UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                               (Amendment No. 3)*

                    Under the Securities Exchange Act of 1934



                            ALANCO TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                      Common Stock, no par value per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    011612603
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2009
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
13G is filed:

                [ ] Rule 13d-1(b)
                [X] Rule 13d-1(c)
                [ ] Rule 13d-1(d)


*The  remainder of this cover page shall be filled out for a reporting  person'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 "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") 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).





CUSIP No. 011612603
--------------------------------------------------------------------------------
(1)     Names of Reporting Persons:  WSV Management, L.L.C.

        I.R.S. Identification Nos. of Above Persons (entities only):

--------------------------------------------------------------------------------
(2)     Check the Appropriate Box if a Member of a Group (See Instructions)

          (a)  [ ]                      (b)  [X]
--------------------------------------------------------------------------------

(3)     SEC Use Only
--------------------------------------------------------------------------------

(4)     Citizenship or Place of Organization:  Texas
--------------------------------------------------------------------------------
 Number of Shares Beneficially Owned
   by Each Reporting Person           (5) Sole Voting Power:                  0*
                                          --------------------------------------
                                      (6) Shared Voting Power:                0*
                                          --------------------------------------
                                      (7) Sole Dispositive Power:             0*
                                          --------------------------------------
                                      (8) Shared Dispositive Power:           0*
                                          --------------------------------------
--------------------------------------------------------------------------------
(9)     Aggregate Amount Beneficially Owned by Each Reporting Person:
                        0*
--------------------------------------------------------------------------------

(10)    Check  Box if  the Aggregate Amount  in Row (9) Excludes  Certain Shares
        [  ]
--------------------------------------------------------------------------------

(11)    Percent of Class Represented by Amount in Row (9):   0%*
--------------------------------------------------------------------------------

(12)    Type of Reporting Person: HC/OO
--------------------------------------------------------------------------------

* Based on information  set forth in the definitive  Proxy Statement on Schedule
14A of Alanco  Technologies,  Inc. (the  "Company") as filed with the Securities
and Exchange  Commission on December 11, 2009,  there were 33,955,193  shares of
common stock, no par value per share (the  "Shares"),  of the Company issued and
outstanding  as of November  24, 2009.  As of December 31, 2009 (the  "Reporting
Date"), WS Opportunity  Fund, L.P. ("WSO") and WS Opportunity Fund (Q.P.),  L.P.
("WSOQP,"  and  together  with WSO, the  "Funds")  owned no Shares.  WS Ventures
Management,  L.P.  ("WSVM") is the general partner of the Funds. WSV Management,
L.L.C.  ("WSV") is the general partner of WSVM.  Reid S. Walker,  G. Stacy Smith
and  Patrick P.  Walker are the  members of WSV.  As a result,  WSVM,  WSV,  and
Messrs.  Reid S.  Walker,  Patrick P. Walker and G. Stacy Smith  possess  shared
power to vote and direct the disposition of the Shares held by the Funds.  Thus,
as of the Reporting Date, for the purposes of Reg. Section 240.13d-3, WSVM, WSV,
and Messrs.  Reid S. Walker,  Patrick P. Walker and G. Stacy Smith are deemed to
beneficially own no Shares,  or 0.0% of the Shares deemed issued and outstanding
as of the  Reporting  Date.  Each  of the  reporting  persons  hereby  expressly
disclaims  membership  in a "group" under Section 13(d) of the Act and the rules
and regulations  thereunder with respect to the Shares reported herein, and this
Schedule 13G  Amendment  No. 3 shall not be deemed to be an  admission  that any
such reporting person is a member of such a group.








CUSIP No.   011612603
--------------------------------------------------------------------------------
(1)     Names of Reporting Persons:  WS Ventures Management, L.P.

