SC 13D 1 plfe13d.txt SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.) (Name of Issuer) Presidential Life Corporation (Title of Class of Securities) Common Stock (CUSIP Number) 740884101 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Paul J. Isaac 149 Fifth Avenue, 15th Floor New York, NY 10010 (212) 650-4670 (Date of Event which Requires Filing of this Statement) August 24, 2011 If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-l(e), 240.13d-l(t) or 240.13d-1(g), check the following box. x Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 ( Act ) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Persons who respond to the collection of Information contained in this form are not required to respond unless the form displays a currently valid 0MB control number. SEC 1746 (03-00) CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Fort Hoosac Management, LLC 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) AF 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization Delaware 7. Sole Voting Power NA 8. Shared Voting Power 1,971,739 9. Sole Dispositive power NA 10. Shared Dispositive Power 1,971,739 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,971,739 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 6.7% Fort Hoosac Management, LLC 14. Type of Reporting Person (see instructions) IA CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Paul J. Isaac 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) N/A 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization New York 7. Sole Voting Power NA 8. Shared Voting Power 1,971,739 9. Sole Dispositive power NA 10. Shared Dispositive Power 1,971,739 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,971,739 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 6.7% 14. Type of Reporting Person (see instructions) HC CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Arbiter Partners QP, LP 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) WC 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization Delaware 7. Sole Voting Power NA 8. Shared Voting Power 1,940,339 9. Sole Dispositive power NA 10. Shared Dispositive Power 1,940,339 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,940,339 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 6.6% Arbiter Partners QP, LP 14. Type of Reporting Person (see instructions) PN CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Isaac Brothers, LLC 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) WC 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization Delaware 7. Sole Voting Power NA 8. Shared Voting Power 10,000 9. Sole Dispositive power NA 10. Shared Dispositive Power 10,000 11. Aggregate Amount Beneficially Owned by Each Reporting Person 10,000 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 0.03% Isaac Brothers, LLC 14. Type of Reporting Person (see instructions) PN CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Karen Isaac 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) PF 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization New York 7. Sole Voting Power NA 8. Shared Voting Power 1,400 9. Sole Dispositive power NA 10. Shared Dispositive Power 1,400 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,400 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 0.01% Karen Isaac 14. Type of Reporting Person (see instructions) IN CUSIP No. 740884101 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Abigail Isaac 2. Check the Appropriate Box if a Member of a Group (see instructions) (a) (b) X 3. SEC Use Only 4. Source of Funds (See Instructions) PF 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2 (e). No 6. Citizenship or Place of Organization New York 7. Sole Voting Power NA 8. Shared Voting Power 10,000 9. Sole Dispositive power NA 10. Shared Dispositive Power 10,000 11. Aggregate Amount Beneficially Owned by Each Reporting Person 10,000 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (see instructions) NA 13. Percent of Class Represented by Amount in Row (11) 0.03% Abigail Isaac 14. Type of Reporting Person (see instructions) IN Item 1. Security and Issuer Common Stock Presidential Life Corp. 69 Lydecker Street Nyack, NY 10960 Item 2. Identity and Background (a) Name (b) Residence or business address Fort Hoosac Management LLC 149 Fifth Avenue, 15th Floor New York, New York 10010 Paul J. Isaac - manager Arbiter Partners QP, LP 149 Fifth Avenue, 15th Floor New York, New York 10010 Paul J. Isaac - manager Isaac Brothers, LLC 75 Prospect Avenue Larchmont, New York 10538 Paul J. Isaac - manager Daniel H. Isaac - member Frederick J. Isaac - member Karen Isaac 75 Prospect Avenue Larchmont, New York 10538 Abigail Isaac 75 Prospect Avenue Larchmont, New York 10538 (c) Present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; Please see section (b) (d) Whether or not, during the last five years, such person has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and, if so, give the dates, nature of conviction, name and location of court, and penalty n imposed, or other disposition of the case; None (e) Whether or not, during the last five years, such person was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws; and, if so, identify and describe such proceedings and summarize the terms of such judgment; decree or final order; and None (f) Citizenship. United States Item 3. Source and Amount of Funds or Other Consideration Purchases for Arbiter Partners QP, LP, a securities investment partnership, were made with working capital for partnership investment. Purchases for Isaac Brothers, LLC were made with working capital for personal investment. Purchases for Karen Isaac were made with cash for personal investment Purchases for Abigail Isaac were made with cash for personal investment Item 4. Purpose of Transaction The purchase of 1,940,339 common shares of Presidential Life Corporation by Arbiter Partners QP, LP was made for investment purposes. The purchase of 10,000 common shares of Presidential Life Corporation by Isaac Brothers, LLC was made for investment purposes. The purchase of 1,400 