13F-HR 1 form13fhr01874_09302007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2007 -------------- Check here if Amendment |_|; Amendment Number: _______ This Amendment (Check only one): |_| is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Steel Partners II, L.P. Address: 590 Madison Avenue, 32nd Floor New York, New York 10022 Form 13F File Number: 28-10730 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Lauren Isenman Title: Attorney-In-Fact for Warren G. Lichtenstein, Managing Member of General Partner of Steel Partners II, L.P. Phone: 212-520-2300 Signature, Place, and Date of Signing: /s/ Lauren Isenman, New York, NY, November 14, 2007 ------------------ Report Type (Check only one): |X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) |_| 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) |_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ------------------ Form 13F Information Table Entry Total: 57 ------------------ Form 13F Information Table Value Total: $2085725 ------------------ (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1 28-10766 Warren G. Lichtenstein ----- ---------------------- ------------------------------------------- FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- VOTING AUTHORITY ---------------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- ORIENT-EXPRESS HOTELS LTD CL A G67743107 50722 989311 SH OTHER 1 0 989311 0 ------------------------------------------------------------------------------------------------------------------------------------ TRANSOCEAN INC ORD G90078109 5653 50000 SH OTHER 1 0 50000 0 ------------------------------------------------------------------------------------------------------------------------------------ ADAPTEC INC COM 00651F108 69054 18076884 SH OTHER 1 0 18076884 0 ------------------------------------------------------------------------------------------------------------------------------------ ALTRIA GROUP INC COM 02209S103 41221 592857 SH OTHER 1 0 592857 0 ------------------------------------------------------------------------------------------------------------------------------------ ANGELICA CORP COM 034663104 35335 1792770 SH OTHER 1 0 1792770 0 ------------------------------------------------------------------------------------------------------------------------------------ BEVERLY HILLS BANCORP DEL COM 087866109 102 16529 SH OTHER 1 0 16529 0 ------------------------------------------------------------------------------------------------------------------------------------ BRINKS CO COM 109696104 195692 3502000 SH OTHER 1 0 3502000 0 ------------------------------------------------------------------------------------------------------------------------------------ CHEMTURA CORP COM 163893100 32062 3606535 SH OTHER 1 0 3606535 0 ------------------------------------------------------------------------------------------------------------------------------------ CHURCHILL VENTURES LTD COM 17157P109 1453 190300 SH OTHER 1 0 190300 0 ------------------------------------------------------------------------------------------------------------------------------------ CINTAS CORP COM 172908105 7420 200000 SH OTHER 1 0 200000 0 ------------------------------------------------------------------------------------------------------------------------------------ CONSECO INC COM NEW 208464883 179463 11216457 SH OTHER 1 0 11216457 0 ------------------------------------------------------------------------------------------------------------------------------------ CONTINENTAL MATLS CORP COM PAR 211615307 9601 335700 SH OTHER 1 0 335700 0 $0.25 ------------------------------------------------------------------------------------------------------------------------------------ DCAP GROUP INC COM 233065200 42 18181 SH OTHER 1 0 18181 0 ------------------------------------------------------------------------------------------------------------------------------------ DIAMOND OFFSHORE DRILLING COM 25271C102 1133 10000 SH OTHER 1 0 10000 0 IN ------------------------------------------------------------------------------------------------------------------------------------ ENSCO INTL INC COM 26874Q100 98029 1747400 SH OTHER 1 0 1747400 0 ------------------------------------------------------------------------------------------------------------------------------------ EARTHLINK INC COM 270321102 68701 8674306 SH OTHER 1 0 8674306 0 ------------------------------------------------------------------------------------------------------------------------------------ ENPRO INDS INC COM 29355X107 73344 1806495 SH OTHER 1 0 1806495 0 ------------------------------------------------------------------------------------------------------------------------------------ F M C CORP COM NEW 302491303 19653 377800 SH OTHER 1 0 377800 0 ------------------------------------------------------------------------------------------------------------------------------------ FREEDOM ACQUISITION HLDGS COM 35645F103 33681 2993900 SH OTHER 1 0 2993900 0 IN ------------------------------------------------------------------------------------------------------------------------------------ GENCORP INC COM 368682100 96087 8034059 SH OTHER 1 0 8034059 0 ------------------------------------------------------------------------------------------------------------------------------------ GRANAHAN MCCOURT ACQ CORP COM 385034103 1905 246800 SH OTHER 1 0 246800 0 ------------------------------------------------------------------------------------------------------------------------------------ GRIFFON CORP COM 398433102 1897 125600 SH OTHER 1 0 125600 0 ------------------------------------------------------------------------------------------------------------------------------------ HD PARTNERS ACQUISITION COM 40415K100 8262 1094300 SH OTHER 1 0 1094300 0 CORP ------------------------------------------------------------------------------------------------------------------------------------ HALLMARK FINL SVCS INC EC COM NEW 40624Q203 409 29083 SH OTHER 1 0 29083 0 ------------------------------------------------------------------------------------------------------------------------------------ IKON OFFICE SOLUTIONS INC COM 451713101 160063 12456300 SH OTHER 1 0 12456300 0 ------------------------------------------------------------------------------------------------------------------------------------ JOHNSON OUTDOORS INC CL A 479167108 9745 449914 SH OTHER 1 0 449914 0 ------------------------------------------------------------------------------------------------------------------------------------ KAISER ALUMINUM CORP COM PAR 483007704 1263 17892 SH OTHER 1 0 17892 0 $0.01 ------------------------------------------------------------------------------------------------------------------------------------ MARATHON ACQUISITION CORP COM 565756103 18764 2378200 SH OTHER 1 0 2378200 0 ------------------------------------------------------------------------------------------------------------------------------------ MEDIA & ENTMT HOLDINGS INC COM 58439W108 163 22000 SH OTHER 1 0 22000 0 ------------------------------------------------------------------------------------------------------------------------------------ MUELLER WTR PRODS INC COM SER B 624758207 8892 808360 SH OTHER 1 0 808360 0 ------------------------------------------------------------------------------------------------------------------------------------ NATHANS FAMOUS INC NEW COM 632347100 16800 1018200 SH OTHER 1 0 1018200 0 ------------------------------------------------------------------------------------------------------------------------------------ NAUGATUCK VY FINL CORP COM 639067107 222 21834 SH OTHER 1 0 21834 0 ------------------------------------------------------------------------------------------------------------------------------------ NEW FRONTIER MEDIA INC COM 644398109 17871 2915329 SH OTHER 1 0 2915329 0 ------------------------------------------------------------------------------------------------------------------------------------ NORTHFIELD LABS INC COM 666135108 43 22100 SH OTHER 1 0 22100 0 ------------------------------------------------------------------------------------------------------------------------------------ OCEANAUT INC COM 675227102 4854 603000 SH OTHER 1 0 603000 0 ------------------------------------------------------------------------------------------------------------------------------------ OWENS CORNING NEW COM 690742101 9351 373300 SH OTHER 1 0 373300 0 ------------------------------------------------------------------------------------------------------------------------------------ P & F INDS INC CL A NEW 692830508 4027 351085 SH OTHER 1 0 351085 0 ------------------------------------------------------------------------------------------------------------------------------------ PHARMATHENE INC COM 71714G102 5437 1076594 SH OTHER 1 0 1076594 0 ------------------------------------------------------------------------------------------------------------------------------------ PLAYBOY ENTERPRISES INC CL B 728117300 6899 642400 SH OTHER 1 0 642400 0 ------------------------------------------------------------------------------------------------------------------------------------ PRIDE INTL INC DEL COM 74153Q102 243363 6658353 SH OTHER 1 0 6658353 0 ------------------------------------------------------------------------------------------------------------------------------------ PRIDE INTL INC DEL COM 74153Q102 7328 200500 SH CALL OTHER 1 0 200500 0 ------------------------------------------------------------------------------------------------------------------------------------ RENAISSANCE ACQUISITION W EXP 75966C115 214 476200 SH OTHER 1 0 476200 0 CORP 01/28/201 ------------------------------------------------------------------------------------------------------------------------------------ RENAISSANCE ACQUISITION COM 75966C305 5009 904100 SH OTHER 1 0 904100 0 CORP ------------------------------------------------------------------------------------------------------------------------------------ RONSON CORP COM NEW 776338204 867 460034 SH OTHER 1 0 460034 0 ------------------------------------------------------------------------------------------------------------------------------------ ROTECH HEALTHCARE INC COM 778669101 5811 4924940 SH OTHER 1 0 4924940 0 ------------------------------------------------------------------------------------------------------------------------------------ ROWAN COS INC COM 779382100 302224 8261989 SH OTHER 1 0 8261989 0 ------------------------------------------------------------------------------------------------------------------------------------ ROWAN COS INC COM 779382100 3658 100000 SH CALL OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ S L INDS INC COM 784413106 36852 1608550 SH OTHER 1 0 1608550 0 ------------------------------------------------------------------------------------------------------------------------------------ SELECTICA INC COM 816288104 4454 2545222 SH OTHER 1 0 2545222 0 ------------------------------------------------------------------------------------------------------------------------------------ STONELEIGH PARTNERS ACQUS COM 861923100 4274 573700 SH OTHER 1 0 573700 0 CO ------------------------------------------------------------------------------------------------------------------------------------ SYMMETRY HLDGS INC COM 871545109 1827 244227 SH OTHER 1 0 244227 0 ------------------------------------------------------------------------------------------------------------------------------------ TRANSFORMA ACQUISITION COM 89366E100 4723 624800 SH OTHER 1 0 624800 0 GROUP ------------------------------------------------------------------------------------------------------------------------------------ UST INC COM 902911106 4960 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ UNION STREET ACQ CORP COM 908536105 708 93300 SH OTHER 1 0 93300 0 ------------------------------------------------------------------------------------------------------------------------------------ UNITED INDL CORP COM 910671106 145700 1935950 SH OTHER 1 0 1935950 0 ------------------------------------------------------------------------------------------------------------------------------------ VECTOR GROUP LTD COM 92240M108 17630 786709 SH OTHER 1 0 786709 0 ------------------------------------------------------------------------------------------------------------------------------------ WCA WASTE CORP COM 92926K103 808 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------