AMENDMENT #3 TO SCHEDULE 13G
 

     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 3)*

National Holdings Corporation
(Name of Issuer)
Common Stock, $0.02 Par Value
(Title of Class of Securities)
636375107
(CUSIP Number)
December 31, 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:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o 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).

 
 

 

                     
CUSIP No.
  
636375107 
 13G  Page  
2 
   of   
8 Pages 

 

           
1   NAMES OF REPORTING PERSONS
Bedford Oak Capital, L.P. 13-4136960
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   699,000 (see Item 4)
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    699,000 (see Item 4)
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  699,000 (see Item 4)
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  8.13%(see Item 4)
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN

Page 2 of  8 Pages

 

                     
CUSIP No.
  
636375107 
 13G  Page  
3 
   of   
8 

 

           
1   NAMES OF REPORTING PERSONS
Bedford Oak Advisors, LLC 13-4007124
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   1,092,011 (see Item 4)
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    1,092,011 (see Item 4)
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1,092,011 (see Item 4)
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  12.69 %(see Item 4)
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

Page 3 of  8 Pages

 

                     
CUSIP No.
  
636375107 
   Page  
4 
   of   
8 Pages 

 

           
1   NAMES OF REPORTING PERSONS
Harvey P. Eisen
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   1,092,011 (see Item 4)
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    1,092,011 (see Item 4)
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1,092,011 (see Item 4)
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  12.69% (see Item 4)
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

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 Capital, L.P. (“Capital”); (ii) Bedford Oak Advisors, LLC (“Investment Manager”) in its capacity as the investment manager of Capital 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.
 
    
 
  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:
 
    
 
  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 8,602,628 shares of Common Stock issued and outstanding as of February 12, 2008, as disclosed by the Company in its quarterly report filed on Form 10-Q for the period ending December 31, 2007.

Page 5 of  8 Pages

 

     
 
  As of the close of business on January 31, 2008:
 
    
 
  1. Bedford Oak Capital, L.P.
 
  (a) Amount beneficially owned: -699,000-
 
  (b) Percent of class: 8.13%
 
  (c)(i) Sole power to vote or direct the vote: -0-
 
  (ii) Shared power to vote or direct the vote: -699,000-
 
  (iii) Sole power to dispose or direct the disposition: -0-
 
  (iv) Shared power to dispose or direct the disposition: -699,000-
 
    
 
  2. Bedford Oak Advisors, LLC
 
  (a) Amount beneficially owned: -1,092,011-
 
  (b) Percent of class: 12.69%
 
  (c)(i) Sole power to vote or direct the vote: -0-
 
  (ii) Shared power to vote or direct the vote: -1,092,011-
 
  (iii) Sole power to dispose or direct the disposition: -0-
 
  (iv) Shared power to dispose or direct the disposition: -1,092,011-
 
    
 
  3. Harvey P. Eisen
 
  (a) Amount beneficially owned: -1,092,011-
 
  (b) Percent of class: 12.69%
 
  (c)(i) Sole power to vote or direct the vote: -0-
 
  (ii) Shared power to vote or direct the vote: -1,092,011-
 
  (iii) Sole power to dispose or direct the disposition: -0-
 
  (iv) Shared power to dispose or direct the disposition: -1,092,011-
 
    
 
  The Investment Manager controls 1,092,011 shares of Common Stock in its capacity as the investment manager of certain private investment funds including Capital, which itself directly owns 699,000 shares of Common Stock. Harvey P. Eisen controls 1,092,011 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:
 
    
 
  o Bedford Oak Capital, L.P.
 
  o Bedford Oak Advisors, LLC
 
  o Harvey P. Eisen
 
    
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, 2008
         
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      
     
     
 

Page 8 of  8 Pages

 

EXHIBIT INDEX
Exhibit 99.1:   Joint Filing Agreement, dated February 14, 2008, by and among Bedford Oak Capital, L.P., Bedford Oak Advisors, LLC and Harvey P. Eisen.