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OMB
APPROVAL
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OMB
Number: 3235-0145
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Expires: January
31, 2006
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Estimated
average burden hours
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per
response........................................11
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CUSIP
No.462684101
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13G
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Page
2 of 6 Pages
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Number
of
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5.
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Sole
Voting Power
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Shares
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0
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Beneficially
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Owned
by
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6.
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Shared
Voting Power
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Each
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757,134
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Reporting
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Person
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7.
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Sole
Dispositive Power
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With:
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0
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8.
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Shared
Dispositive Power
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757,134
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CUSIP
No. 462684101
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13G
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Page
3 of 6 Pages
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Number
of
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5.
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Sole
Voting Power
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Shares
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0
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Beneficially
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Owned
by
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6.
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Shared
Voting Power
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Each
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594,907
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Reporting
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Person
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7.
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Sole
Dispositive Power
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With:
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0
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8.
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Shared
Dispositive Power
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594,907
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CUSIP
No. 462684101
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13G
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Page
4 of 6 Pages
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Item
1.
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(a)
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Name
of Issuer:
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Iridex
Corporation
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(b)
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Address
Of Issuer's Principal Executive Offices:
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1212
Terra Bella Avenue
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Mountain
View, CA 94043-1824
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Item
2.
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(a)
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Name
of Person Filing:
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This
statement is filed by: (i) Black River Asset Management LLC (“Black
River”) with respect to shares of common stock of the Issuer (“Shares”)
owned by Black River Long/Short Fund Ltd. (“Long/Short
Fund”) and the Black River Long/Short Opportunity Fund LLC; and (ii) the
Long/Short Fund with respect to Shares owned by
it.
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(b)
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Address
of Principal Business Office, or, if none,
Residence:
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Business
office of Black River
12700
Whitewater Drive
Minnetonka,
MN 55343
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Business
office of Long/Short Fund
P.O.
Box 309GT
Ugland
House South Church Street
George
Town, Grand Cayman Cayman Islands
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(c)
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Citizenship:
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Black
River is a Delaware limited liability company.
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Long/Short
Fund is a Cayman Islands exempted company.
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(d)
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Title
of Class of Securities:
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Common
Stock
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(e)
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Cusip
Number:
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462684101
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Item
3.
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If
this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c),
check whether the person filing is a:
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(a)
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o
Broker
or dealer registered under section 15 of the Act (15 U.S.C.
78o).
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(b)
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o
Bank
as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
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(c)
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o Insurance
company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).
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(d)
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o Investment
company registered under section 8 of the Investment Company Act
(15
U.S.C. 80a-8).
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(e)
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x
An
investment adviser in accordance with
§240.13d-1(b)(1)(ii)(E).
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(f)
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o
An
employee benefit plan or endowment fund in accordance with
§240.13d-1(b)(ii)(F).
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(g)
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o
A
parent holding company or control person in accordance with
§240.13d-1(b)(1)(ii)(G).
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(h)
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o
A
savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
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(i)
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o
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);
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(j)
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o
Group
in accordance with §240.13d-1(b)(ii)(J).
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CUSIP
No. 462684101
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13G
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Page
5 of 6 Pages
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Item
4.
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Ownership
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The
percentages used herein are calculated based upon the Shares issued
and
outstanding as of December 15, 2006, as reported on the Issuer’s
quarterly report on Form 10-Q filed for the fiscal period ending
September
30, 2006.
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As
of close of business on December 29,
2006.
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1.
Black River Asset Management LLC (“Black River”)
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(a)
Amount beneficially owned: 757,134
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(b)
Percent of class: 9.6%
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(c)
Number of shares as to which the person
has:
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(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: 757,134
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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:
757,134
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2.
Black River Long/Short Fund Ltd. (“Long/Short Fund”)
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(a)
Amount beneficially owned: 594,907
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(b)
Percent of class: 7.6%
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(c)
Number of shares as to which the person
has:
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(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: 594,907
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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:
594,907
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Black
River does not own any Shares or securities convertible into shares.
Pursuant to an investment advisory agreement, Black River has investment
and voting power with respect to the securities held by the Long/Short
Fund.
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Item
5.
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Ownership
of Five Percent or Less of a
Class
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Item
6.
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Ownership
of More Than Five Percent on Behalf Of Another
Person
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Item
7.
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Identification
and Classification of the Subsidiary Which Acquired the Security
Being
Reported on By the Parent Holding
Company
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Item
8.
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Identification
and Classification of Members of The
Group
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Item
9.
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Notice
of Dissolution of Group
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Item
10.
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Certification
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CUSIP
No. 462684101
|
13G
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Page
6 of 6 Pages
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|
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February
14, 2007
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Date
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/s/
Robert Goedken
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Signature
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Black
River Asset Management LLC
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Robert
Goedken, Chief Legal Officer
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Name/Title
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February
14, 2007
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Date
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/s/
Robert Goedken
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Signature
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Black
River Long/Short Fund Ltd.
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By:
Black River Asset Management LLC, Its Investment
Advisor
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Robert
Goedken, Chief Legal Officer
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Name/Title
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