UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Air T, Inc.
(Name of Issuer)
Common Stock, $.25 par value per share
(Title of Class of Securities)
009224304
(CUSIP Number)
Walter Clark
3524 Airport Road
Maiden, North Carolina 28650
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 23, 2004
(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 which 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 .
SCHEDULE 13D
CUSIP NO. 009224304 Page 2
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Estate of David Clark
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(3)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIA
LLY
OWNED BY
EACH
REPORTING
PERSON 0
WITH
8 SHARED VOTING POWER
300,000
9 SOLE DISPOSITVE POWER
0
10 SHARED DISPOSTIVE POWER
300,000
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
14 TYPE OF REPORTING PERSON*
00
SCHEDULE 13D
CUSIP NO. 009224304 Page 3
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Walter Clark
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO, PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(3)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIA
LLY
OWNED BY
EACH
REPORTING
PERSON 60,922
WITH
8 SHARED VOTING POWER
300,000
9 SOLE DISPOSITVE POWER
60,922
10 SHARED DISPOSTIVE POWER
300,000
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,922
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.4%
14 TYPE OF REPORTING PERSON*
IN
SCHEDULE 13D
CUSIP NO. 009224304 Page 4
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Caroline Clark
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(3)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIA
LLY
OWNED BY
EACH
REPORTING
PERSON 3,222
WITH
8 SHARED VOTING POWER
300,000
9 SOLE DISPOSITVE POWER
3,222
10 SHARED DISPOSTIVE POWER
300,000
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
303,222
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.3%
14 TYPE OF REPORTING PERSON*
IN
Preliminary Note
This Amendment No. 2 on Schedule 13D/A (this "Amendment")
amends Amendment No. 1 to the statement of beneficial ownership
on Schedule 13D (the "First Amended Statement") dated August 4,
2004 filed by the Estate of David Clark and by Walter Clark and
Caroline Clark, the executors of the Estate of David Clark (the
"Reporting Persons") with respect to the common stock, $.25 par
value per share ("Common Stock"), of Air T, Inc. This Amendment
reports recent transactions in the Common Stock by the Reporting
Persons and amends and restates each item included in the First
Amended Statement to the extent information in that item has
changed.
Item 5. Interest in Securities of the Issuer.
(a) Each of the Reporting Persons may be deemed to beneficially
own the 300,000 shares of Common Stock held by the Estate. On
the basis of 2,686,825 shares of Common Stock outstanding on May
20, 2004 (as reported in the Issuer's Annual Report on Form 10-K
for the year ended March 31, 2004), the 300,000 shares of Common
Stock held by the Estate constitute 11.2% of the outstanding
shares of Common Stock. Caroline Clark may be deemed to own
303,222 shares of Common Stock, or 11.3% of the outstanding
shares of Common Stock. Walter Clark may be deemed to own
360,922 shares of Common Stock, or 13.4% of the outstanding
shares of Common Stock (including shares of Common Stock Walter
Clark may acquire upon exercise of outstanding stock options).
(b) The following table sets forth, with respect to each of the
Filing Persons the number of shares of Common Stock as to which
such person has sole power to vote or to direct the vote, shared
power to vote or to direct the vote, sole power to dispose or
direct the disposition, or shared power to dispose or direct the
disposition.
Sole Shared Sole Shared
Reporting Person Voting Voting Power to Power to
Power Power Dispose Dispose
The Estate of David Clark 0 300,000 0 300,000
Walter Clark 60,922 300,000 60,922 300,000
Caroline Clark 3,222 300,000 3,222 300,000
(c) On August 6, 2004, the Estate of David Clark sold 3,000
shares of Common Stock in market transactions as follows:
Number of
shares sold Price Per Share
100 $12.25
100 12.24
200 12.20
100 12.16
50 12.16
300 12.27
300 12.20
200 12.20
100 12.16
700 12.15
600 12.25
100 12.20
100 12.20
50 12.20
3,000
On August 9, 2004, the Estate of David Clark sold 17,000
shares of Common Stock in market transactions as follows:
Number of
Shares Sold Price Per Share
700 $12.10
300 12.11
600 12.16
1,000 12.19
