13D Filing: Medallion Capital Inc and Appliance Recycling Centers Of America Inc (ARCI)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Appliance Recycling Centers of America,
Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

03814F 20 5

(CUSIP Number)

Richard D. McNeil

Lindquist & Vennum LLP

2000 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

Tel: 612-371-3266

Fax: 612-371-3207

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

August 21, 2017

(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 §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 Rule 13d-7 for other parties to whom
copies are to be sent.

*The remainder of this cover 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 the disclosures provided in a prior cover page. The information
required in the remainder of this cover 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 No.    03814F 20 5
1	NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Medallion Capital, Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)       (a) (b)
3	SEC USE ONLY
4	SOURCE OF FUNDS (See instructions) OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6	CITIZENSHIP OR PLACE OF ORGANIZATION State of Minnesota, United States
NUMBER OF SHARES BENEFICIALLY		7	SOLE VOTING POWER 15,000
OWNED BY EACH REPORTING PERSON WITH		8	SHARED VOTING POWER
		9	SOLE DISPOSITIVE POWER 15,000
		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 15,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions)
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.2%
14	TYPE OF REPORTING PERSON (See instructions) IV

 

CUSIP No. 03814F 20 5

Item 1.

Security and Issuer.

(a)

Title of Class of Securities: Common stock, no par value

(b)

Name of Issuer: Appliance Recycling Centers of America, Inc. (the “Company”)

(c)

Address of Issuer’s Principal Executive Offices: 7400 Excelsior Boulevard, Minneapolis, MN 55426-4517

Item 2.

Identity and Background.

(a)

Name of Person Filing: Medallion Capital, Inc. (“Medallion Capital”)

(b)

Residence or Business Address: 3000 West County Road 42, Suite 301, Burnsville, MN 55337-4827

(c)

Principal Occupation or Employment: N/A

(d)

Conviction in a criminal proceeding during the last five years: None

(e)

Subject, during the last five years, to a judgment, decree or final order enjoining securities laws violations: None

(f)

Citizenship: State of Minnesota, Country of United States

Item 3.

Source and Amount of Funds or Other Consideration.

Not applicable.

Item 4.

Purpose of Transaction.

Medallion Capital may, from time to time,
attempt to dispose of shares of common stock of the Company owned by Medallion Capital in the open market, in privately negotiated
transactions or otherwise.

Medallion Capital does not have any present
plans or intentions that would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item
4 of Schedule 13D.

Item 5.

Interest in Securities of Issuer

As of August 21, 2017, Medallion Capital
is the beneficial owner of 15,000 shares of common stock of the Company, representing 0.2% of the 6,655,365 shares of common stock
of the Company outstanding as reported on the Company’s Form 10-Q for the quarter ended July 1, 2017 filed with the SEC on
August 21, 2017.

Dean Pickerell, the President of Medallion
Capital, served as a member of the Company’s board of directors until the Company’s annual meeting on May 18, 2015.
Mr. Pickerell did not stand for re-election at that meeting. Mr. Pickerell holds stock options which would entitle him, now or
within 60 days, to purchase 32,000 shares of Company common stock. The stock options and any shares issued upon their exercise
are owned by Mr. Pickerell and not owned by Medallion Capital, and Medallion Capital disclaims any interest in those options or
option shares. Medallion’s right to dispose and vote the 15,000 shares it owns is independent of Mr. Pickerell’s rights
in his option shares.

(b)

Voting and Dispositive Power:

Medallion Capital has sole voting and dispositive power
over all the 15,000 shares owned by it.

(c)

Transactions within 60 days:

There have been no purchases or sales
of the Company’s common stock by Medallion Capital within the last sixty days, except as follows:

(1) On May 5, 2017, Medallion Capital
sold 1,120 shares of common stock on the open market for an average price of $1.10 per share;

(2) On August 18, 2017, Medallion Capital
sold 20,880 shares of common stock on the open market for an average price of $0.62 per share;

(3) On August 21, 2017, Medallion Capital
sold 430,000 shares of common stock on the open market for an average price of $0.61 per share.

(d)

Right to Direct the Receipt of Dividends: Not applicable.

(e)

Last Date on Which Reporting Person Ceased to be a 5% Holder: August 21, 2017.

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not Applicable.

Item 7.

Material to be Filed as Exhibits.

None.

 

Signature

After reasonable inquiry and to the best of
its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:  August 28, 2017	MEDALLION CAPITAL, INC.
	By:	/s/ Dean R. Pickerell
	Name: Dean R. Pickerell
	Title:  President