        I.R.S. Identification Nos. of Above Persons (entities only):

--------------------------------------------------------------------------------
(2)     Check the Appropriate Box if a Member of a Group (See Instructions)

          (a)  [ ]                      (b)  [X]
--------------------------------------------------------------------------------

(3)     SEC Use Only
--------------------------------------------------------------------------------

(4)     Citizenship or Place of Organization:  Texas
--------------------------------------------------------------------------------
 Number of Shares Beneficially Owned
   by Each Reporting Person           (5) Sole Voting Power:                  0*
                                          --------------------------------------
                                      (6) Shared Voting Power:                0*
                                          --------------------------------------
                                      (7) Sole Dispositive Power:             0*
                                          --------------------------------------
                                      (8) Shared Dispositive Power:           0*
                                          --------------------------------------
--------------------------------------------------------------------------------
(9)     Aggregate Amount Beneficially Owned by Each Reporting Person:
                  0*
--------------------------------------------------------------------------------

(10)    Check  Box if  the Aggregate Amount  in Row (9) Excludes  Certain Shares
        [  ]
--------------------------------------------------------------------------------

(11)    Percent of Class Represented by Amount in Row (9):   0%*
--------------------------------------------------------------------------------

(12)    Type of Reporting Person:     IA/PN
--------------------------------------------------------------------------------

* Based on information  set forth in the definitive  Proxy Statement on Schedule
14A of Alanco  Technologies,  Inc. (the  "Company") as filed with the Securities
and Exchange  Commission on December 11, 2009,  there were 33,955,193  shares of
common stock, no par value per share (the  "Shares"),  of the Company issued and
outstanding  as of November  24, 2009.  As of December 31, 2009 (the  "Reporting
Date"), WS Opportunity  Fund, L.P. ("WSO") and WS Opportunity Fund (Q.P.),  L.P.
("WSOQP,"  and  together  with WSO, the  "Funds")  owned no Shares.  WS Ventures
Management,  L.P.  ("WSVM") is the general partner of the Funds. WSV Management,
L.L.C.  ("WSV") is the general partner of WSVM.  Reid S. Walker,  G. Stacy Smith
and  Patrick P.  Walker are the  members of WSV.  As a result,  WSVM,  WSV,  and
Messrs.  Reid S.  Walker,  Patrick P. Walker and G. Stacy Smith  possess  shared
power to vote and direct the disposition of the Shares held by the Funds.  Thus,
as of the Reporting Date, for the purposes of Reg. Section 240.13d-3, WSVM, WSV,
and Messrs.  Reid S. Walker,  Patrick P. Walker and G. Stacy Smith are deemed to
beneficially own no Shares,  or 0.0% of the Shares deemed issued and outstanding
as of the  Reporting  Date.  Each  of the  reporting  persons  hereby  expressly
disclaims  membership  in a "group" under Section 13(d) of the Act and the rules
and regulations  thereunder with respect to the Shares reported herein, and this
Schedule 13G  Amendment  No. 3 shall not be deemed to be an  admission  that any
such reporting person is a member of such a group.






CUSIP No.  011612603
--------------------------------------------------------------------------------
(1)     Names of Reporting Persons:  Reid S. Walker

        I.R.S. Identification Nos. of Above Persons (entities only):

--------------------------------------------------------------------------------
(2)     Check the Appropriate Box if a Member of a Group (See Instructions)

          (a)  [ ]                      (b)  [X]
--------------------------------------------------------------------------------

(3)     SEC Use Only
--------------------------------------------------------------------------------

(4)     Citizenship or Place of Organization:  United States
--------------------------------------------------------------------------------
 Number of Shares Beneficially Owned
   by Each Reporting Person           (5) Sole Voting Power:                  0*
                                          --------------------------------------
                                      (6) Shared Voting Power:                0*
                                          --------------------------------------
                                      (7) Sole Dispositive Power:             0*
                                          --------------------------------------
                                      (8) Shared Dispositive Power:           0*
                                          --------------------------------------
--------------------------------------------------------------------------------
(9)     Aggregate Amount Beneficially Owned by Each Reporting Person:
                  0*
--------------------------------------------------------------------------------

(10)    Check  Box if  the Aggregate Amount  in Row (9) Excludes  Certain Shares
        [  ]
--------------------------------------------------------------------------------

(11)    Percent of Class Represented by Amount in Row (9):    0%*
--------------------------------------------------------------------------------

(12)    Type of Reporting Person:     IN
--------------------------------------------------------------------------------

