UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
National Holdings Corporation
(Name of Issuer)
Common Stock, $0.02 Par Value
(Title of Class of Securities)
636375107
(CUSIP Number)
December 31, 2006
(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 8
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CUSIP No. 636375107 13G Page 2 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Partners, L.P. 06-1504646
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
0
-----------------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES 525,000 (see Item 4)
BENEFICIALLY OWNED -----------------------------------------------------------
BY EACH REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
525,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
525,000 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.0% (see Item 4)
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12 TYPE OF REPORTING PERSON*
PN
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Page 2 of 8 Pages
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CUSIP No. 636375107 13G Page 3 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Advisors, LLC 13-4007124
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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 660,202 (see Item 4)
BENEFICIALLY OWNED -----------------------------------------------------------
BY EACH REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
660,202 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
660,202 (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)
12.6% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
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Page 3 of 8 Pages
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CUSIP No. 636375107 13G Page 4 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harvey P. Eisen
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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 660,202 (see Item 4)
BENEFICIALLY OWNED -----------------------------------------------------------
BY EACH REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
660,202 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
660,202 (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)
12.6% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 8 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 Advisors, LLC ("Investment
Manager") in its capacity as the investment manager of BOP
and other private investment funds; and (iii) 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, 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.
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
5,238,187 shares of Common Stock issued and outstanding as
of December 5, 2006, as disclosed by the Company in its
annual report filed on Form 10-K for the period ending
December 31, 2006.
Page 5 of 8 pages
As of the close of business on February 13, 2007:
1. Bedford Oak Partners, L.P.
(a) Amount beneficially owned: -525,000-
(b) Percent of class: 10.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -525,000-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-525,000-
2. Bedford Oak Advisors, LLC
(a) Amount beneficially owned: -660,202-
(b) Percent of class: 12.6%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -660,202-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-660,202-
3. Harvey P. Eisen
(a) Amount beneficially owned: -660,202-
(b) Percent of class: 12.6%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -660,202-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-660,202-
The Investment Manager controls 660,202 shares of Common
Stock in its capacity as the investment manager of certain
private investment funds including BOP, which itself
directly owns 525,000 shares of Common Stock. Harvey P.
Eisen controls 660,202 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:
Not Applicable
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
Page 6 of 8 pages
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 7 of 8 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: February 14, 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 ADVISORS, LLC
By: /s/ Harvey P. Eisen
---------------------------------
Name: Harvey P. Eisen
Title: Chairman and Managing Member
HARVEY P. EISEN
/s/ Harvey P. Eisen
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Page 8 of 8 pages
EXHIBIT INDEX
EXHIBIT 99.1: Joint Filing Agreement, dated February 14, 2007, by and among
Bedford Oak Partners, L.P., Bedford Oak Advisors, LLC and
Harvey P. Eisen.