-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KBZTBLiIIraETtbtd7rfSp6dWmAU3X6kEZc6HTrD2qIyskcO0Sw/BYG3Mpco+FNB
 azfOQ+xy2D8veP/ndpMXZA==

<SEC-DOCUMENT>0001181431-04-025359.txt : 20040511
<SEC-HEADER>0001181431-04-025359.hdr.sgml : 20040511
<ACCEPTANCE-DATETIME>20040511162058
ACCESSION NUMBER:		0001181431-04-025359
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040511

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ROSE EDWARD R III
		CENTRAL INDEX KEY:			0001059270

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12117
		FILM NUMBER:		04796655

	BUSINESS ADDRESS:	
		STREET 1:		500 CRESCENT COURT SUITE 250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	MAIL ADDRESS:	
		STREET 1:		500 CRESCENT COURT
		STREET 2:		SUITE 250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST ACCEPTANCE CORP /DE/
		CENTRAL INDEX KEY:			0001017907
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				751328153
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		3813 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215
		BUSINESS PHONE:		615-844-2800

	MAIL ADDRESS:	
		STREET 1:		3813 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTE INVESTORS INC
		DATE OF NAME CHANGE:	19960701
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>rrd42254.xml
<DESCRIPTION>FORM 4-A/ 5-11-2004
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2004-04-30</periodOfReport>

    <dateOfOriginalSubmission>2004-05-04</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001017907</issuerCik>
        <issuerName>FIRST ACCEPTANCE CORP /DE/</issuerName>
        <issuerTradingSymbol>FAC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001059270</rptOwnerCik>
            <rptOwnerName>ROSE EDWARD R III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 CRESCENT COURT, SUITE 250</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>290379</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>766411</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Willowwood Partners, L.P.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person is the sole shareholder of Cardinal Investment Company, Inc. (f k a Cardinal Holding Corporation), the general partner of Willowwood Partners, L.P., a Texas limited partnership (the Partnership).  The Partnership was issued the shares of Common Stock following the exercise of its rights to acquire such shares of Common Stock in a rights offering consummated by First Acceptance Corporation on April 30, 2004.</footnote>
        <footnote id="F2">The reported securities are owned directly by the Partnership and indirectly by Cardinal Investment Company, Inc., as general partner of the Partnership, and the reporting person, as the sole shareholder of Cardinal Investment Company, Inc. The reporting person disclaims beneficial ownership of the securities reported in Table I, Column 5, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the disclaimed securities for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F3">The reporting person is the sole shareholder of the general partner of the Partnership. The reporting person disclaims beneficial ownership of the securities reported in Table I,Column 5, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the disclaimed securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Edward W. Rose III</signatureName>
        <signatureDate>2004-05-11</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----