UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
National Holdings Corporation
-----------------------------
(Name of Issuer)
Common Stock, $0.02 Par Value
-----------------------------
(Title of Class of Securities)
636375107
---------
(CUSIP Number)
October 10, 2007
----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 on 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).
Page 1 of 9 Pages
-------------------------- ------------------
CUSIP No. 636375107 13G Page 2 of 9 Pages
-------------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Partners, L.P. 06-1504646
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
---------- ---------------------------------------------------------------------
Page 2 of 9 Pages
-------------------------- ------------------
CUSIP No. 636375107 13G Page 3 of 9 Pages
-------------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Capital, L.P. 13-4136960
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 537,000 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
537,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
537,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.52% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
---------- ---------------------------------------------------------------------
Page 3 of 9 Pages
-------------------------- ------------------
CUSIP No. 636375107 13G Page 4 of 9 Pages
-------------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Advisors, LLC 13-4007124
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 860,202 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
860,202 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,202 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.44% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
---------- ---------------------------------------------------------------------
Page 4 of 9 Pages
-------------------------- ------------------
CUSIP No. 636375107 13G Page 5 of 9 Pages
-------------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harvey P. Eisen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 860,202 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
860,202 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,202 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.44% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
Page 5 of 9 Pages
Item 1(a) Name of Issuer:
--------------
National Holdings Corporation ("the Company")
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
875 North Michigan Avenue, Suite 1560
Chicago, Illinois 60611
Items 2(a) and 2(b) Name of Person Filing and Business Office:
-----------------------------------------
This statement is filed by: (i) Bedford Oak Partners, L.P.
("BOP"); (ii) Bedford Oak Capital, L.P. ("Capital"); (iii)
Bedford Oak Advisors, LLC ("Investment Manager") in its
capacity as the investment manager of BOP, Capital and other
private investment funds; and (iv) Harvey P. Eisen, in his
capacity as managing member of the Investment Manager. The
principal business address of each reporting person is 100
South Bedford Road, Mt. Kisco, New York 10549.
BOP, Capital, the Investment Manager and Harvey P. Eisen
have entered into a Joint Filing Agreement, a copy of which
is filed with this Schedule 13G as Exhibit 99.1, pursuant to
which they have agreed to file this Schedule 13G jointly in
accordance with the provisions of Rule 13d-1(k) of the
Securities Exchange Act of 1934, as amended.
Item 2(c) Citizenship:
-----------
BOP is a Delaware limited partnership. Capital is a Delaware
limited partnership. The Investment Manager is a Delaware
limited liability company. Mr. Eisen is a United States
citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, $0.02 par value ("Common Stock")
Item 2(e) CUSIP Number:
------------
636375107
Item 3 Not Applicable.
Item 4 Ownership:
---------
The percentages used herein are calculated based upon
8,235,878 shares of Common Stock issued and outstanding as
of July 31,
Page 6 of 9 Pages
2007, as disclosed by the Company in its quarterly report
filed on Form 10-Q for the period ended June 30, 2007.
As of the close of business on October 10, 2007:
1. Bedford Oak Partners, L.P.
(a) Amount beneficially owned: -0-
(b) Percent of class: 0.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
2. Bedford Oak Capital, L.P.
(a) Amount beneficially owned: -537,000-
(b) Percent of class: 6.52%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -537,000-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-537,000-
3. Bedford Oak Advisors, LLC
(a) Amount beneficially owned: -860,202-
(b) Percent of class: 10.44%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -860,202-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-860,202-
4. Harvey P. Eisen
(a) Amount beneficially owned: -860,202-
(b) Percent of class: 10.44%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -860,202-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-860,202-
The Investment Manager controls 860,202 shares of Common
Stock in its capacity as the investment manager of certain
private investment funds including Capital, which itself
directly owns 537,000 shares of Common Stock. Harvey P.
Eisen controls 860,202 shares of Common Stock in his
capacity as the managing member of the Investment Manager.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
[X] Bedford Oak Partners, L.P.
[ ] Bedford Oak Capital, L.P.
[ ] Bedford Oak Advisors, LLC
[ ] Harvey P. Eisen
Page 7 of 9 Pages
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable.
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable.
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable.
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable.
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are 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.
Page 8 of 9 Pages
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.
Dated: October 12, 2007
BEDFORD OAK PARTNERS, L.P.
By: Bedford Oak Management, LLC, its
General Partner
By: /s/ Harvey P. Eisen
-------------------------------
Name: Harvey P. Eisen
Title: Chairman and Managing Member
BEDFORD OAK CAPITAL, L.P.
By: Bedford Oak Management, LLC, its
General Partner
By: /s/ Harvey P. Eisen
-------------------------------
Name: Harvey P. Eisen
Title: Chairman and Managing Member
BEDFORD OAK ADVISORS, LLC
By: /s/ Harvey P. Eisen
-------------------------------
Name: Harvey P. Eisen
Title: Chairman and Managing Member
HARVEY P. EISEN
/s/ Harvey P. Eisen
---------------------------------
/s/ Harvey P. Eisen
EXHIBIT INDEX
Exhibit 99.1: Joint Filing Agreement, dated October 12, 2007, by and among
Bedford Oak Partners, L.P., Bedford Oak Capital, L.P.,
Bedford Oak Advisors, LLC and Harvey P. Eisen.