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* TENNENBAUM & CO LLC (Last) (First) (Middle) C/O TENNENBAUM CAPITAL PARTNERS, LLC 2951 28TH STREET, SUITE 1000 (Street) SANTA MONICA CA 90405 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol KAISER GROUP HOLDINGS INC [ KGHI ]	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) 02/16/2004
	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
Preferred Stock	02/16/2004		J(1)		1,292	D	$55	44,643	I	See footnote(2)
Preferred Stock	02/16/2004		J(1)		5,605	D	$55	39,038	I	See footnote(3)
Preferred Stock	07/31/2004		J(1)		731	D	$55	38,307	I	See footnote(4)
Preferred Stock	07/31/2004		J(1)		3,173	D	$55	35,134	I	See footnote(5)

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* TENNENBAUM & CO LLC (Last) (First) (Middle) C/O TENNENBAUM CAPITAL PARTNERS, LLC 2951 28TH STREET, SUITE 1000 (Street) SANTA MONICA CA 90405 (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* TENNENBAUM MICHAEL E (Last) (First) (Middle) C/O TENNENBAUM CAPITAL PARTNERS, LLC 2951 28TH STREET, SUITE 1000 (Street) SANTA MONICA CA 90405 (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* TENNENBAUM SUZANNE S (Last) (First) (Middle) C/O TENNENBAUM CAPITAL PARTNERS, LLC 2951 28TH STREET, SUITE 1000 (Street) SANTA MONICA CA 90405 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Shares redeemed by issuer in an involuntary transaction.

2. Beneficially owned as follows: (a) 7,312 by Tennenbaum & Co., LLC; and (b) 37,331 by Michael E. Tennenbaum and Suzanne S. Tennenbaum, trustees of the Tennenbaum Living Trust.

3. Beneficially owned as follows: (a) 7,312 by Tennenbaum & Co., LLC; and (b) 31,726 by Michael E. Tennenbaum and Suzanne S. Tennenbaum, trustees of the Tennenbaum Living Trust.

4. Beneficially owned as follows: (a) 6,581 by Tennenbaum & Co., LLC; and (b) 31,726 by Michael E. Tennenbaum and Suzanne S. Tennenbaum, trustees of the Tennenbaum Living Trust.

5. Beneficially owned as follows: (a) 6,581 by Tennenbaum & Co., LLC; and (b) 28,553 by Michael E. Tennenbaum and Suzanne S. Tennenbaum, trustees of the Tennenbaum Living Trust.

Remarks:

By reason of Michael E. Tennenbaum's position as managing member of Tennenbaum & Co., LLC ("TCO"), and as a trustee of the Tennenbaum Living Trust (the "Living Trust"), each of TCO and Mr. Tennenbaum may be deemed to share the powers of voting and disposition of the securities described herein. By reason of Suzanne S. Tennenbaum's position as a trustee of the Living Trust, Suzanne S. Tennenbaum may be deemed to share the powers of voting and disposition of the securities owned of record by the Living Trust described herein. The reporting persons disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest therein.

	David A. Hollander, on behalf of Michael E. Tennenbaum, as Managing Member of Tennenbaum & Co., LLC	08/03/2004
	David A. Hollander, on behalf of Michael E. Tennenbaum	08/03/2004
	David A. Hollander, on behalf of Michael E. Tennenbaum, acting on behalf of Suzanne S. Tennenbaum	08/03/2004
	** 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 4 (b)(v).
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