X0202 4/A 2005-05-26 2005-05-31 0 0000826253 AURA SYSTEMS INC aura 0000905608 ICM ASSET MANAGEMENT INC/WA 601 W MAIN AVE STE 600 SPOKANE WA 99201 0 0 1 1 See Note 4 0001054503 KOYAH LEVERAGE PARTNERS L P 601 W. MAIN AVE. SUITE 600 SPOKANE WA 99201 0 0 1 1 See Note 4 0001059618 KOYAH VENTURES LLC 601 W. MAIN AVE. SUITE 600 SPOKANE WA 99201 0 0 1 1 See Note 4 0001054506 KOYAH PARTNERS L P 601 W. MAIN AVE. SUITE 600 SPOKANE WA 99201 0 0 1 1 See Note 4 0001238466 SIMMONS JAMES M 601 W. MAIN AVE. SUITE 600 SPOKANE WA 99201 0 0 1 1 See Note 4 Aura Systems, Inc. 2005-05-26 4 S 0 104724 0.0156 D 23777330 I See Notes 1,2,3 & 5 The Reporting Persons are ICM Asset Management, Inc. ("ICM"), a Washington corporation and SEC-registered investment adviser, Koyah Ventures, LLC, a Delaware limited liability company ("Koyah Ventures"), James M. Simmons, Koyah Leverage Partners, L.P. ("Koyah Leverage") and Koyah Partners, L.P. ("Koyah Partners"), each a Delaware limited partnership, and collectively, the "Partnership." ICM is the investment adviser to and Koyah Ventures is the general partner of, investment limited partnership, including the Partnerships. ICM is also the investment adviser to other client accounts. Mr. Simmons is the manager of Koyah Ventures and is the CEO and majority shareholder of ICM. Mr. Simmons, ICM and Koyah Ventures are filing this Form 4 jointly as a group, but disclaim membership in a group with any other person within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(1) under the Securities Exchange Act of 1934, as amended. The Partnerships are filing this report jointly with the other Reporting Persons, but not as members of a group, and each expressly disclaims membership in a group, within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(1), with any other person. These securities are held directly by investment advisory accounts of ICM, including the partnership and other investment limited partnerships of which ICM is the investment adviser and Koyah Ventures is the general partner. They are held indirectly by ICM, Koyah Ventures and Mr. Simmons. The Reporting Persons, except for the Partnerships, disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein. The filing of this Form 4 on behalf of either of the Partnerships should not be construed as an admission that it is, and each disclaims that it is, the beneficial owner defined in Rule 13d-3 under the Exchange Act of any of the securities covered by this Form 4. No client account of ICM, other than the Partnerships, owns more than ten percent of the outstanding stock of the issuer. The Issuer's Certificate of Incorporation entitled the holders of the Series B Cumulative Convertible Preferred Stock ("Series B Stock"), including the Reporting Persons to elect four of the Issuer's directors for as long as the Series B Stock is outstanding. Under a Shareholder Agreement among the holders of the Series B Stock "the "Series B Shareholders"), the Series B Shareholders agreed, among other things, to use their best efforts to cause the size of the Issuer's Board of Directors to remain set at seven directors at all times and that Koyah Leverage has the right to elect one of the four directors that the Series B Shareholders are entitled to elect. Billy R. Anders is Koyah Leverage's designated director. Koyah Leverage's right to elect one of the Issuer's directors could cause the Reporting Persons to be deemed insiders of the Issuer even if they did not collectively hold more than 10% of the outstanding common stock. These securities were sold by a separate investment advisory account of ICM and in connection therewith instructed ICM to make such sale. These securities therefore were sold on a non-discretionary basis. ICM had no pecuniary interest in such securities or the proceeds from the sale thereof and disclaims any beneficial ownership interest in such securities or proceeds. ICM Asset Management, Inc., By: Robert J. Law, Executive Vice President 2005-06-07 Koyah Leverage Partners, L.P., By: Koyah Ventures, LLC, General Partner, By: Robert J. Law, Executive Vice President 2005-06-07 Koyah Partners, L.P., By: Koyah Ventures, LLC, General Partner, By: Robert J. Law, Executive Vice President 2005-06-07 Koyah Ventures, LLC, By: Robert J. Law, Executive Vice President 2005-06-07 James M. Simmons 2005-06-07