PINX:ZTHO Insider Activity 4 Filing - 1/15/2012

Effective Date 1/15/2012

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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 *
BRIGHTLINE VENTURES I, LLC
  2. Issuer Name and Ticker or Trading Symbol
Z TRIM HOLDINGS, INC [ZTHO]
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)
C/O BRIGHTLINE CAPITAL MANAGEMENT, LLC, 1120 AVENUE OF THE AMERICAS, SUITE 1505
3. Date of Earliest Transaction (Month/Day/Year)
01/15/2012
(Street)

NEW YORK, NY 10036
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, $0.00005 par value 01/15/2012   C   1,508,000(1) A $1 4,422,500 D(2)  
Common Stock, $0.00005 par value 02/10/2012   A   59,700 A $0.67(3) 164,700 I See footnote(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
8% Convertible Senior Secured Note due 2011 $1 01/15/2012   C     130   (5) 01/15/2012 Common Stock, $0.00005 par value 1,508,000 $ 0 0 I See footnote.(2)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BRIGHTLINE VENTURES I, LLC
C/O BRIGHTLINE CAPITAL MANAGEMENT, LLC
1120 AVENUE OF THE AMERICAS, SUITE 1505
NEW YORK, NY 10036
    X    
BRIGHTLINE CAPITAL MANAGEMENT, LLC
1120 AVENUE OF THE AMERICAS
SUITE 1505
NEW YORK, NY 10036
    X    
Smith Edward B III
1120 AVENUE OF THE AMERICAS
SUITE 1505
NEW YORK, NY 10036
  X   X    
KHERA, NICK
1120 AVENUE OF THE AMERICAS
SUITE 1505
NEW YORK, NY 10036
    X    

Signatures

 Brightline Capital Management, LLC, By: /s/ Nick Khera, Managing Member   02/15/2012
** Signature of Reporting Person Date

 Brightline Ventures I, LLC, By: Brightline GP, LLC, its Managing Member, By: /s/ Nick Khera, Managing Member   02/15/2012
** Signature of Reporting Person Date

 /s/ Edward B. Smith III   02/15/2012
** Signature of Reporting Person Date

 /s/ Nick Khera   02/15/2012
** 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) The Reporting Persons acquired 1,508,000 shares of common stock from the conversion of the principal of the converted notes and 208,000 shares of common stock from the conversion of accrued interests from such notes.
(2) These securities are held in the account of Brightline Ventures I, LLC and may be deemed to be beneficially owned by (a) Brightline Capital Management, LLC, the investment manager of Brightline Ventures I, LLC, (b) Edward B Smith III, a managing member of Brightline Capital Management, LLC and (c) Nick Khera, a managing member of Brightline Capital Management, LLC. Each of Brightline Capital Management, LLC, Edward B Smith III and Nick Khera disclaims beneficial ownership of these reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that any such person is the beneficial owner of these securities for purposes of Section 16 of the U.S. Securities Exchange Act of 1934, as amended, or for any other purpose.
(3) Edward B. Smith III received these securities in connection with his service as a member of the Issuer's board of directors. The shares were valued at $0.67.
(4) These securities are held by Edward B. Smith III.
(5) The notes were convertible into common stock at any time.

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

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PINX:ZTHO Insider Activity 4 Filling

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

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PINX:ZTHO Z-Trim Holdings Inc Insider Activity 4 Filing - 1/15/2012
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

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