SEC FORM 3

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^*

Golsen Family LLC

(Last)

(First)

(Middle)

16 SOUTH PENNSYLVANIA AVENUE

(Street)

OKLAHOMA CITY

73107

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/29/2007

3. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [ LXU ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	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	867,276	D⁽¹⁾
Common Stock	1,512,099	I	See⁽¹⁾⁽²⁾
Common Stock	283,955	I	See⁽¹⁾⁽³⁾

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Series B Preferred	⁽⁴⁾	⁽⁴⁾	Common Stock	133,333	⁽⁴⁾	D⁽¹⁾
Series D Preferred	⁽⁵⁾	⁽⁵⁾	Common Stock	250,000	⁽⁵⁾	I	See⁽¹⁾⁽²⁾
Series B Preferred	⁽⁴⁾	⁽⁴⁾	Common Stock	400,000	⁽⁴⁾	I	See⁽¹⁾⁽²⁾
$3.25 Preferred, Class C	⁽⁶⁾	⁽⁶⁾	Common Stock	39,177	⁽⁶⁾	I	See⁽¹⁾⁽²⁾
Series B Preferred	⁽⁴⁾	⁽⁴⁾	Common Stock	133,333	⁽⁴⁾	I	See⁽¹⁾⁽³⁾
$3.25 Preferred, Class C	⁽⁶⁾	⁽⁶⁾	Common Stock	60,749	⁽⁶⁾	I	See⁽¹⁾⁽³⁾

Explanation of Responses:

1. The beneficial ownership of the shares listed in this report was acquired upon the contribution to the reporting person on May 29, 2007, of 867,276 shares of common stock, 4,000 shares of Series B Preferred, and 49% of the common stock of SBL Corporation ("SBL") by the owners of the reporting person. The reporting person (the "LLC") disclaims beneficial ownership of the Issuer securities held by the LLC except to the extent of its pecuniary interest therein. The LLC is owned by Jack E. Golsen (Chairman and Chief Executive Officer of the Issuer), his spouse, Sylvia Golsen, his sons, Barry H. Golsen (Director and President of the Issuer) and Steven J. Golsen (executive officer of a subsidiary of the Issuer), and his daughter, Linda G. Rappaport. Jack E. Golsen and his spouse are the managers of the LLC and, in such capacity, share voting and dispositive power over the Issuer securities owned by the LLC. See footnote (2) for a discussion of the ownership of SBL.

2. SBL is wholly owned by the LLC (49% owner), Barry Golsen (17% owner), Steven Golsen (17% owner), and Linda Rappaport (17% owner).

3. These shares are owned of record by Golsen Petroleum Corp., a wholly-owned subsidiary of SBL.

4. Each share of the Company's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder, into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.

5. Each share of Series "D" Preferred is convertible at the option of the holder into 4 shares of the Issuer's common stock. Each share is convertible, as long as such is outstanding.

6. Each share of the Company's $3.25 Convertible Exchangeable Class C Preferred Stock, Series 2 is convertible at the option of the holder into 4.329 shares of the Company's Common Stock. Each share is convertible as long as such is outstanding.

	Jack E. Golsen, Manager	06/08/2007
	** 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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