<SEC-DOCUMENT>0000897101-15-000937.txt : 20150709
<SEC-HEADER>0000897101-15-000937.hdr.sgml : 20150709
<ACCEPTANCE-DATETIME>20150709101406
ACCESSION NUMBER:		0000897101-15-000937
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150709
DATE AS OF CHANGE:		20150709

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN
		CENTRAL INDEX KEY:			0000862861
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES [5700]
		IRS NUMBER:				411454591
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42213
		FILM NUMBER:		15980588

	BUSINESS ADDRESS:	
		STREET 1:		7400 EXCELSIOR BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55426-4502
		BUSINESS PHONE:		9529309000

	MAIL ADDRESS:	
		STREET 1:		7400 EXCELSIOR BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			554264517

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDALLION CAPITAL INC
		CENTRAL INDEX KEY:			0000822874
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				521139951
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		TWO APPLETREE SQ
		STREET 2:		STE 335
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55425
		BUSINESS PHONE:		6128543007

	MAIL ADDRESS:	
		STREET 1:		TWO APPLETREE SQUARE
		STREET 2:		STE 335
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAPITAL DIMENSIONS INC
		DATE OF NAME CHANGE:	19970522
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>med152445_13da.htm
<DESCRIPTION>AMENDMENT NO. 5 TO SCHEDULE 13D
<TEXT>
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    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 70%; font-family: Times New Roman,serif; text-align: center">SECURITIES AND EXCHANGE COMMISSION</TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Washington, D.C. 20549</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 18pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 18pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 18pt">Schedule 13D/A</FONT></TD>
    <TD STYLE="font: 18pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Under the Securities Exchange Act of 1934</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">(Amendment No. 5)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 18pt">Appliance
    Recycling Centers of America, Inc.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">(Name of Issuer)</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 12pt"><U>Common Stock, no par value</U></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">(Title of Class of Securities)</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 12pt"><U>03814F 20 5</U></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">(CUSIP Number)</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Richard D. McNeil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Lindquist &amp; Vennum LLP </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">4200 IDS Center</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">80 South Eighth Street</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Minneapolis, MN&nbsp;&nbsp;55402</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Tel:&nbsp;&nbsp;612-371-3266 </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 12pt">Fax:&nbsp;&nbsp;612-371-3207</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">(Name, Address and Telephone Number of Person</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">Authorized to Receive Notices and Communications)</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 12pt"><U>May 18, 2015</U></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif; text-align: center">(Date of Event which Requires Filing of this Statement)</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Note:</B>&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">*The remainder of this cover page shall be filled out
for a reporting person&rsquo;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 &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities
Exchange Act of 1934 (&ldquo;Act&rdquo;) 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).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 12pt">CUSIP No.&nbsp;&nbsp;03814F 20 5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">NAME OF REPORTING PERSON<BR>
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 3pt 0 0">Medallion Capital, Inc.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD COLSPAN="5" STYLE="border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)</P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 12pt MS Mincho">&#9744;</FONT></P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 12pt MS Mincho">&#9744;</FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: #CCCCCC; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SEC USE ONLY</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SOURCE OF FUNDS (See instructions)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 3pt">OO</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; background-color: white; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 8pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<BR>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; background-color: white; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt"><FONT STYLE="font-weight: normal">State of Minnesota, United States</FONT></P></TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">NUMBER OF</FONT><BR>
<FONT STYLE="font-size: 8pt">SHARES </FONT><BR>
<FONT STYLE="font-size: 8pt">BENEFICIALLY </FONT><BR>
<FONT STYLE="font-size: 8pt">OWNED BY </FONT><BR>
<FONT STYLE="font-size: 8pt">EACH </FONT><BR>
<FONT STYLE="font-size: 8pt">REPORTING </FONT><BR>
<FONT STYLE="font-size: 8pt">PERSON WITH</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman,serif; background-color: white; padding-right: 0.1in; padding-left: 0.1in; text-align: left; vertical-align: top"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt">492,000</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SHARED VOTING POWER</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt">492,000</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt">492,000&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 6pt; padding-left: 6pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<BR>
 (See Instructions)</P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-top: Black 1pt solid">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 12pt MS Mincho">&#9744;</FONT></P>
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0"></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt">8.5%&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman,serif; margin: 3pt 0 0">TYPE OF REPORTING PERSON (See instructions)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 3pt">IV&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">CUSIP No. 03814F 20 5</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>Item 1.</TD><TD COLSPAN="2"><U>Security and Issuer.</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Title of Class of Securities: Common stock, no par value</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Name of Issuer: Appliance Recycling Centers of America, Inc. (the &ldquo;Company&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Address of Issuer&rsquo;s Principal Executive Offices: 7400 Excelsior Boulevard, Minneapolis, MN 55426-4517</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>Item 2.</TD><TD COLSPAN="2">Identity and Background.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Name of Person Filing: Medallion Capital, Inc. (&ldquo;Medallion Capital&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Residence or Business Address: 3000 West County Road 42, Suite 301, Burnsville, MN 55337-4827</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Principal Occupation or Employment: N/A</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Conviction in a criminal proceeding during the last five years: None</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Subject, during the last five years, to a judgment, decree or final order enjoining securities laws violations: None</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Citizenship: State of Minnesota, Country of United States</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; text-align: left">Item 3.</TD><TD><U>Source and Amount of Funds or Other Consideration.</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.75in; text-align: left">Item 4.</TD><TD><U>Purpose of Transaction.</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.75in; text-align: left">Item 5.&#9;</TD><TD><U>Interest in Securities of Issuer</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">As of June 29, 2015, Medallion Capital is the
beneficial owner of 492,000 shares of common stock of the Company, representing 8.5% of the 5,800,818 shares of common stock of
the Company outstanding as reported on the Company&rsquo;s Form 10-Q for the quarter ended April 4, 2015 filed with the SEC on
May 27, 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">Dean Pickerell, the Acting President of Medallion
Capital, served as a member of the Company&rsquo;s board of directors until the Company&rsquo;s most recent annual meeting on May
18, 2015 when a new board of directors was elected. 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&rsquo;s right to dispose and vote the 492,000 shares
it owns is independent of Mr. Pickerell&rsquo;s rights in his option shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Voting and Dispositive Power:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in">Medallion Capital has sole voting and dispositive power over
all the 492,000 shares owned by it.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Transactions within 60 days:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">There are no transactions within 60 days.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Right to Direct the Receipt of Dividends: Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Last Date on Which Reporting Person Ceased to be a 5% Holder: Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.75in; text-align: left">Item 6.&#9;<U></TD><TD>Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.75in; text-align: left">Item 7.&#9;<U></TD><TD>Material to be Filed as Exhibits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in">None.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>Signature</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;July 8, 2015</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">MEDALLION CAPITAL, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 56%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 42%; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Stephen A.
    Lewis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Stephen A.
    Lewis<BR>
Senior Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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