Edgar Filing: OWEN LOVING & ASSOCIATES INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SONKIN PAUL D

2. Issuer Name and Ticker or Trading Symbol
OWEN LOVING & ASSOCIATES INC [ELST]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
se footnote #1

(Last)

(First)

(Middle)

460 PARK AVENUE, 12TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2005

(Street)

NEW YORK, NY 10022

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common stock $.001 par value ⁽¹⁾	09/02/2005		P		2,500 ⁽²⁾	A	$ 0.531	308,334	D ⁽³⁾
Common stock $.001 par value	09/02/2005		P		2,500 ⁽⁴⁾	A	$ 0.531	231,826	D ⁽⁵⁾
Common stock $.001 par value	04/27/2006		P		5,000 ⁽⁶⁾	A	$ 0.71	313,334	D ⁽⁷⁾
Common stock $.001 par value	04/27/2006		P		5,000 ⁽⁸⁾	A	$ 0.71	236,826	D ⁽⁹⁾
Copmmon stock $.001 par value	05/16/2006		P		10,000 ⁽¹⁰⁾	A	$ 0.701	80,192	D ⁽¹¹⁾
Common stock $.001 par value	08/09/2006		P		31,500 ⁽¹²⁾	A	$ 0.604	111,692	D ⁽¹³⁾
Common stock $.001 par value	08/10/2006		P		7,500 ⁽¹⁴⁾	A	$ 0.611	119,192	D ⁽¹⁵⁾
Common stock $.001 par value	09/15/2006		P		12,600 ⁽¹⁶⁾	A	$ 0.636	131,792	D ⁽¹⁷⁾
Common stock $.001 par value	11/27/2006		P		30,400 ⁽¹⁸⁾	A	$ 0.636	162,192	D ⁽¹⁹⁾
Common stock $.001 par value	01/03/2007		P		24,500 ⁽²⁰⁾	A	$ 0.656	186,692	D ⁽²¹⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SONKIN PAUL D 460 PARK AVENUE 12TH FLOOR NEW YORK, NY 10022		X		se footnote #1
HUMMINGBIRD VALUE FUND LP 460 PARK AVENUE, 12TH FL NEW YORK, NY 10022		X		se footnote #1
HUMMINGBIRD MICROCAP VALUE FUND LP 460 PARK AVENUE, 12TH FL NEW YORK, NY 10022		X		se footnote #1
TARSIER NANOCAP VALUE FUND, LP C/O HUMMINGBIRD MANAGEMENT, LLC 460 PARK AVENUE, 12TH FLOOR NEW YORK, NY 10022		X		se footnote #1
HUMMINGBIRD MANAGEMENT LLC 460 PARK AVENUE, 12TH FL NEW YORK, NY 10022		X		se footnote #1
HUMMINGBIRD CAPITAL LLC 460 PARK AVENUE, 12TH FL NEW YORK, NY 10022		X		se footnote #1

Signatures

Paul Sonkin		01/04/2007
^**Signature of Reporting Person		Date
The Hummingbird Value Fund, LP		01/04/2007
^**Signature of Reporting Person		Date
The Hummingbird Microcap Value Fund, LP		01/04/2007
^**Signature of Reporting Person		Date
The Tarsier Nanocap Value Fund, LP		01/04/2007
^**Signature of Reporting Person		Date
Hummingbird Management, LLC		01/04/2007
^**Signature of Reporting Person		Date
Hummingbird Capital, LLC		01/04/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This Form 4 is filed jointly by Paul D. Sonkin, The Hummingbird Value Fund, L.P. ("HVF"), The Hummingbird Microcap Value Fund, L.P.("Microcap"),The Tarsier Nanocap Vaue Fund, L.P. ("Tarsier"),Hummingbird Capital, LLC, and Hummingbird Management, LLC. Paul D. Sonkin is the Managing Member of (a) Hummingbird Capital, LLC, the general partner of HVF, Microcap, and Tarsier, and (b) Hummingbird Management, LLC, the investment manager to HVF, Microcap, and Tarsier. Accordingly, each of Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC may be deemed to beneficially own the securities owned by HVF, Microcap, and Tarsier reported herein. The Reporting Persons are members of a Section 13(d) group that owns more than 10% of the Issuer's outstanding Common Stock.
(2)	Acquired by The Hummingbird Value Fund, LP.
(3)	Owned directly by The Hummingbird Value Fund, L.P., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Hummingbird Value Fund, L.P., except to the extent that each such party has an interest, if any, in The Hummingbird Value Fund, L.P.
(4)	Acquired by The Hummingbird Microcap Value Fund, LP.
(5)	Owned directly by The Hummingbird Microcap Value Fund, L.P., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Hummingbird Value Microcap Fund, L.P., except to the extent that each such party has an interest, if any, in The Hummingbird Microcap Value Fund, L.P.
(6)	See footnote #2.
(7)	See footnote #3.
(8)	See footnote #4.
(9)	See footnote #5.
(10)	Acquired by The Tarsier Nanocap Value Fund, LP.
(11)	Owned directly by The Tarsier Nanocap Value Fund, LP., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Tarsier Nanocap Value Fund, L.P., except to the extent that each such party has an interest, if any, in The Tarsier Nanocap Value Fund, L.P.
(12)	See footnote #10.
(13)	See footnote #11.
(14)	See footnote #10.
(15)	See footnote #11.
(16)	See footnote #10.
(17)	See footnote #11.
(18)	See footnote #10.
(19)	See footnote #11.
(20)	See footnote #10.
(21)	See footnote #11.

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