* Based on information  set forth in the definitive  Proxy Statement on Schedule
14A of Alanco  Technologies,  Inc. (the  "Company") as filed with the Securities
and Exchange  Commission on December 11, 2009,  there were 33,955,193  shares of
common stock, no par value per share (the  "Shares"),  of the Company issued and
outstanding  as of November  24, 2009.  As of December 31, 2009 (the  "Reporting
Date"), WS Opportunity  Fund, L.P. ("WSO") and WS Opportunity Fund (Q.P.),  L.P.
("WSOQP,"  and  together  with WSO, the  "Funds")  owned no Shares.  WS Ventures
Management,  L.P.  ("WSVM") is the general partner of the Funds. WSV Management,
L.L.C.  ("WSV") is the general partner of WSVM.  Reid S. Walker,  G. Stacy Smith
and  Patrick P.  Walker are the  members of WSV.  As a result,  WSVM,  WSV,  and
Messrs.  Reid S.  Walker,  Patrick P. Walker and G. Stacy Smith  possess  shared
power to vote and direct the disposition of the Shares held by the Funds.  Thus,
as of the Reporting Date, for the purposes of Reg. Section 240.13d-3, WSVM, WSV,
and Messrs.  Reid S. Walker,  Patrick P. Walker and G. Stacy Smith are deemed to
beneficially own no Shares,  or 0.0% of the Shares deemed issued and outstanding
as of the  Reporting  Date.  Each  of the  reporting  persons  hereby  expressly
disclaims  membership  in a "group" under Section 13(d) of the Act and the rules
and regulations  thereunder with respect to the Shares reported herein, and this
Schedule 13G  Amendment  No. 3 shall not be deemed to be an  admission  that any
such reporting person is a member of such a group.



CUSIP No.   011612603
--------------------------------------------------------------------------------
(1)     Names of Reporting Persons:  Patrick P. Walker

        I.R.S. Identification Nos. of Above Persons (entities only):

--------------------------------------------------------------------------------
(2)     Check the Appropriate Box if a Member of a Group (See Instructions)

          (a)  [ ]                      (b)  [X]
--------------------------------------------------------------------------------

(3)     SEC Use Only
--------------------------------------------------------------------------------

(4)     Citizenship or Place of Organization:  United States
--------------------------------------------------------------------------------
 Number of Shares Beneficially Owned
   by Each Reporting Person           (5) Sole Voting Power:                  0*
                                          --------------------------------------
                                      (6) Shared Voting Power:                0*
                                          --------------------------------------
                                      (7) Sole Dispositive Power:             0*
                                          --------------------------------------
                                      (8) Shared Dispositive Power:           0*
                                          --------------------------------------
--------------------------------------------------------------------------------
(9)     Aggregate Amount Beneficially Owned by Each Reporting Person:
                0*
--------------------------------------------------------------------------------

(10)    Check  Box if  the Aggregate Amount  in Row (9) Excludes  Certain Shares
        [  ]
--------------------------------------------------------------------------------

(11)    Percent of Class Represented by Amount in Row (9):    0%*
--------------------------------------------------------------------------------

(12)    Type of Reporting Person: IN
--------------------------------------------------------------------------------

* Based on information  set forth in the definitive  Proxy Statement on Schedule
14A of Alanco  Technologies,  Inc. (the  "Company") as filed with the Securities
and Exchange  Commission on December 11, 2009,  there were 33,955,193  shares of
common stock, no par value per share (the  "Shares"),  of the Company issued and
outstanding  as of November  24, 2009.  As of December 31, 2009 (the  "Reporting
Date"), WS Opportunity  Fund, L.P. ("WSO") and WS Opportunity Fund (Q.P.),  L.P.
("WSOQP,"  and  together  with WSO, the  "Funds")  owned no Shares.  WS Ventures
Management,  L.P.  ("WSVM") is the general partner of the Funds. WSV Management,
L.L.C.  ("WSV") is the general partner of WSVM.  Reid S. Walker,  G. Stacy Smith
and  Patrick P.  Walker are the  members of WSV.  As a result,  WSVM,  WSV,  and
Messrs.  Reid S.  Walker,  Patrick P. Walker and G. Stacy Smith  possess  shared
power to vote and direct the disposition of the Shares held by the Funds.  Thus,
as of the Reporting Date, for the purposes of Reg. Section 240.13d-3, WSVM, WSV,
and Messrs.  Reid S. Walker,  Patrick P. Walker and G. Stacy Smith are deemed to
beneficially own no Shares,  or 0.0% of the Shares deemed issued and outstanding
as of the  Reporting  Date.  Each  of the  reporting  persons  hereby  expressly
disclaims  membership  in a "group" under Section 13(d) of the Act and the rules
and regulations  thereunder with respect to the Shares reported herein, and this
Schedule 13G  Amendment  No. 3 shall not be deemed to be an  admission  that any
such reporting person is a member of such a group.





