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 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 * Talara Capital Management, LLC   2. Issuer Name and Ticker or Trading Symbol SMG Indium Resources Ltd. [SMGI] 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) 805 THIRD AVENUE, 20TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 08/31/2011 (Street) NEW YORK, NY 10022 4. If Amendment, Date Original Filed(Month/Day/Year) 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 Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 Shares (1) 08/31/2011   P   1,000 A $ 5.05 (1) 646,000 I See Footnote (2) Common Shares (1) 09/27/2011   P   500 A $ 4.52 (1) 646,500 I See Footnote (2) Common Shares (1) 09/29/2011   P   100 A $ 4.55 (1) 646,600 I See Footnote (2) Common Shares (1) 09/30/2011   P   4,000 A $ 4.35 (1) 650,600 I See Footnote (2) Common Shares (1) 01/31/2012   P   1,000 A $ 3.6 651,600 I See Footnote (2) Common Shares (1) 03/29/2012   P   1,000 A $ 3.45 652,600 I See Footnote (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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

Warrant (1)

$ 5.75

08/31/2011

P

1,000

06/01/2011

05/01/2016

Common Shares

1,000

$ 5.05 (1)

646,000

I

See Footnote (2)

Warrant (1)

$ 5.75

09/27/2011

P

500

06/01/2011

05/01/2016

Common Shares

500

$ 4.52 (1)

646,500

I

See Footnote (2)

Warrant (1)

$ 5.75

09/29/2011

P

100

06/01/2011

05/01/2016

Common Shares

100

$ 4.55 (1)

646,600

I

See Footnote (2)

Warrant (1)

$ 5.75

09/30/2011

P

4,000

06/01/2011

05/01/2016

Common Shares

4,000

$ 4.35 (1)

650,600

I

See Footnote (2)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Talara Capital Management, LLC 805 THIRD AVENUE, 20TH FLOOR NEW YORK, NY 10022		X
Zusman David 805 THIRD AVENUE, 20TH FLOOR NEW YORK, NY 10022		X

Signatures

Talara Capital Management, LLC, By: /s/ David Zusman, Managing Member		04/02/2012
**Signature of Reporting Person		Date
/s/ David Zusman		04/02/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Prior to October 12, 2011, the Reporting Persons owned 645,000 units. Each unit consists of one share of Class A common stock and one warrant to purchase one share of common stock at an exercise price of $5.75 per share. On October 12, 2011, the Reporting Persons converted each unit to one share of Class A common stock and one warrant.
(2)	These securities are held in the accounts of several investment partnerships and investment funds (collectively, the "Investment Vehicles") for which Talara serves as investment manager or general partner. David Zusman is the managing member of Talara. Talara and Mr. Zusman may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of Talara's position as investment manager or general partner of the Investment Vehicles and Mr. Zusman's status as the managing member of Talara. Each reporting person hereby disclaims beneficial ownership over the securities, except to the extent of its pecuniary interest therein. This report shall not be deemed an admission that any reporting person is the beneficial owner of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

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