~~Table~~SECURITIES ofAND ~~Contents~~EXCHANGE COMMISSION

~~UNITED~~WASHINGTON, ~~STATES SECURITIES~~D.C. ~~AND~~20549 ~~EXCHANGE COMMISSION~~

~~Washington,~~FORM ~~D.C.~~8-K ~~20549~~

~~FORM~~CURRENT ~~8-K~~ REPORT

~~CURRENT REPORT~~ PURSUANT TO SECTION 13 ORor 15(d) ~~OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~Date~~OF ofTHE ~~report~~SECURITIES ~~(date~~EXCHANGE ofACT ~~earliest~~OF ~~event~~1934 ~~reported): June 22, 2007~~

~~MTI~~Date ~~Technology~~of ~~Corporation~~Report (Date of earliest event reported) – January 4, 2008 (December 21, 2007)

~~(Exact~~MTI ~~Name~~Technology ofCorporation ~~Registrant as Specified in its Charter)~~

~~Delaware~~ (~~State~~Exact orname ~~Other~~of ~~Jurisdiction~~Registrant ofas ~~Incorporation~~specified in its Charter)

0-23418 (Commission File Number) 95-3601802 (I.R.S. Employer Identification No.)

Delaware

0-23418

95-3601802

(State or Other Jurisdiction

of Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

~~17595~~15641 ~~Cartwright~~Red ~~Road Irvine~~Hill, ~~California~~Suite 200 ~~92614 (Address of Principal Executive Offices) (Zip Code)~~

~~(949) 251-1101 (Registrant’s Telephone Number~~Tustin, ~~Including~~ ~~Area~~California ~~Code)~~ 92780

(~~Former Name or Former~~ Address, Ifof ~~Changed~~Principal ~~Since~~Executive ~~Last~~Offices) ~~Report~~(Zip Code)

~~Check~~Registrant’s ~~the~~telephone ~~appropriate~~number, ~~box~~including ~~below~~area ifcode: ~~the Form 8~~(949) 251-K1101 ~~filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:~~

oNot ~~Written~~Applicable ~~communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)~~

o(Former ~~Soliciting~~Name ~~material~~or ~~pursuant~~Former toAddress, ~~Rule 14a-12~~if ~~under~~Changed ~~the~~since ~~Exchange~~Last ~~Act (17 CFR 240.14a-12~~Report)

oCheck ~~Pre~~the appropriate box below if the Form 8-~~commencement~~K ~~communications~~filing ~~pursuant~~is intended to ~~Rule 14d-2(b)~~simultaneously ~~under~~satisfy the ~~Exchange~~filing ~~Act~~obligation ~~(17~~of ~~CFR~~the ~~240.14d-2(b))~~registrant under any of the following provisions:

o¨ ~~Pre-commencement~~Written communications pursuant to Rule ~~13e-4(c)~~ 425 under the ~~Exchange~~Securities Act (17 CFR ~~240~~230.~~13e-4(c~~425))

~~TABLE~~¨ OFSoliciting ~~CONTENTS~~material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	Item 1.01 Entry into a Material Definitive Agreement.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
EXHIBIT 10.1
EXHIBIT 10.2

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

~~Table~~¨ ofPre-commencement ~~Contents~~communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1 2.01 ~~Entry~~Completion ~~into~~of aAcquisition ~~Material~~or ~~Definitive~~Disposition ~~Agreement~~of Assets.

On ~~June~~October 2215, 2007, weMTI ~~entered~~Technology ~~into~~Corporation ~~an Amendment No. 3 to Second Waiver and Consent~~ (the ~~“Waiver)~~ ~~with The Canopy Group, Inc., a Utah corporation (~~“~~Canopy~~Company”). ~~Under~~filed ~~the~~a ~~Waiver~~voluntary ~~and~~petition ~~in connection~~for ~~with~~relief ~~our~~under ~~extension~~Chapter 11 of the ~~maturity~~Bankruptcy ~~date~~Code ofin ~~our~~the ~~line~~United ofStates ~~credit~~Bankruptcy ~~with~~Court ~~Comerica~~for ~~Bank (“Comerica”)~~the onCentral ~~May 31,~~District ~~2007, Canopy agreed to guarantee our line~~ of ~~credit with Comerica through~~ ~~December 31~~California, ~~2007.~~Santa InAna ~~exchange,~~Division ~~we issued a warrant~~ (the “~~Warrant~~Bankruptcy Court”) ~~to Canopy to purchase up to 125~~,~~000~~ ~~shares~~Case ~~of our common stock at a purchase price of $0~~No.37 SA ~~per share, which was the closing price of our common stock on the date the Warrant was issued~~07-13347-ES. The Warrant is immediately exercisable and has a term of five years. Canopy beneficially owns approximately 21% of our common stock, assuming conversion of our outstanding convertible preferred stock and outstanding warrants, but excluding our outstanding stock options.

