Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  UTA Capital LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2012		 3. Issuer Name and Ticker or Trading Symbol
LAPIS TECHNOLOGIES INC [LPST]
(Last)
(First)
(Middle)
100 EXECUTIVE DRIVE, SUITE 330		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

WEST ORANGE, NJ 07052		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant to Purchase Common Stock 03/01/2012 09/01/2014 Common Stock 952,227 $ 0.5 (1) I By UTA Capital LLC (2)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
UTA Capital LLC
100 EXECUTIVE DRIVE
SUITE 330
WEST ORANGE, NJ 07052		     X    
YZT Management LLC
100 EXECUTIVE DRIVE
SUITE 330
WEST ORANGE, NJ 07052		     X    
ALLEGHANY CAPITAL Corp
7 TIMES SQUARE TOWER
NEW YORK, NY 10036		     X    
ALLEGHANY CORP /DE
7 TIMES SQUARE TOWER
NEW YORK, NY 10036		     X    
TOLEDANO UDI
100 EXECUTIVE DRIVE
SUITE 330
WEST ORANGE, NJ 07052		     X    

Signatures

/s/ Udi Toledano, as Managing Member of YZT Management LLC, as Managing Member of UTA Capital LLC 01/05/2012
**Signature of Reporting Person Date
/s/ Udi Toledano, as Managing Member of YZT Management LLC 01/05/2012
**Signature of Reporting Person Date
/s/ Peter R. Sismondo, as Vice President and Treasurer of Alleghany Capital Corporation 01/05/2012
**Signature of Reporting Person Date
/s/ Peter R. Sismondo, as Vice President of Alleghany Corporation 01/05/2012
**Signature of Reporting Person Date
/s/ Udi Toledano 01/05/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) In accordance with the terms of the warrant, the exercise price with respect to one-third (1/3) of the unexercised warrant shares may be increased to $1.00 based on Lapis' and its subsidiaries' after-tax consolidated net income for calendar year 2012.
(2) This Form 3 is being jointly filed by (i) UTA Capital LLC; (ii) the members or beneficial owners of membership interests in UTA Capital LLC, which include (a) YZT Management LLC, a New Jersey limited liability company and the managing member of UTA Capital LLC, and (b) Alleghany Capital Corporation, a Delaware corporation and a member of UTA Capital LLC; (iii) Alleghany Corporation, a publicly-traded Delaware corporation of which Alleghany Capital Corporation is a wholly-owned subsidiary; and (iv) Udi Toledano, the managing member of YZT Management LLC. The reporting persons disclaim beneficial ownership of these securities except to the extent of any pecuniary interest therein and this report shall not be deemed an admission that any reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

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