4900 0.65 Brokered
------------------------------------------------------------
5/30/03 5000 0.65 Brokered
------------------------------------------------------------
5/30/03 7200 0.65 Brokered
------------------------------------------------------------
5/30/03 9000 0.63 Brokered
------------------------------------------------------------
5/30/03 10000 0.65 Brokered
------------------------------------------------------------
5/30/03 20000 0.65 Brokered
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6/3/03 -20000 0.66 Brokered
------------------------------------------------------------
6/3/03 20000 0.66 Brokered
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Bryant Riley 5/15/03 -100,000 0.59 Brokered
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