13D Filing: Cove Street Capital and Avid Technology (AVID)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)

(Amendment No. 1)**

AVID TECHNOLOGY, INC.
————————————————————
(Name of Issuer)

Common Stock, Par Value $.01 Per Share
————————————————————
(Title of Class of Securities)

05367P100
————————————————————
(CUSIP NUMBER)

Daniele Beasley
Cove Street Capital LLC
2101 E El Segundo Boulevard
Suite 302
El Segundo, CA 90245
(424) 221-5897
————————————————————
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

January 19, 2016
———————————————————–
(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 that is the subject of this Schedule 13D, and
is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. [ ]

Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See 240.13d-7
for other parties to whom copies are to be sent.

* The remainder of this coverage page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.

The information required on the remainder of this coverage page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

CUSIP: 05367P100

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1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)

Cove Street Capital, LLC I.R.S. IDENTIFICATION NO 27-5376591

—————————————————————
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
N/A (b) [ ]

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3 SEC USE ONLY

—————————————————————
4 SOURCE OF FUNDS

00
—————————————————————
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) OR 2(E) [ ]

N/A

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6 CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

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NUMBER OF 7 SOLE VOTING POWER O
SHARES ———————————————
BENEFICIALLY 8 SHARED VOTING POWER 2,165,415
OWNED BY ———————————————
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING ———————————————
PERSON WITH 10 SHARED DISPOSITIVE POWER 2,165,415

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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,165,415

—————————————————————
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]

—————————————————————
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

5.5%

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14 TYPE OF REPORTING PERSON

IA

Item 1. Security and Issuer

**This Amendment No. 1 relates to shares of common stock, $.01 par value
per share (the “Common Stock”) of Avid Technology, Inc., a Delaware
corporation (the “Issuer”). The principal executive office and mailing
address of the Issuer is 75 Network Drive, Burlington, MA 01803.

This Amendment No. 1 to Schedule 13D (”Amendment No. 1”) is being filed to
amend the Statement on Schedule 13D filed on December 2, 2015 (the ”Original
13D”). Except as specifically provided herein, this Amendment No. 1
modifies the Original Schedule 13D in its entirety.

As a result of the recent management actions disclosed herein, this Amendment
No. 1 constitutes an exit filing and the Reporting Person shall continue it’s
reporting obligation by filing an updated 13G/A.

Item 2. Identity & Background

a) This statement on Schedule 13D is being filed pursuant to Rule 13d-1
under the Securities Exchange Act of 1934, as amended, by
Cove Street Capital, LLC (CSC).

b) The address of the principal office of Cove Street Capital, LLC is:
2101 E El Segundo Boulevard, Suite 302, El Segundo, CA 90245

c) The principal business of CSC is as an Investment Adviser.

d) CSC, nor any of its members has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).

e) CSC, nor any of its members was, during the last five years, a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was or is subject to
a judgment, decree or final order (1) enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws, or (2) finding any violation with respect to such laws.

f) Cove Street Capital, LLC, a Delaware limited liability company.

Item 3. Source and Amount of Funds or Other Consideration

CSC in its capacity as an Investment Adviser will purchase on behalf of its
clients. No monies are borrowed for such an acquisition.

Item 4. Purpose of Transaction

The Securities reported in this filing have been purchased and held for
investment purposes on behalf of client accounts in which CSC has discretionary
investment and voting power. After extensive private conversations with the
Board of Directors, we are presently satisfied with the addition of new Board
member Peter Westley of Blum Capital Partners and the resignation of legacy
Board member George Billings. This the correct first step forward in the
improvement of corporate governance and capital allocation at Avid Technology
to match the similar progress in the underlying transformation of the
Avid business model.

Item 5. Interest in Securities of the Issuer

a) & b) CSC has discretionary investment and voting power on 2,165,415 shares of
Common Stock which constitutes approximately 5.5% of 39,504,028 the shares
outstanding.

c) CSC has effected transactions, on behalf of its clients, in the following
shares of Common Stock in the last 60 days.

Date of Transaction Buy/Sell Share Amount Price Per Share (average px)