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* SHULMAN STEVEN J (Last) (First) (Middle) 16 MUNSON ROAD (Street) FARMINGTON CT 06032 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol MAGELLAN HEALTH SERVICES INC [ MGLN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) Chairman and CEO
	3. Date of Earliest Transaction (Month/Day/Year) 06/16/2005
	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)
			Code	V	Amount	(A) or (D)	Price
Ordinary Common Stock, $0.01 par value	06/16/2005		X(1)		112,000	A	$10.43	318,884(2)	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		3,000	D	$35.01	315,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		22,000	D	$35	293,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		5,000	D	$34.98	288,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		2,000	D	$34.97	286,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		5,000	D	$34.96	281,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		13,000	D	$34.95	268,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		5,000	D	$34.94	263,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		4,466	D	$34.93	259,418	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		1,100	D	$34.92	258,318	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		2,700	D	$34.91	255,618	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		22,334	D	$34.9	233,284	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		6,600	D	$34.89	226,684	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		4,800	D	$34.88	221,884	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		2,400	D	$34.87	219,484	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		4,475	D	$34.86	215,009	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		100	D	$34.85	214,909	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		400	D	$34.84	214,509	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		800	D	$34.82	213,709	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		300	D	$34.81	213,409	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		5,625	D	$34.8	207,784	D
Ordinary Common Stock, $0.01 par value	06/16/2005		S(1)		900	D	$34.75	206,884	D

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
Stock Option (right to buy)	$10.43	06/16/2005		X(1)			112,000	01/05/2005(3)	01/05/2014	Ordinary Common Stock	112,000	$0(4)	507,505	D

Explanation of Responses:

1. This transaction was effectuated pursuant to a Rule 10b-5-1 plan and, accordingly, not on a discretionary basis by the reporting person.

2. Includes 206,884 shares beneficially owned prior to the reported transaction.

3. Total number of shares exercisable on 1/5/05 were 206,502 of which 112,000 have been exercised. There are currently 94,502 shares available for exercise. The remainder of 413,003 options will vest in increments of one third on January 5, 2006, 2007 and 2008.

4. Not applicable.

	/s/ Steven J. Shulman	06/17/2005
	/s/ Steven J. Shulman	06/17/2005
	** 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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