XOTC:ISCI ISC8 Inc Insider Activity 4 Filing - 1/16/2012

Effective Date 1/16/2012

XOTC:ISCI (ISC8 Inc): Fair Value Estimate
Premium
XOTC:ISCI (ISC8 Inc): Consider Buying
Premium
XOTC:ISCI (ISC8 Inc): Consider Selling
Premium
XOTC:ISCI (ISC8 Inc): Fair Value Uncertainty
Premium
XOTC:ISCI (ISC8 Inc): Economic Moat
Premium
XOTC:ISCI (ISC8 Inc): Stewardship
Premium
 
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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
Costa Brava Partnership III LP
  2. Issuer Name and Ticker or Trading Symbol
IRVINE SENSORS CORP/DE/ [IRSN.OB]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
222 BERKELEY STREET, 17TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
01/16/2012
(Street)

BOSTON, MA 02116
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)
Code V Amount (A) or (D) Price
COMMON STOCK 01/16/2012 01/16/2012 J(1)   3,326,609(2) A $0.0876 44,726,869 D  

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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Costa Brava Partnership III LP
222 BERKELEY STREET, 17TH FLOOR
BOSTON, MA 02116
    X    
Roark, Rearden & Hamot LLC
222 BERKELEY STREET, 17TH FLOOR
BOSTON, MA 02116
    X    
HAMOT SETH W
222 BERKELEY STREET, 17TH FLOOR
BOSTON, MA 02116
  X   X    

Signatures

 /s/ Seth W. Hamot, individually and as President of Roark, Rearden & Hamot, LLC on its own behalf and as General Partner on behalf of Costa Brava Partnership III L.P.   01/18/2012
** 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) Shares of the issuer's common stock issued, in lieu of cash, as of January 16, 2012 as payment of interest accrued for the Fiscal Quarter ended January 1, 2012 ("Accrued Interest") under and pursuant to the terms of the Subordinated Secured Convertible Notes issued on December 23, 2010, March 31, 2011 and July 1, 2011 to Costa Brava Partnership III LP ("Note"). Such number of shares issued equals the quotient of: (a) the amount of Accrued Interest; and (b) the Interest Conversion Price based on a weighted aveage price per share of the issuer's common stock of $0.0876 as calculated pursuant to the terms of the Note.
(2) The securities reported as directly beneficially owned by Costa Brava Partnership III LP may be deemed to be indirectly beneficially owned by Roark, Rearden & Hamot, LLC, and Seth Hamot. Seth Hamot is the President of Roark, Rearden & Hamot, LLC which is the General Partner of Costa Brava Partnership III LP, but each of them disclaims beneficial ownership of any securities, and any proceeds thereof, that exceed its or his pecuniary interest therein, and/or that are not actually distributed to it or him, respectively.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

XOTC:ISCI Insider Activity 4 Filling

XOTC:ISCI Stock - Get Insider Activity SEC Filing of XOTC:ISCI stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

XOTC:ISCI ISC8 Inc Insider Activity 4 Filing - 1/16/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Title |  Date |  Company |  Symbol |  Interest |  Popularity

Previous: XOTC:ISCI ISC8 Inc Insider Activity 3 Filing - 4/10/2012  |  Next: XOTC:ISCI ISC8 Inc Insider Activity 4 Filing - 1/16/2012