SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Page Marcia L (Last) (First) (Middle) C/O VARDE PARTNERS, INC. 8500 NORMANDALE LAKE BLVD., SUITE 1750 (Street) MINNEAPOLIS MN 55437 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 11/18/2005	3. Issuer Name and Ticker or Trading Symbol International Coal Group, Inc. [ ICO ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	6,373,755	I	See Footnote.(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 6,373,755 shares of common stock of which 384,850 shares are held of record by The Varde Fund, L.P., 529,450 shares are held of record by The Varde Fund V, L.P., 672,109 shares are held of record by The Varde Fund VI, L.P., 14,017 shares are held of record by The Varde Fund VI-A, L.P., 257,932 shares are held of record by The Varde Fund VII, L.P., 128,561 shares are held of record by The Varde Fund VII-A, L.P., 2,659,502 shares are held of record by The Varde Fund (Cayman) Limited, 1,086,385 shares are held of record by Varde Investment Partners, L.P., 285,184 shares are held of record by Sphinx Distressed Fund SPC and 355,765 shares are held of record by Zurich Institutional Benchmarks Master Fund Limited.

2. All of these shares are controlled by Varde Partners, Inc., Varde Management, Inc. or Varde Management International, Inc., which are controlled by Ms. Page, Gregory S. McMillan and George G. Hicks. Ms. Page and Messrs. McMillan and Hicks are (i) the principals, directors and managing partners of Varde Partners, Inc. and (ii) the principals, directors and vice president of Varde Management, Inc. and Varde Management International, Inc. To the extent Ms. Page is deemed to beneficially own these shares as a result of her position as a principal director or managing partner or vice president of Varde Partners, Inc. Varde Management Inc. or Varde Management International, Inc., Ms. Page disclaims beneficial ownership of these shares.

	/s/ Marcia L. Page	11/18/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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