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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.____________)(*)
Heelys, Inc.
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(Name of Issuer)
Common stock, $0.001 par value
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(Title of Class of Securities)
42279M107
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(CUSIP Number)
December 8, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
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* 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. 42279M107
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1. NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Capital Southwest Corporation 75-1072796
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
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(b)
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 9,317,310
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING -0-
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 9,317,310
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,317,310
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions) [_]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
31.8%
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12. TYPE OF REPORTING PERSON (See Instructions)
IV
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CUSIP No. 42279M107
Item 1(a). Name of Issuer:
Heelys, Inc.
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Item 1(b). Address of Issuer's Principal Executive Offices:
3200 Belmeade, Suite 100
Carrollton, TX 75006
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Item 2(a). Name of Person Filing:
Capital Southwest Corporation
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Item 2(b). Address of Principal Business Office, or if none, Residence:
12900 Preston Road, Suite 700
Dallas, TX 75230
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Item 2(c). Citizenship:
United States
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Item 2(d). Title of Class of Securities:
Common Stock, $0.001 par value
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Item 2(e). CUSIP Number:
42279M107
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Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b), or 240.13d-
2(b) or (c), Check Whether the Person Filing is a:
(a) [_] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o).
(b) [_] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [_] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [_] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [_] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E).
(f) [_] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F).
(g) [_] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G).
(h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(i) [_] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of
1940 (15 U.S.C. 80a-3).
(j) [_] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
CUSIP No. 42279M107
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Item 4. Ownership.
(a) Amount beneficially owned: 9,317,310
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(b) Percent of class: 31.8%
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(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote -0-
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(ii) Shared power to vote or to direct the vote 9,317,310
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(iii) Sole power to dispose or to direct the disposition of -0-
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(iv) Shared power to dispose or to direct the disposition of 9,317,310
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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 has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Capital Southwest Venture Corporation, a wholly-owned subsidiary of
the Reporting Person, is the owner of, and has the right to receive or
the power to direct the receipt of dividends from, or the proceeds
from the sale of 9,317,310 shares of common stock.
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Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not Applicable
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Item 8. Identification and Classification of Members of the Group.
Not Applicable
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Item 9. Notice of Dissolution of Group.
Not Applicable
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Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and 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 1, 2007
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(Date)
/s/ William R. Thomas
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(Signature)
President
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(Name/Title)