SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BEDFORD OAK ADVISORS LLC (Last) (First) (Middle) 100 SOUTH BEDFORD ROAD (Street) MOUNT KISCO NY 10549 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ACCEPTANCE INSURANCE COMPANIES INC [ AICI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/29/2003
	4. If Amendment, Date of 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

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 $.40	12/29/2003		S		700,000	D	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/29/2003		P		700,000	A	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/29/2003		S		700,000	D	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/29/2003		P		700,000	A	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/29/2003		S		500,000	D	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/29/2003		P		500,000	A	$0.01	1,903,500	I	(1)
Common stock, par value $.40	12/30/2003		S		3,500	D	$0.021	1,900,000	I	(1)
AICI Capital Trust 9% 9/30/27 Series Preferred								99,000	I	(1)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* BEDFORD OAK ADVISORS LLC (Last) (First) (Middle) 100 SOUTH BEDFORD ROAD (Street) MOUNT KISCO NY 10549 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* EISEN HARVEY P (Last) (First) (Middle) 100 SOUTH BEDFORD ROAD (Street) MOUNT KISCO NY 10549 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

Remarks:

(1) This filing constitutes a joint filing by Bedford Oak Advisors, LLC ("Advisors") and Harvey P. Eisen, the managing member of Advisors,with respect to the securities reported herein.Prior to December 29, 2003,the securities reported herein were owned directly by Bedford Oak Partners,L.P.(the "Partnership"), an investment fund managed by Advisors.On December 29,2003,the Partnership transferred an aggregate of 1,900, 000 shares of Common Stock of the Company in the varying amounts indicated in Column 4 to three other investment funds managed by Advisors (the "Other Funds").On the following day, the Partnership sold its remaining 3,500 shares of Common Stock of the Company to a third party in the open market.Pursuant to Exchange Act Rule 16a-1(a)(2),Mr.Eisen may be deemed to have a pecuniary interest in a portion of the securities reported in Column 5 in his capacity as the managing member of Bedford Oak Management,LLC,the general partner of the Partnership and two of the three Other Funds.Mr.Eisen disclaims any beneficial interest in such securities in excess of such pecuniary interest. Advisors,which acts as the investment manager of the Partnership and each of the Other Funds,has the power to vote and dispose of the securities reported herein but has no pecuniary interest in such shares.

	/s/ Harvey P. Eisen, individually and on behalf of Advisors	12/31/2003
	** Signature of Reporting Person	Date
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