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
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

LAZARUS INVESTMENT PARTNERS LLLP
2. Issuer Name and Ticker or Trading Symbol

TELETOUCH COMMUNICATIONS INC [ TLLE.OB ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

3200 CHERRY CREEK SOUTH DRIVE, SUITE 670
3. Date of Earliest Transaction (MM/DD/YYYY)

8/21/2012
(Street)

DENVER, CO 80209
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   8/21/2012     P    2700   A (1) $0.4800   5220005   D    
Common Stock   8/22/2012     P    1000   A (1) $0.4800   5221005   D    
Common Stock   8/24/2012     P    1100   A (1) $0.4800   5222105   D    
Common Stock   8/29/2012     P    500   A (1) $0.4800   5222605   D    
Common Stock   8/30/2012     P    500   A (1) $0.4800   5223105   D    
Common Stock   8/31/2012     P    500   A (1) $0.4900   5223605   D    
Common Stock   9/13/2012     P    1000   A (1) $0.5400   5224605   D    
Common Stock   9/17/2012     P    2000   A (1) $0.5526   5226605   D    
Common Stock   9/18/2012     P    500   A (1) $0.5416   5227105   D    
Common Stock   9/19/2012     P    300   A (1) $0.5433   5227405   D    
Common Stock   9/25/2012     P    300   A (1) $0.5200   5227705   D    
Common Stock   9/26/2012     P    400   A (1) $0.5200   5228105   D    
Common Stock   9/27/2012     P    200   A (1) $0.52   5228305   D    
Common Stock   10/31/2012     P    200   A (1) $0.43   5228505   D    
Common Stock   11/1/2012     P    400   A (1) $0.48   5228905   D    
Common Stock   11/6/2012     P    600   A (1) $0.45   5229505   D    
Common Stock   11/8/2012     P    300   A (1) $0.45   5229805   D    
Common Stock   11/13/2012     P    1000   A (1) $0.45   5230805   D    
Common Stock   11/14/2012     P    1000   A (1) $0.45   5231805   D    
Common Stock   11/15/2012     P    200   A (1) $0.45   5232005   D    
Common Stock   11/26/2012     P    300   A (1) $0.42   5232305   D    
Common Stock   11/28/2012     P    200   A (1) $0.42   5232505   D    
Common Stock   12/4/2012     P    200   A (1) $0.35   5232705   D    
Common Stock   12/14/2012     P    29900   A $0.36   5262605   D    
Common Stock   12/17/2012     P    3700   A $0.37   5266305   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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

Explanation of Responses:
( 1)  Small acquisitions less than $10,000.

Remarks:
The reported securities are owned directly by Lazarus Investment Partners LLLP, and indirectly by Lazarus Management Company LLC, as investment adviser and general partner of Lazarus Investment Partners LLLP, and Justin B. Borus, as managing member of Lazarus Management Company LLC. Lazarus Management Company LLC and Justin B. Borus disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LAZARUS INVESTMENT PARTNERS LLLP
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209

X

BORUS JUSTIN B
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209

X

Lazarus Management Co LLC
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209

X


Signatures
/s/ Justin Borus, individually, and as managing member of Lazarus Management Company LLC for itself and as general partner of Lazarus Investment Partners LLLP 12/18/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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