8-K

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                NOVEMBER 7, 2003
                                 Date of Report
                        (Date of earliest event reported)


                          DANIELSON HOLDING CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


                                    DELAWARE
         (State or Other Jurisdiction of Incorporation or Organization)

                                     1-6732
                            (Commission File Number)

                                   95-6021257
                      (IRS Employer Identification Number)

                             2 NORTH RIVERSIDE PLAZA
                                    SUITE 600
                             CHICAGO, ILLINOIS 60606
                    (Address of Principal Executive Offices)


                                 (312) 466-4030
              (Registrant's Telephone Number, Including Area Code)








                    INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c) Exhibits. The following exhibit is filed with this document:

      99.1 Press Release issued by Danielson Holding Corporation, dated
November 7, 2003.

ITEM 9. REGULATION FD DISCLOSURE (ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL
        CONDITION).

The information contained in this report is being furnished pursuant to Item 12
of Form 8-K, "Results of Operations and Financial Condition", and is included
under this Item 9 in accordance with SEC Release Nos. 33-8216; 34-47583. On
November 7, 2003, Danielson Holding Corporation issued a press release
announcing its earnings for the quarter ended September 30, 2003. The
information contained in Exhibit 99.1 is incorporated herein by reference.

The information in this Current Report is being furnished and shall not be
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section. The
information in this Current Report shall not be incorporated by reference into
any registration statement or other document pursuant to the Securities Act of
1933, as amended.

THIS CURRENT REPORT ON FORM 8-K CONTAINS OR INCORPORATES BY REFERENCE
FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES. THESE
STATEMENTS MAY DIFFER MATERIALLY FROM ACTUAL FUTURE EVENTS OR RESULTS. READERS
ARE REFERRED TO ALL DOCUMENTS FILED BY DANIELSON HOLDING CORPORATION AND
AMERICAN COMMERCIAL LINES LLC WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH
IDENTIFY IMPORTANT RISK FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM
THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENTS.


                                   SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date: November 7, 2003

DANIELSON HOLDING CORPORATION
(Registrant)

By:    /s/  Philip G. Tinkler
Name:  Philip G. Tinkler
Title: Chief Financial Officer

EX-99.1

                                                                    EXHIBIT 99.1

                             FOR IMMEDIATE RELEASE

                   DANIELSON HOLDING CORPORATION PRESS RELEASE


CHICAGO, ILLINOIS, NOVEMBER 7, 2003 - Danielson Holding Corporation ("DHC")
(AMEX: DHC) today reported a loss of $3.4 million, or $0.11 per diluted share
for the quarter ended September 30, 2003. That compares with a loss of $18.3
million, or $0.59 per diluted share in the third quarter of 2002. For the first
nine months of 2003, DHC reported a loss of $65.8 million, or $2.13 per diluted
share versus a loss of $14.0 million, or $0.57 per diluted share in the first
nine months of 2002. The loss for the first nine months of 2003 includes $55.2
million attributable to its investment in American Commercial Lines, LLC
("ACL"), which was written down to zero during the period.

The current quarter and nine month figures include results from Danielson
Indemnity Company ("DIND") and its subsidiary National American Insurance
Company of California ("NAICC"), a California property and casualty company,
along with ACL and two related companies - Global Material Services, LLC
("GMS"), a network of marine terminals and warehouse operations located on major
river systems in the U.S., Europe and South America, and Vessel Leasing, LLC
("Vessel Leasing"), a company that leases barges to ACL.

As previously reported, on January 31, 2003, ACL filed a petition to reorganize
under Chapter 11 of the U.S. Bankruptcy Code. Neither DHC, GMS nor Vessel
Leasing filed for Chapter 11 protection. DHC, GMS and Vessel Leasing are not
guarantors of ACL's debt nor are they liable for any of ACL's liabilities.

The ACL Chapter 11 Bankruptcy process presents inherent material uncertainty; it
is not possible to determine the additional amount of claims against ACL that
may arise or ultimately be filed, or predict the length of time that ACL will
continue to operate under the protection of Chapter 11, the outcome of the
Chapter 11 proceedings in general, whether ACL will continue to operate in its
present organizational structure, or the effects of the proceedings on the
business of ACL, or on the interests of DHC and the various creditors of ACL.
The ultimate recovery, if any, by DHC and the creditors of ACL will not be
determined until confirmation of a plan or plans of reorganization. No assurance
can be given as to what value will be ascribed in the bankruptcy proceedings to
each of these constituencies. While it cannot presently be determined, DHC
believes it will receive little or no value with respect to its equity interest
in ACL.

                                     GENERAL

DHC is an American Stock Exchange listed company, engaging in the financial
services, specialty insurance business, and marine transportation, through its
subsidiaries and equity investees. In connection with efforts to preserve DHC's
net operating tax loss carryforwards, DHC has imposed restrictions on the
ability of holders of five percent or more of DHC common stock to transfer the
common stock owned by them and to acquire additional common stock, as well as
the ability of others to become five percent stockholders as a result of
transfers of DHC's common stock.