common shares of Presidential Life Corporation by Karen Isaac Grandchildren's Trust was made for investment purposes. The purchase of 10,000 common shares of Presidential Life Corporation by Abigail Isaac was made for investment purposes. On August 24, 2011, Ross Levin, Director of Research and minority member of Fort Hoosac Management, LLC was elected to the board of directors of the issuer at the issuer's annual meeting of shareholders. Except to the extent, if any, that might be deemed to be the case by virtue of Mr. Levin's election and service as a director, Fort Hoosac Management, LLC does not hold the Shares with a purpose or effect of changing or influencing control of the issuer, and the filing of this Statement is not an admission that such a filing is required on the part of Fort Hoosac Management Other than set forth above, the Reporting Persons do not have, as of the date of this filing, any plans or proposals that relate to or would result in any of the actions or events specified in clauses (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons intendto review their investment in the Issuer on a continuing basis and may engage in discussions with management and the board of directors of the Issuer, other holders of Common Stock and other relevant parties concerning the business, operations,governance, strategy, capitalization, ownership and future plans of the Issuer and the management and board composition of the Issuer. The Reporting Persons may change their plans or proposals in the future. Depending on various factors including, without limitation, the Issuer's financial position, strategic direction, business and prospects, anticipated future developments, existing and anticipated market conditions from time to time, actions taken by the management and board of directors of the Issuer, price levels of the Common Stock, general economic conditions and regulatory matters, the Reporting Persons may in the future take such actions with respect to its investments in the Issuer as it deems appropriate including, without limitation, purchasing additional Common Stock or other securities of the Issuer, selling some or all of their Common Stock or engaging in short selling of or any hedging or similar transaction with respect to the Common Stock, to the extent permitted under applicable law, or engage or participate in a transaction with the purpose or effect of changing or influencing the control of the Issuer. Any such transactions, if they occur at all, may take place at any time and without prior notice. The Reporting Persons reserve the right to change their intentions with respect to any or all of the matters referred to in this Item 4. Item 5. Interest in Securities of the Issuer (a) State the aggregate number and percentage of the class of securities identified pursuant to Item I (which may be based on the number of securities outstanding as contained in the most recently available filing with the Commission by the issuer unless the filing person has reason to believe such information is not current) beneficially owned (identifying those shares which there is a right to acquire) by each person named in Item 2. The above mentioned information should also be furnished with respect to persons who, together with any of the persons named in Item 2, comprise a group within the meaning of Section 13(d)(3) of the Act; Arbiter Partners QP, LP holds 1,940,339 common shares of Presidential Life Corporation, or 6.6%. Isaac Brothers, LLC holds 10,000 common shares of Presidential Life Corporation, or 0.03%. Karen Isaac holds 1,400 common shares of Presidential Life Corporation or 0.01% Abigail Isaac holds 10,000 common shares of Presidential Life Corporation or 0.03% (b) For each person named in response to paragraph (a), indicate the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition. Provide the applicable information required by Item 2 with respect to each person with whom the power to vote or to direct the vote or to dispose or direct the disposition is shared; Arbiter Partners QP, LP, managed by Paul J. Isaac, owns 1,940,339 shares of common stock. Paul J. Isaac has shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of all such 1,940,339 shares. Isaac Brothers, LLC managed by Paul J. Isaac, owns 10,000 shares of common stock. Paul J. Isaac has shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of all such 10,000 shares. Karen Isaac, owns 1,400 shares of common stock. Paul J. Isaac has shared power tovote or to direct the vote and shared power to dispose or to direct the disposition of all such 1,400 shares. Abigail Isaac owns 10,000 shares of common stock. Paul J. Isaac has shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of all such 10,000 shares. (c) Describe any transactions in the class of securities reported on that were effected during the past sixty days or since the most recent filing of Schedule 13D (Section 240.13d- 191), whichever is less, by the persons named in response to paragraph (a). Instruction. The description of a transaction required by Item 5(c) shall include, but not necessarily be limited to: (1) the identity of the person covered by Item 5( c ) who effected the transaction; (2) the date of the transaction; (3) the amount of securities involved; (4) the price per share or unit; and (5) where and how the transaction was effected. (d) If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of an employee benefit plan, pension fund or endowment fund is not required. NA (e) If applicable, state the date on which the reporting person ceased to be the beneficial owner of more than five percent of the class of securities. NA Instruction. For computations regarding securities which represent a right to acquire an underlying security, see Rule 13d-3( d)( I) and the note thereto. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer none Item 7. Material to Be Filed as Exhibits none Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. September 02, 2011 Paul J. Isaac Manager, Fort Hoosac Management, LLC, Arbiter Partners QP, LP, and Isaac Brothers, LLC