X0202 4 2007-08-03 0 0000856200 KAISER GROUP HOLDINGS INC KGHI 0001095153 TENNENBAUM MICHAEL E 2951 28TH ST., #1000 SANTA MONICA CA 90405 0 0 1 0 Common Stock, par value $0.01 per share 2007-08-03 4 P 0 200000 29.50 A 474975 D Common Stock, par value $0.01 per share 77924 I See footnote Shares held by Michael E. Tennenbaum and Suzanne Tennenbaum, as trustees of the Tennenbaum Living Trust. Mr. Tennenbaum has the sole power of voting and disposition with respect to these shares. Shares held by Tennenbaum & Co., LLC of which Michael E. Tennenbaum is the Managing Member. 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 owned of record by TCO described herein, and each of the Living Trust and Michael E. 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 person disclaims beneficial ownership of the reported securities, except to the extent of his pecuniary interest therin. /s/ David A. Hollander, on behalf of Michael E. Tennenbaum 2007-08-13