Ownership Submission
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 *
DE SHAW LAMINAR PORTFOLIOS LLC
   2. Issuer Name and Ticker or Trading Symbol
DANIELSON HOLDING CORP [DHC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
see footnote (1)
(Last)
(First)
(Middle)
120 WEST FORTY-FIFTH STREET, FLOOR 39, TOWER 45		 3. Date of Earliest Transaction (Month/Day/Year)
06/20/2005
(Street)

NEW YORK, NY 10036		 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 Stock, par value $0.10 per share 06/20/2005   X   12,266,299 (2) A $ 6 25,895,521 D (1)  

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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 to purchase Common Stock (right to buy) (3) $ 6 06/20/2005   X     12,266,299 05/31/2005 06/21/2005 Common Stock 12,266,299 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DE SHAW LAMINAR PORTFOLIOS LLC
120 WEST FORTY-FIFTH STREET
FLOOR 39, TOWER 45
NEW YORK, NY 10036		     X   see footnote (1)
SHAW D E & CO L P /NY/
120 WEST FORTY-FIFTH STREET
FLOOR 39, TOWER 45
NEW YORK, NY 10036		     X   see footnote (1)
D E SHAW & CO LLC
120 WEST FORTY-FIFTH STREET
FLOOR 39, TOWER 45
NEW YORK, NY 10036		     X   see footnote (1)
SHAW DAVID E
120 WEST FORTY-FIFTH STREET
FLOOR 39, TOWER 45
NEW YORK, NY 10036		     X   see footnote (1)

Signatures

 D. E. Shaw Laminar Portfolios, L.L.C., By D. E. Shaw & Co., L.L.C., as Managing Member, By /s/ Julius Gaudio, Managing Director   06/23/2005
**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) See Exhibit 99.1
(2) In addition to the 12,266,299 shares of Common Stock, the Reporting Persons may be entitled to receive additional shares of Common Stock pursuant to an oversubscription right. The exact amount of additional shares is not known at this time.
(3) The Issuer issued in a rights offering at no charge one non-transferable warrant with respect to each share of its Common Stock outstanding as of the close of business on May 27, 2005. Each warrant gave the holder the right to purchase 0.90 shares of the Issuer's Common Stock at a price of $6.00 per share.
 
Remarks:
Exhibit List: Exhibit 24 - Powers of Attorney Exhibit 99.1 - Explanation of Responses Exhibit 99.2 - Joint Filer Information

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