SEC FORM 4

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

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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^*

Lagrange Pierre

(Last)

(First)

(Middle)

C/O GLG PARTNERS, INC.

399 PARK AVE., 38TH FLOOR

(Street)

NEW YORK

10022

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GLG Partners, Inc. [ GLG ]

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Sr Mng Dir of GLG Partners LP

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2009

4. 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 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/28/2009		J		300,000⁽¹⁾	D	⁽¹⁾	90,200⁽²⁾	I	by GLG Partners LP, as investment manager⁽³⁾
Common Stock								4,623	D
Common Stock								58,900,370	I	by the Lagrange GLG Trust⁽⁴⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrant (right to buy)⁽⁵⁾	$7.5	10/28/2009		J			300,000⁽¹⁾	⁽⁵⁾	12/28/2011	Common Stock	300,000⁽¹⁾	⁽¹⁾	90,200⁽²⁾	I	by GLG Partners LP, as manager⁽³⁾
5.00% Dollar-Denominated Conv. Subordinated Notes Due 2014	⁽⁶⁾	05/12/2009		P		$15,000,000		05/15/2009	05/15/2014	Common Stock	4,032,258	$15,000,000	$15,000,000	I	by the Lagrange GLG Trust⁽⁴⁾

Explanation of Responses:

1. These securities were part of units, consisting of one share of common stock of GLG Partners, Inc. and one warrant, which were held by the GLG North American Opportunity Fund at Lehman Brothers Inc. ("LBI"), as sub-custodian for Lehman Brothers International (Europe) ("LBIE"), as custodian. In connection with the expected settlement of claims in the bankruptcies of LBI and LBIE, which occurred in September 2008, on October 28, 2009 the GLG North American Opportunity Fund determined that it would likely recover a cash amount in settlement of its claims relating to the securities held at LBI in lieu of a return of the securities themselves. The amount of the cash expected to be received in respect of its claims will be a pro-rata distribution of amounts from the insolvent estates of LBI and LBIE and is not determinable at this time.

2. Mr. Lagrange disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Lagrange is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. These securities are held by certain investment funds and managed accounts managed by GLG Partners LP, as investment manager. GLG Partners Limited is the general partner of GLG Partners LP, and Messrs. Lagrange, Noam Gottesman and Emmanuel Roman are Managing Directors of GLG Partners Limited with power to exercise investment over the securities owned by the investment funds and managed accounts and as a result, may be deemed to be the beneficial owner of these securities. As discussed above in footnote (2), Mr. Lagrange disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

4. Securities beneficially owned indirectly by the Lagrange GLG Trust (the "Trust") and G&S Trustees Limited, in its capacity as trustee of the Trust (the "Trustee"), through Point Pleasant Ventures Ltd., a wholly owned subsidiary of the Trust. Mr. Lagrange has a pecuniary interest in these securities as a beneficiary of the Trust.

5. Each warrant is exercisable for one share of common stock at any time commencing on or after December 21, 2007, provided that there is an effective registration statement in effect at such time covering the shares of common stock underlying the warrants.

6. The notes may be converted at any time by the holder into shares of common stock at an initial conversion rate of 268.8172 shares of common stock per $1,000 principal amount of notes, which represents a conversion price of approximately $3.72 per share of common stock, subject to certain adjustments.

	/s/ Alejandro San Miguel, as attorney-in fact	10/30/2009
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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