CUSIP No.  011612603
--------------------------------------------------------------------------------
(1)     Names of Reporting Persons:  G. Stacy Smith

        I.R.S. Identification Nos. of Above Persons (entities only):

--------------------------------------------------------------------------------
(2)     Check the Appropriate Box if a Member of a Group (See Instructions)

          (a)  [ ]                      (b)  [X]
--------------------------------------------------------------------------------

(3)     SEC Use Only
--------------------------------------------------------------------------------

(4)     Citizenship or Place of Organization:  United States
--------------------------------------------------------------------------------
 Number of Shares Beneficially Owned
   by Each Reporting Person           (5) Sole Voting Power:                  0*
                                          --------------------------------------
                                      (6) Shared Voting Power:                0*
                                          --------------------------------------
                                      (7) Sole Dispositive Power:             0*
                                          --------------------------------------
                                      (8) Shared Dispositive Power:           0*
                                          --------------------------------------
--------------------------------------------------------------------------------
(9)     Aggregate Amount Beneficially Owned by Each Reporting Person:
               0*
--------------------------------------------------------------------------------

(10)    Check  Box if  the Aggregate Amount  in Row (9) Excludes  Certain Shares
        [  ]
--------------------------------------------------------------------------------

(11)    Percent of Class Represented by Amount in Row (9):    0%*
--------------------------------------------------------------------------------

(12)    Type of Reporting Person:     IN
--------------------------------------------------------------------------------

* Based on information  set forth in the definitive  Proxy Statement on Schedule
14A of Alanco  Technologies,  Inc. (the  "Company") as filed with the Securities
and Exchange  Commission on December 11, 2009,  there were 33,955,193  shares of
common stock, no par value per share (the  "Shares"),  of the Company issued and
outstanding  as of November  24, 2009.  As of December 31, 2009 (the  "Reporting
Date"), WS Opportunity  Fund, L.P. ("WSO") and WS Opportunity Fund (Q.P.),  L.P.
("WSOQP,"  and  together  with WSO, the  "Funds")  owned no Shares.  WS Ventures
Management,  L.P.  ("WSVM") is the general partner of the Funds. WSV Management,
L.L.C.  ("WSV") is the general partner of WSVM.  Reid S. Walker,  G. Stacy Smith
and  Patrick P.  Walker are the  members of WSV.  As a result,  WSVM,  WSV,  and
Messrs.  Reid S.  Walker,  Patrick P. Walker and G. Stacy Smith  possess  shared
power to vote and direct the disposition of the Shares held by the Funds.  Thus,
as of the Reporting Date, for the purposes of Reg. Section 240.13d-3, WSVM, WSV,
and Messrs.  Reid S. Walker,  Patrick P. Walker and G. Stacy Smith are deemed to
beneficially own no Shares,  or 0.0% of the Shares deemed issued and outstanding
as of the  Reporting  Date.  Each  of the  reporting  persons  hereby  expressly
disclaims  membership  in a "group" under Section 13(d) of the Act and the rules
and regulations  thereunder with respect to the Shares reported herein, and this
Schedule 13G  Amendment  No. 3 shall not be deemed to be an  admission  that any
such reporting person is a member of such a group.




Item 1(a).  Name of Issuer:  ALANCO TECHNOLOGIES, INC.


Item 1(b).  Address of Issuer's Principal Executive Offices:
            15575 North 83rd Way, Suite 3
            Scottsdale, Arizona 85260


Item 2(a).  Name of Person Filing:
            WSV Management, L.L.C.
            WS Ventures Management, L.P.
            Reid S. Walker
            G. Stacy Smith
            Patrick P. Walker



Item 2(b).  Address of Principal Business Office or, if none, Residence:
            300 Crescent Court, Suite 1111
            Dallas, Texas  75201

Item 2(c).  Citizenship:
            WSV Management, L.L.C.:            Texas
            WS Ventures Management, L.P.:      Texas
            Reid S. Walker:                    United States
            G. Stacy Smith:                    United States
            Patrick P. Walker:                 United States

Item 2(d).  Title of Class of Securities:
            Common stock, no par value per share

Item 2(e).  CUSIP Number:    011612603

Item 3.     Not Applicable.

