Envela Corp — Director's Dealing 2009

Apr 21, 2009

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DGSE COMPANIES INC (DGC)
CIK: 0000701719
Period of Report: 2009-04-17

Reporting Person: BERRY DAVID W (10% Owner)
Reporting Person: KAIZEN MANAGEMENT, L.P. (10% Owner)
Reporting Person: Kaizen Capital, L.L.C. (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	984212	Indirect

Footnotes

F1: This statement is jointly filed by and on behalf of Select Contrarian Value Partners, L.P., Kaizen Management, L.P., Kaizen Capital, LLC, and David W. Berry. Kaizen Management is the general partner of Select Contrarian, and serves as the investment adviser to Select Contrarian and other persons, and may be deemed to beneficially own securities owned by Select Contrarian and such other persons. Kaizen Capital is the general partner of Kaizen Management. Kaizen Capital may be deemed to beneficially own securities owned by Kaizen Management. Mr. Berry is the manager of Kaizen Capital. Mr. Berry may be deemed to beneficially own securities owned by Kaizen Capital.

F2: Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities covered by this statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.

F3: Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the issuer or securities of the issuer.

F4: Includes: (i) 924,966 shares owned by Select Contrarian; (ii) 31,796 shares owned by other persons to which Kaizen Management serves as the investment adviser; and (iii) 27,450 shares owned by Berry Family, LP. Mr. Berry is the President and sole stockholder of the general partner of Berry Family, LP and may be deemed to beneficially own securities owned by Berry Family, LP.