<SEC-DOCUMENT>0001213206-13-000002.txt : 20130109
<SEC-HEADER>0001213206-13-000002.hdr.sgml : 20130109
<ACCEPTANCE-DATETIME>20130109130600
ACCESSION NUMBER:		0001213206-13-000002
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130109
DATE AS OF CHANGE:		20130109

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUDSON TECHNOLOGIES INC /NY
		CENTRAL INDEX KEY:			0000925528
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				133641539
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-48635
		FILM NUMBER:		13520096

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1541
		STREET 2:		ONE BLUE HILL PLAZA, 14TH FLOOR
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965
		BUSINESS PHONE:		8457356000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1541
		STREET 2:		ONE BLUE HILL PLAZA, 14TH FLOOR
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFRIGERANT RECLAMATION INDUSTRIES INC
		DATE OF NAME CHANGE:	19940617

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARATHON CAPITAL MANAGEMENT
		CENTRAL INDEX KEY:			0001213206
		IRS NUMBER:				203954582
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		4 NORTH PARK DRIVE
		STREET 2:		SUITE 106
		CITY:			HUNT VALLEY
		STATE:			MD
		ZIP:			21030-1806
		BUSINESS PHONE:		410-329-1522

	MAIL ADDRESS:	
		STREET 1:		4 NORTH PARK DRIVE
		STREET 2:		SUITE 106
		CITY:			HUNT VALLEY
		STATE:			MD
		ZIP:			21030-1806
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>hdsn010913.txt
<DESCRIPTION>HUDSON TECHNOLOGIES
<TEXT>
                                   UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G/A

                    Under the Securities Exchange Act of 1934
                               (Amendment No.  )

                                 Hudson Technologies, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    444144109
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2012
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)


CUSIP NO.

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON
      SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

      Marathon Capital Management, LLC
      203954582
--------------------------------------------------------------------------------
2     CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP                       (a) |_|
                                                                         (b) |_|
--------------------------------------------------------------------------------
3     SEC USE ONLY

--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

      Maryland
--------------------------------------------------------------------------------
                  5     SOLE VOTING POWER

                        21,500
 NUMBER OF        --------------------------------------------------------------
  SHARES          6     SHARED VOTING POWER
BENFICIALLY
 OWNED BY               na
   EACH           --------------------------------------------------------------
 REPORTING        7     SOLE DISPOSITIVE POWER
  PERSON
   WITH                 1,703,064
                  --------------------------------------------------------------
                  8     SHARED DISPOSITIVE POWER

                        na
--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENFICIALLY OWNED BY EACH REPORTING PERSON

      1,703,064
--------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES   |_|

--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	7.1%
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON

      IA
--------------------------------------------------------------------------------


Item  1.

            a) Name of Issuer: Hudson Technologies, Inc.
            b) Address: One Blue Hill Plaza
			Suite 1541
			Pearl River, NY 10965

Item  2.
            a) Name of Filer:  Marathon Capital Management, LLC


            b) Address of Filer:   4 North Park Drive, Suite 106
                                   Hunt Valley, MD  21030

            c) Citizenship: Maryland

            d) Title of Class of Securities: Common Stock

            e) CUSIP Number: 444144109

Item 3. Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:

      (a)   |_|   Broker or Dealer registered under Section 15 of the Act
      (b)   |_|   Bank as defined in section 3 (a) (6) of the Act
      (c)   |_|   Insurance Company as defined in section 3 (a) (6) of the Act
      (d)   |_|   Investment Company registered under section 8 of the
                  Investment Company Act
      (e)   |X|   Investment Adviser registered under section 203 of the
                  Investment Advisers act of 1940
      (f)   |_|   Employee Benefit Plan, Pension Fund which is subject to the
                  provisions of the Employee Retirement Income Security Act of
                  1974 or Endowment Fund; see 240.13d-1 (b) (1) (ii) (F)
      (g)   |_|   Parent Holding Company, in accordance with 240.13d-1 (b) (ii)
                  (G) (Note: See Item 7)
      (h)   |_|   Group, in accordance with 240.13d-1(b) (1) (ii) (H)

Item 4.  Ownership

            a)    Amount beneficially owned:  1,703,064
            b)    Percent of Class: 7.1%
            c)    Number of shares:

                  (i)   Sole voting power -- 21,500
                  (ii)  Shared voting power -- na
                  (iii) Sole disposal power --  1,703,064
                  (iv)  Shared disposal power - na


Item 5.    Less than 5% beneficial ownership
           If this statement is being filed to report the fact that as
           of the date hereof the reporting person has ceased to be the
           beneficial owner of more than five percent of the class of
           securities, check the following [ ].

Item 6.    More than 5% on behalf of another   na

Item 7.    Subsidiary  na

Item 8.    If group   na

Item 9.    Notice of Dissolution  na

Item 10.   Certification

            By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.

                                    SIGNATURE

      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      January 9, 2013



By: /s/, James G. Kennedy, President
    ---------------------------------------
            Name, Title
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