Item 4.  Ownership:

         (a)   Amount Beneficially Owned:
               WSV Management, L.L.C.                          0*
               WS Ventures Management, L.P.                    0*
               Reid S. Walker                                  0*
               G. Stacy Smith                                  0*
               Patrick P. Walker                               0*



         (b)   Percent of Class:
               WSV Management, L.L.C.                          0%*
               WS Ventures Management, L.P.                    0%*
               Reid S. Walker                                  0%*
               G. Stacy Smith                                  0%*
               Patrick P. Walker                               0%*

         (c)   Number of shares as to which such person has:

               (i)   sole power to vote or to direct the vote:

                     WSV Management, L.L.C.                            0*
                     WS Ventures Management, L.P.                      0*
                     Reid S. Walker                                    0*
                     G. Stacy Smith                                    0*
                     Patrick P. Walker                                 0*

               (ii)  shared power to vote or to direct the vote:

                     WSV Management, L.L.C.                            0*
                     WS Ventures Management, L.P.                      0*
                     Reid S. Walker                                    0*
                     G. Stacy Smith                                    0*
                     Patrick P. Walker                                 0*

               (iii) sole power to dispose or to direct the disposition of:

                     WSV Management, L.L.C.                            0*
                     WS Ventures Management, L.P.                      0*
                     Reid S. Walker                                    0*
                     G. Stacy Smith                                    0*
                     Patrick P. Walker                                 0*

               (iv)  shared power to dispose or to direct the disposition of:

                     WSV Management, L.L.C.                            0*
                     WS Ventures Management, L.P.                      0*
                     Reid S. Walker                                    0*
                     G. Stacy Smith                                    0*
                     Patrick P. Walker                                 0*


* See footnote on cover pages.




Item 5.  Ownership of Five Percent or Less of a Class:

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

Item 6.  Ownership of More than Five Percent on Behalf of Another Person:

          Not applicable.

Item 7.  Identification  and  Classification of  Subsidiary Which  Acquired  the
         Securities:

          Not applicable.

Item 8.  Identification and Classification of Members of the Group:

          Not applicable.

Item 9.  Notice of Dissolution of Group:

          Not applicable.

Item 10.  Certification:

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

                                February 16, 2010


                                WSV MANAGEMENT, L.L.C.

                                By: /s/ Reid S. Walker
                                   ---------------------------------------------
                                    Reid S. Walker, Member


                                WS VENTURES MANAGEMENT, L.P.

                                By:  WSV Management, L.L.C., its general partner

                                By: /s/ Reid S. Walker
                                   ---------------------------------------------
                                    Reid S. Walker, Member



                                        /s/ Reid S. Walker
                                       -----------------------------------------
                                        REID S. WALKER



                                        /s/ G. Stacy Smith
                                       -----------------------------------------
                                        G. STACY SMITH



                                        /s/ Patrick P. Walker
                                       -----------------------------------------
                                        PATRICK P. WALKER



      Attention: Intentional misstatements or omissions of fact constitute
                Federal criminal violations (See 18 U.S.C. 1001)





                                                                       EXHIBIT 1

                             JOINT FILING AGREEMENT


In accordance with Rule 13d-1(k)  promulgated under the Securities  Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on behalf
of each of them a Statement on Schedule 13G (including  amendments thereto) with
regard to the common stock of ALANCO  TECHNOLOGIES,  INC. and further agree that
this Joint Filing Agreement be included as an Exhibit to such joint filings.  In
evidence thereof,  the undersigned,  being duly authorized,  hereby execute this
Joint Filing Agreement as of February 16, 2010.


                                WSV MANAGEMENT, L.L.C.

                                By: /s/ Reid S. Walker
                                   ---------------------------------------------
                                    Reid S. Walker, Member


                                WS VENTURES MANAGEMENT, L.P.

                                By:  WSV Management, L.L.C., its general partner

                                By: /s/ Reid S. Walker
                                   ---------------------------------------------
                                    Reid S. Walker, Member



                                        /s/ Reid S. Walker
                                       -----------------------------------------
                                        REID S. WALKER



                                        /s/ G. Stacy Smith
                                       -----------------------------------------
                                        G. STACY SMITH



                                        /s/ Patrick P. Walker
                                       -----------------------------------------
                                        PATRICK P. WALKER