<SEC-DOCUMENT>0000897101-17-001066.txt : 20170829
<SEC-HEADER>0000897101-17-001066.hdr.sgml : 20170829
<ACCEPTANCE-DATETIME>20170829123356
ACCESSION NUMBER:		0000897101-17-001066
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170829
DATE AS OF CHANGE:		20170829

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:		171056993

	BUSINESS ADDRESS:	
		STREET 1:		175 JACKSON AVE N
		STREET 2:		SUITE 102
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55343
		BUSINESS PHONE:		9529309000

	MAIL ADDRESS:	
		STREET 1:		175 JACKSON AVE N
		STREET 2:		SUITE 102
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55343

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>med172380_13da.htm
<DESCRIPTION>AMENDMENT NO. 7 TO SCHEDULE 13D
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule 13D/A</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. 7)</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>&#9;Appliance Recycling Centers of America,
Inc.&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Common Stock, no par value</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>03814F 20 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Richard D. McNeil</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lindquist &amp; Vennum LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2000 IDS Center</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">80 South Eighth Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Minneapolis, MN 55402</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Tel: 612-371-3266&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Fax: 612-371-3207</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Authorized to Receive Notices and Communications)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>August 21, 2017</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing of this
Statement)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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. [ ]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt">CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;03814F 20 5</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, 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, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD COLSPAN="5" 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, Times, Serif; margin: 0">NAME OF REPORTING PERSON</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Medallion Capital, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 295.05pt">(b)</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, 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, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD COLSPAN="5" 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, Times, Serif; margin: 0">SEC USE ONLY</P>
        <P STYLE="font: 12pt Times New Roman, Times, 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, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD COLSPAN="5" 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, Times, Serif; margin: 0">SOURCE OF FUNDS (See instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; 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)&#9;</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, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; background-color: white; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">State of Minnesota, United States</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">NUMBER OF</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">SHARES</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">BENEFICIALLY</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">15,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">OWNED BY</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">EACH</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">REPORTING</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">PERSON WITH</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">15,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 12pt Times New Roman, Times, 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, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD COLSPAN="5" 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; padding-top: 0.01in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">15,000</P>
        <P STYLE="font: 12pt Times New Roman, Times, 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, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD COLSPAN="5" 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, Times, Serif; margin: 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(See instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, 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, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD COLSPAN="5" 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, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">0.2%</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, Times, Serif; padding-right: 0.1in; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; background-color: white; padding-right: 0.1in; padding-left: 0.1in">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON (See instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">IV</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 7%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">CUSIP No. 03814F 20 5</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 1.</TD><TD><U>Security and Issuer.</U></TD></TR></TABLE>

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

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<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 2.</TD><TD><U>Identity and Background.</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 3.</TD><TD><U>Source and Amount of Funds or Other Consideration.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 4.</TD><TD><U>Purpose of Transaction.</U></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; 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, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in">Item 5.</TD><TD><U>Interest in Securities of Issuer</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">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&rsquo;s Form 10-Q for the quarter ended July 1, 2017 filed with the SEC on
August 21, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Dean Pickerell, the President of Medallion
Capital, served as a member of the Company&rsquo;s board of directors until the Company&rsquo;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&rsquo;s right to dispose and vote the 15,000 shares it owns is independent of Mr. Pickerell&rsquo;s rights
in his option shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Medallion Capital has sole voting and dispositive power
over all the 15,000 shares owned by it.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">There have been no purchases or sales
of the Company&rsquo;s common stock by Medallion Capital within the last sixty days, except as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Last Date on Which Reporting Person Ceased to be a 5% Holder: August 21, 2017.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 6.</TD><TD><U>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Not Applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 7.</TD><TD><U>Material to be Filed as Exhibits.</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in"></P>

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

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp;&nbsp;August 28, 2017</TD>
    <TD COLSPAN="3">MEDALLION CAPITAL, INC.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 35%"><I>/s/ Dean R. Pickerell</I></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name: Dean R. Pickerell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Title:&nbsp;&nbsp;President</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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