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                               INSURANCE SERVICES

      Net premiums earned fell to $8.4 million in the third quarter of 2003 from
$14.0 million in the same period last year, primarily due to a moratorium being
placed on a large portion of the private passenger automobile line, cancellation
of the commercial automobile program, and the expiration of all in force workers
compensation policies. Net investment income decreased $0.5 million to $0.9
million in this year's third quarter. This decrease was attributable to
reductions in both the overall portfolio yield and the cash and invested asset
base. Net losses and loss adjustment expenses ("LAE") were $8.1 million for the
third quarter of 2003, down from $11.6 million in the same period last year. The
resulting loss and LAE ratios for the corresponding periods were 96.8% and
82.8%, respectively. The loss and LAE ratio increased in the quarter ended
September 30, 2003 over the comparable period in 2002 due primarily to recording
$1.3 million in adverse development of 2002 and prior accident years in the
Montana workers' compensation line. Policy acquisition costs were $2.0 million
for the quarter ended September 30, 2003 compared to $2.8 for the quarter ended
September 27, 2002. As a percentage of net premiums earned, policy acquisition
expenses were 23.7% and 19.8% for the quarters ended September 30, 2003 and
September 27, 2002, respectively. The increase in the policy acquisition expense
ratio in 2003 reflects earned premiums decreasing at a greater rate than NAICC
was able to reduce fixed and variable acquisition costs. For the third quarter
of 2003, the combined underwriting ratio, a key performance measurement for the
insurance industry, grew to 137.9% compared to 113.2% during the third quarter
2002. Underwriting ratios measure the level of loss and loss expenses to earned
premiums as well as the level of expenses to written premiums.

      Net premiums earned fell to $28.6 million in the nine months ended
September 30, 2003 from $50.6 million in the same period last year, primarily
due to a moratorium being placed on a large portion of the private passenger
automobile line, cancellation of the commercial automobile program, and the
expiration of all in force workers compensation policies. Net investment income
decreased to $3.1 million in the nine months ended September 30, 2003 compared
to $4.3 million for the nine months ended September 27, 2002. This decrease was
attributable to reductions in both the overall portfolio yield and the cash and
invested asset base. Net losses and LAE were $29.7 million for the first nine
months of 2003, down from $43.0 million in the same period last year. The
resulting loss and LAE ratios for the corresponding periods were 103.8% and
85.0%, respectively. The loss and LAE ratio increased in 2003 over 2002 due
primarily to recording $4.3 million in adverse development of 2002 and prior
accident years in the commercial automobile line and $3.3 million in adverse
development in the Valor workers' compensation line. In 2002, $4.1 million of
adverse development was recognized in workers' compensation and private
passenger automobile lines. Policy acquisition costs were also down, $6.7
million for the nine months ended September 30, 2003 compared to $11.1 for the
nine months ended September 27, 2002. As a percentage of net premiums earned,
policy acquisition expenses were 23.5% and 22.0% for the nine months ended
September 30, 2003 and September 27, 2002, respectively. The increase in the
policy acquisition expense ratio in 2003 was due primarily to earned premiums
decreasing at a greater rate than NAICC was able to reduce its variable and
fixed acquisition costs. For the first nine months of 2003, the combined
underwriting ratio, a key performance measurement for the insurance industry,
grew to 140.5% compared to 115.7% during the first nine months of 2002.
Underwriting ratios measure the level of loss and loss expenses to earned
premiums as well as the level of expenses to written premiums.



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                             PARENT-ONLY OPERATIONS

      General and administrative expenses were approximately $0.8 million lower
during the quarter ended September 30, 2003 compared to the quarter ended
September 27, 2002. For the nine months ended September 30, 2003, general and
administrative expenses were approximately $0.3 million lower than the
comparable period in 2002. These decreases were primarily attributable to
increased efficiency in the management of administrative costs and
non-recurring expenses related to a 2002 modification of stock options.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 27A of the Securities Act of 1933 (the
"Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the
"PSLRA") or in releases made by the Securities and Exchange Commission, all as
may be amended from time to time. Such forward looking statements involve known
and unknown risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of DHC and its subsidiaries, or
industry results, to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Statements
that are not historical fact are forward-looking statements. Forward looking
statements can be identified by, among other things, the use of forward-looking
language, such as the words "plan", "believe", "expect", "anticipate", "intend",
"estimate", "project", "may", "will", "would", "could", "should", "seeks", or
"scheduled to", or other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion of strategy
or intentions. These cautionary statements are being made pursuant to the
Securities Act, the Exchange Act and the PLSRA with the intention of obtaining
the benefits of the "safe harbor" provisions of such laws. DHC cautions
investors that any forward-looking statements made by DHC are not guarantees or
indicative of future performance. Important assumptions and other important
factors that could cause actual results to differ materially from those
forward-looking statements with respect to DHC, include, but are not limited to,
the risks and uncertainties affecting their businesses described in Item 1 of
DHC's Annual Report on Form 10-K for the year ended December 27, 2002 and in
other securities filings by DHC.

Although we believe that our plans, intentions and expectations reflected in or
suggested by such forward-looking statements are reasonable, actual results
could differ materially from a projection or assumption in any of our
forward-looking statements. Our future financial condition and results of
operations, as well as any forward-looking statements, are subject to change and
inherent risks and uncertainties. The forward-looking statements contained in
this press release are made only as of the date hereof and DHC does not have or
undertake any obligation to update or revise any forward-looking statements
whether as a result of new information, subsequent events or otherwise, unless
otherwise required by law.

For more information about DHC generally, please visit www.danielsonholding.com.
Contact:
Philip G. Tinkler
Chief Financial Officer
Danielson Holding Corporation
(312) 466-4030


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