~~The~~Pursuant ~~foregoing~~to ~~descriptions~~the overbid and auction procedures set forth in the Order dated October 17, 2007 (the “Stalking Horse Order”) of the ~~Waiver~~Bankruptcy ~~and~~Court, the ~~Warrant~~Company ~~are~~held ~~qualified~~an inauction ~~their~~for ~~entirety~~the ~~by reference~~sale toof all of the ~~complete~~issued ~~terms~~and outstanding stock of ~~those~~each ~~documents~~of MTI Technology GmbH, ~~copies~~a wholly-owned subsidiary of ~~which~~the ~~are~~Company ~~attached~~incorporated asin ~~Exhibit 10.1~~ Germany, MTI Technology Limited, a wholly-owed subsidiary of the Company incorporated in Scotland, and ~~Exhibit 10~~MTI France S.2A.S., ~~respectively~~a wholly-owned subsidiary of the Company incorporated in France, toand ~~this~~certain ~~Current~~related ~~Report~~assets (collectively, the “European Assets”). In the auction held on ~~Form~~November 20, ~~8-K~~2007 pursuant to the Stalking Horse Order, ~~and~~Copper ~~are~~Holdings ~~incorporated~~LLC ~~herein~~(“Copper”) byultimately submitted ~~reference~~the highest bid of all other qualified bidders and entered into a purchase agreement with the Company to purchase the European Assets (the “Copper Agreement”).

~~Item~~On December ~~9.01.~~20, ~~Financial~~2007, ~~Statements~~the Company completed the sale of the European Assets to Copper pursuant to the terms of the Copper Agreement and ~~Exhibits~~received $7,275,000 in cash. From the sale proceeds, the Company paid to Zinc Holdings LLC (“Zinc”) approximately $1,645,000 which amount includes a $325,000 break up fee due pursuant to the terms of a purchase agreement between the Company and Zinc and the outstanding principle and interest due under the Post-Petition Loan and Security Agreement between the Company and Zinc.

~~(d) Exhibits~~The remaining proceeds of approximately $5,628,700 has been placed in escrow for distribution to the Company’s creditors in accordance with the rules and orders of the Bankruptcy Court. The Company intends to continue efforts to liquidate the remainder of its assets in appropriate bankruptcy proceedings. The Company does not believe that equity holders will receive any funds from the bankruptcy estate following the applicable bankruptcy proceedings. The Company intends to dissolve following the completion of the applicable bankruptcy proceedings.

Exhibit No.		Description
10.1		Amendment No. 3 to Second Waiver and Consent, dated as of June 22, 2007, by and between The Canopy Group, Inc. and MTI Technology Corporation.
10.2		Warrant to Purchase Common Stock of MTI Technology Corporation, dated June 22, 2007, issued to The Canopy Group, Inc.

Item 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

~~Table~~Effective as of ~~Contents~~December 31, 2007, Thomas P. Raimondi, Jr. resigned as the Company’s Chief Executive Officer, President and Chairman of the Board of Directors and each of William Atkins, Lawrence P. Begley, Franz L. Cristiani, Ronald E. Heinz, Jr. and Kent D. Smith resigned as members of the Board of Directors.

~~SIGNATURE~~Messrs. Raimondi, Atkins, Begley, Cristiani, Heinz and Smith did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

~~Pursuant~~Item to8.01 ~~the~~Other ~~requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized~~Events.

	MTI TECHNOLOGY CORPORATION
Date: June 28, 2007	By:	/s/ SCOTT J. POTERACKI
		Scott J. Poteracki
		Executive Vice President, ChiefFinancial Officer and Secretary

The Company files herewith its monthly operating report, for the period ended December 1, 2007, filed with the Office of the United States Trustee on December 21, 2007 (the “Report”). A copy of the Report is attached as Exhibit 99.1 and is incorporated herein by reference.

~~Table~~THE ofREPORT ~~Contents~~CONTAINS FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION THAT HAVE NOT BEEN AUDITED OR REVIEWED BY INDEPENDENT ACCOUNTANTS, IS NOT PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, AND MAY BE SUBJECT TO FUTURE RECONCILIATION AND ADJUSTMENTS.

~~EXHIBIT~~Item ~~INDEX~~ 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
10.1		Amendment No. 3 to Second Waiver and Consent, dated as of June 22, 2007, by and between The Canopy Group, Inc. and MTI Technology Corporation.
10.2		Warrant to Purchase Common Stock of MTI Technology Corporation, dated June 22, 2007, issued to The Canopy Group, Inc.

(d)

Exhibits.

99.1 Monthly Operating Report for the period ended December 1, 2007

This Current Report on Form 8-K, including the exhibit hereto, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding the Company’s expectations, goals or intentions regarding the future, including, but not limited to, statements regarding its expectations and intentions regarding its plans to sell its European operating subsidiaries, its intentions regarding employee layoffs and its intentions regarding its bankruptcy proceedings and liquidation. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially include but are not limited to outcomes and developments in the Company’s bankruptcy proceedings, court rulings in the bankruptcy proceedings, the Company’s available financing, adverse developments in and increased or unforeseen legal and other costs, and the possibility that customers and others with whom the Company has contracted will terminate or reduce their relationships with the Company. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Form 10-K, as amended, for the fiscal year ended April 7, 2007, which is on file with the SEC, and in its other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this document are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


	BELL INDUSTRIES, INC.

Date: January 4, 2008	By:	/s/ Scott J. Poteracki
	Name:	Scott J. Poteracki
	Title:	Chief Financial Officer

EXHIBIT INDEX


Exhibit Number		Description

99.1		Monthly Operating Report for the period ended December 1, 2007

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