Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SONKIN PAUL D
  2. Issuer Name and Ticker or Trading Symbol
OWEN LOVING & ASSOCIATES INC [ELST]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
se footnote #1
(Last)
(First)
(Middle)
460 PARK AVENUE, 12TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
09/02/2005
(Street)

NEW YORK, NY 10022
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common stock $.001 par value (1) 09/02/2005   P   2,500 (2) A $ 0.531 308,334 D (3)  
Common stock $.001 par value 09/02/2005   P   2,500 (4) A $ 0.531 231,826 D (5)  
Common stock $.001 par value 04/27/2006   P   5,000 (6) A $ 0.71 313,334 D (7)  
Common stock $.001 par value 04/27/2006   P   5,000 (8) A $ 0.71 236,826 D (9)  
Copmmon stock $.001 par value 05/16/2006   P   10,000 (10) A $ 0.701 80,192 D (11)  
Common stock $.001 par value 08/09/2006   P   31,500 (12) A $ 0.604 111,692 D (13)  
Common stock $.001 par value 08/10/2006   P   7,500 (14) A $ 0.611 119,192 D (15)  
Common stock $.001 par value 09/15/2006   P   12,600 (16) A $ 0.636 131,792 D (17)  
Common stock $.001 par value 11/27/2006   P   30,400 (18) A $ 0.636 162,192 D (19)  
Common stock $.001 par value 01/03/2007   P   24,500 (20) A $ 0.656 186,692 D (21)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SONKIN PAUL D
460 PARK AVENUE
12TH FLOOR
NEW YORK, NY 10022
    X   se footnote #1
HUMMINGBIRD VALUE FUND LP
460 PARK AVENUE, 12TH FL
NEW YORK, NY 10022
    X   se footnote #1
HUMMINGBIRD MICROCAP VALUE FUND LP
460 PARK AVENUE, 12TH FL
NEW YORK, NY 10022
    X   se footnote #1
TARSIER NANOCAP VALUE FUND, LP
C/O HUMMINGBIRD MANAGEMENT, LLC
460 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10022
    X   se footnote #1
HUMMINGBIRD MANAGEMENT LLC
460 PARK AVENUE, 12TH FL
NEW YORK, NY 10022
    X   se footnote #1
HUMMINGBIRD CAPITAL LLC
460 PARK AVENUE, 12TH FL
NEW YORK, NY 10022
    X   se footnote #1

Signatures

 Paul Sonkin   01/04/2007
**Signature of Reporting Person Date

 The Hummingbird Value Fund, LP   01/04/2007
**Signature of Reporting Person Date

 The Hummingbird Microcap Value Fund, LP   01/04/2007
**Signature of Reporting Person Date

 The Tarsier Nanocap Value Fund, LP   01/04/2007
**Signature of Reporting Person Date

 Hummingbird Management, LLC   01/04/2007
**Signature of Reporting Person Date

 Hummingbird Capital, LLC   01/04/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This Form 4 is filed jointly by Paul D. Sonkin, The Hummingbird Value Fund, L.P. ("HVF"), The Hummingbird Microcap Value Fund, L.P.("Microcap"),The Tarsier Nanocap Vaue Fund, L.P. ("Tarsier"),Hummingbird Capital, LLC, and Hummingbird Management, LLC. Paul D. Sonkin is the Managing Member of (a) Hummingbird Capital, LLC, the general partner of HVF, Microcap, and Tarsier, and (b) Hummingbird Management, LLC, the investment manager to HVF, Microcap, and Tarsier. Accordingly, each of Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC may be deemed to beneficially own the securities owned by HVF, Microcap, and Tarsier reported herein. The Reporting Persons are members of a Section 13(d) group that owns more than 10% of the Issuer's outstanding Common Stock.
(2) Acquired by The Hummingbird Value Fund, LP.
(3) Owned directly by The Hummingbird Value Fund, L.P., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Hummingbird Value Fund, L.P., except to the extent that each such party has an interest, if any, in The Hummingbird Value Fund, L.P.
(4) Acquired by The Hummingbird Microcap Value Fund, LP.
(5) Owned directly by The Hummingbird Microcap Value Fund, L.P., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Hummingbird Value Microcap Fund, L.P., except to the extent that each such party has an interest, if any, in The Hummingbird Microcap Value Fund, L.P.
(6) See footnote #2.
(7) See footnote #3.
(8) See footnote #4.
(9) See footnote #5.
(10) Acquired by The Tarsier Nanocap Value Fund, LP.
(11) Owned directly by The Tarsier Nanocap Value Fund, LP., and indirectly by Paul D. Sonkin, Hummingbird Capital, LLC, and Hummingbird Management, LLC, each of which disclaims beneficial ownership of the securities owned by The Tarsier Nanocap Value Fund, L.P., except to the extent that each such party has an interest, if any, in The Tarsier Nanocap Value Fund, L.P.
(12) See footnote #10.
(13) See footnote #11.
(14) See footnote #10.
(15) See footnote #11.
(16) See footnote #10.
(17) See footnote #11.
(18) See footnote #10.
(19) See footnote #11.
(20) See footnote #10.
(21) See footnote #11.

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