1,100 12.20
1,000 12.25
300 12.30
2,000 12.49
2,000 12.50
2,955 12.55
45 12.57
1,000 12.59
2,000 12.60
300 12.69
700 12.70
1,000 12.78
17,000
On August 23, 2004, the Estate of David Clark sold 30,100
shares of Common Stock in market transactions as follows:
Number of
Shares Sold Price Per Share
1,000 $14.58
5,268 14.25
2,000 14.19
1,440 14.15
400 14.08
100 14.07
200 14.06
7,300 14.05
1,000 14.02
1,532 14.00
560 13.99
100 13.98
4,300 13.95
300 13.91
1,700 13.90
2,900 13.88
30,100
On September 17, 2004, the Estate of David Clark sold 49,900
shares of Common Stock in market transactions as follows:
Number of
Shares Sold Price Per Share
400 $15.06
1,000 15.10
4,900 15.20
600 15.22
500 15.25
3,600 15.42
100 15.45
700 15.50
1,500 15.67
1,400 15.71
1,000 15.71
1,500 15.71
1,000 15.84
1,200 15.76
1,000 15.72
1,300 15.76
3,000 15.60
1,200 15.61
250 15.63
300 15.65
2,000 15.68
2,200 15.69
900 15.70
7,100 15.72
2,600 15.75
1,000 15.82
2,000 15.85
1,550 15.99
2,000 16.00
600 14.90
200 14.91
100 14.92
100 14.93
300 14.94
100 14.96
100 14.98
100 15.03
500 15.04
49,900
On September 21, 2004, the Estate of David Clark sold
100,000 shares of Common Stock in market transactions as follows:
Number of
Shares Sold Price Per Share
1,000 $18.87
1,475 17.55
600 17.60
100 17.70
5,637 17.80
2,500 17.90
2,000 17.91
19,300 18.00
100 18.01
3,863 18.03
5,630 18.05
100 18.06
11,850 18.10
4,100 18.11
300 18.13
3,250 18.15
100 18.18
11,470 18.20
200 18.21
100 18.22
200 18.23
2,105 18.25
2,100 18.30
10,100 18.35
400 18.43
3,800 18.50
2,800 18.51
100 18.52
1,425 18.55
600 18.56
2,695 18.60
100,000
On September 22, 2004, the Estate of David Clark sold
371,072 shares of common stock in market transactions as follows:
Number of
Shares Sold Price Per Share
1,400 $22.23
1,201 22.24
15,000 22.27
2,157 22.30
500 22.37
12,508 22.50
2,200 22.55
6,000 22.58
1,700 22.60
800 22.61
7,000 22.62
1,350 22.81
300 22.82
200 22.84
3,300 22.87
100 22.88
600 22.89
1,650 22.90
4,700 23.00
200 23.01
630 23.02
14,000 23.05
9,820 23.15
13,150 23.26
3,400 20.25
5,000 20.30
5,900 20.61
272 20.89
228 20.90
1,724 21.63
2,243 21.78
1,500 21.80
257 21.81
1,721 21.84
1,395 21.85
100 21.88
300 21.89
4,130 21.90
100 21.91
100 21.92
45,695 22.00
1,500 22.03
200 22.04
4,800 22.05
3,006 22.06
200 22.08
1,000 22.09
100 22.10
3,039 22.12
100 22.13
1,679 22.14
5,000 22.15
1,961 22.19
1,476 22.20
1,200 19.28
1,500 19.29
500 19.30
18,800 19.40
2,300 19.53
8,830 19.56
1,900 19.57
5,000 19.59
3,900 19.60
200 19.61
4,400 19.62
12,800 19.63
700 19.65
150 19.66
200 19.67
100 19.70
600 19.71
11,575 19.75
645 19.81
200 19.82
500 19.84
5,880 19.87
600 19.89
400 19.90
900 19.92
1,100 19.93
100 19.99
10,900 20.00
9,100 20.13
10,900 20.15
2,000 18.52
7,420 18.53
500 18.54
100 18.55
1,200 18.56
450 18.57
3,500 18.58
500 18.59
1,950 18.60
700 18.61
100 18.62
300 18.63
3,000 18.64
1,900 18.65
400 18.67
2,000 18.68
300 18.69
1,950 18.70
700 18.71
1,500 18.73
600 18.74
730 18.75
1,000 18.77
100 18.78
1,000 18.79
4,810 18.81
1,190 19.00
14,300 19.05
100 19.15
2,300 19.25
371,072
On September 24, 2004, the Estate of David Clark sold
200,000 shares of Common Stock in market transactions as follows:
Number of
Shares Sold Price Per Share
1,000 $21.32
1,000 21.40
500 21.50
3,500 22.60
20,909 21.61
1,000 12.65
500 21.70
1,000 21.72
91 21.74
14,660 21.75
3,000 21.76
500 21.82
2,492 21.85
6,184 21.89
2,892 21.91
2,500 21.92
10,700 21.93
40 21.96
11,500 22.00
7,000 22.01
1,000 22.02
580 22.03
7,600 22.05
700 22.06
7,600 22.10
300 22.11
3,375 22.12
9,211 22.13
20,000 22.14
6,720 22.15
3,108 22.16
4,300 22.17
1,978 22.18
4,000 22.20
2,000 22.26
3,424 22.28
1,100 22.31
2,000 22.34
2,000 22.35
10,136 22.37
3,000 22.45
3,900 22.55
1,000 22.57
600 22.60
100 22.61
1,000 22.62
300 22.64
2,000 22.65
2,000 22.66
2,000 22.70
500 22.73
1,500 22.74
200,000
(d) The information set forth in Items 4 and 6 is
incorporated by reference herein.
(e) Not applicable.
Item 6.Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
The Estate's pledges of shares of Common Stock to the
Internal Revenue Service and to Peoples Bank, as previously
reported in the First Amended Statement, have subsequently each
been released in full.
SIGNATURES
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: October 4, 2004 /s/ Walter Clark
Walter Clark, individually and as
Executor of the Estate of David
Clark
Date: October 4, 2004 /s/ Caroline Clark
Caroline Clark, individually and as
Executor of the Estate of David
Clark