SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* KLEINHEINZ CAPITAL PARTNERS, INC. (Last) (First) (Middle) 301 COMMERCE STREET SUITE 1900 (Street) FORT WORTH TX 76102 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ALLOY INC [ ALOY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Terminating a 13(d) 10% Group
	3. Date of Earliest Transaction (Month/Day/Year) 04/16/2010
	4. If Amendment, Date of 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

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								402,061	I	See Footnotes(1)(2)(3)(4)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* KLEINHEINZ CAPITAL PARTNERS, INC. (Last) (First) (Middle) 301 COMMERCE STREET SUITE 1900 (Street) FORT WORTH TX 76102 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Terminating a 13(d) 10% Group

1. Name and Address of Reporting Person* Kleinheinz Capital Partners LDC (Last) (First) (Middle) C/O WALKERS SPV LTD. WALKER HOUSE, 87 MARY STREET (Street) GEORGE TOWN E9 KY1-9001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

1. Name and Address of Reporting Person* GLOBAL UNDERVALUED SECURITIES MASTER FUND LP (Last) (First) (Middle) C/O BNY MELLON ALTERNATIVE INVESTMENT SE 48 PAR LA VILLE ROAD SUITE 464 (Street) HAMILTON HMII D0 0000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

1. Name and Address of Reporting Person* Global Undervalued Securities Fund Ltd (Last) (First) (Middle) C/O BNY MELLON ALTERNATIVE INVESTMENT SE 48 PAR LA VILLE ROAD SUITE 464 (Street) HAMILTON HM 11 BERMUDA D0 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

1. Name and Address of Reporting Person* KLEINHEINZ JOHN B (Last) (First) (Middle) 301 COMMERCE STREET SUITE 1900 (Street) FORT WORTH TX 76102 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

1. Name and Address of Reporting Person* GLOBAL UNDERVALUED SECURITIES FUND LP (Last) (First) (Middle) C/O BNY MELLON ALTERNATIVE INVESTMENT SE 48 PAR LA VILLE ROAD SUITE 464 (Street) HAMILTON D0 HM11 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

1. Name and Address of Reporting Person* Global Undervalued Securities Fund QP L P (Last) (First) (Middle) C/O BNY MELLON ALTERNATIVE INVESTMENT SE 48 PAR LA VILLE ROAD SUITE 464 (Street) HAMILTON N H 11 D0 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of a 10% Group

Explanation of Responses:

1. Represents shares of common stock ("Common Stock") of Alloy, Inc. (the "Issuer") directly beneficially owned by Global Undervalued Securities Master Fund, L.P. ("Global Master").

2. Pursuant to a Group Termination Agreement dated April 16, 2010, Kleinheinz Capital Partners, Inc. ("Kleinheinz"), Kleinheinz Capital Partners LDC ("LDC"), Global Undervalued Securities Fund, L.P. ("Global, L.P."), Global Undervalued Securities Fund (QP), L.P. ("Global QP"), Global Undervalued Securities Fund, Ltd. ("Global Ltd."), Global Master and John B. Kleinheinz ("Mr. Kleinheinz", and collectively with Kleinheinz, LDC, Global, L.P., Global QP, Global Ltd. and Global Master, the "Reporting Persons") terminated their "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") with (see Footnote 3)

3. (cont. Footnote 2) BD Media Investors LP, SRB Greenway Opportunity Fund, (QP), L.P., SRB Greenway Opportunity Fund, L.P., SRB Management, L.P., BC Advisors, LLC, Steven R. Becker and Matthew A. Drapkin (the "Greenway Parties") and terminated the Joint Filing Agreement entered into on December 17, 2009 by and between the Reporting Persons and the Greenway Parties. After giving effect to such termination, the Reporting Persons are no longer subject to Section 16 of the Exchange Act.

4. Kleinheinz, as the investment manager of Global, L.P., Global QP, Global Ltd. and Global Master; LDC, as the general partner of Global, L.P. and Global QP; Global, L.P., as a general partner of Global Master; Global QP, as a general partner of Global Master; Global Ltd., as a general partner of Global Master; and Mr. Kleinheinz as the sole director and President of Kleinheinz and a director of LDC, may in each case be deemed to be beneficial owners of the securities reported herein for purposes of Rule 16a-1(a) of the Exchange Act. Kleinheinz, LDC, Global, L.P., Global QP, Global Ltd. and Mr. Kleinheinz disclaim any beneficial ownership of any Common Stock listed herein, except to the extent of any pecuniary interest therein.

Remarks:

	See Exhibit 99.1	04/19/2010
	** Signature of Reporting Person	Date
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