8-K

                       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


                                August 14, 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 August
14, 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
August 14, 2003, Danielson Holding Corporation issued a press release announcing
its earnings for the quarter ended June 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:   August 14, 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 REPORTS SECOND QUARTER RESULTS


CHICAGO, ILLINOIS, AUGUST 14, 2003 - Danielson Holding Corporation ("DHC")
(AMEX: DHC) today reported a loss of $4.5 million, or $0.15 per diluted share
for the quarter ended June 30, 2003. That compares with income of $4.3 million,
or $0.18 per diluted share in the second quarter of 2002. For the first six
months of 2003, DHC reported a loss of $62.3 million, or $2.03 per diluted share
versus income of $4.3 million, or $0.19 per diluted share in the first six
months of 2002. The loss for the first six 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 six 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.

On May 7, 2003, DHC's Board of Directors changed DHC's principal executive
offices from Jeffersonville, Indiana to Chicago, Illinois, and also changed
DHC's fiscal year to a calendar year. DHC will now report its quarterly results
as of March 31, June 30, September 30 and December 31st of each year. This
change became effective for the quarterly period ending June 30, 2003.







                               INSURANCE SERVICES

      Net premiums earned fell to $9.9 million in the second quarter of 2003
from $17.6 million in the same period last year, primarily due to a reduction in
commercial and private passenger automobile policies written and the expiration
of all in force workers' compensation policies. Net investment income decreased
$0.5 million to $1.0 million in this year's second 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 $12.4
million for the second quarter of 2003, down from $16.7 million in the same
period last year. The resulting loss and LAE ratios for the corresponding
periods were 125.5% and 95.0%, respectively. The loss and LAE ratio increased in
the quarter ended June 30, 2003 over the comparable period in 2002 due primarily
to recording $3.0 million in adverse development of 2002 and prior accident
years in the commercial automobile line and $1.7 million in adverse development
in the Valor workers' compensation line. Policy acquisition costs were $2.1
million for the quarter ended June 30, 2003 compared to $4.3 for the quarter
ended June 30, 2002. As a percentage of net premiums earned, policy acquisition
expenses were 21.3% and 24.5% for the quarters ended June 30, 2003 and June 30,
2002, respectively. The decrease in the policy acquisition expense ratio in 2003
reflects a higher deferral rate for the commercial automobile line, which was
being written in 2003, but was under a production moratorium during the same
period in 2002. It also reflects a $0.4 million reduction in bad debt expense
charged to acquisition costs in 2003 compared to the same period in 2002. For
the second quarter of 2003, the combined underwriting ratio, a key performance
measurement for the insurance industry, grew to 159.7% compared to 127.3% during
the second quarter 2002.

      Net premiums earned fell to $20.2 million in the six months ended June 30,
2003 from $36.6 million in the same period last year, primarily due to a
reduction in commercial and private passenger automobile policies written and
the expiration of all in force workers' compensation policies. NAICC implemented
rate increases of 13% in commercial automobile liability effective April 1, 2003
on new business and June 1, 2003 on renewal business, NAICC's overall price
position in the market reduced its competitiveness resulting in a decline in
production. Effective July 7, 2003, NAICC cancelled the commercial automobile
program and began providing the required statutory notice of its intention not
to renew existing policies. Net investment income decreased to $2.2 million in
the six months ended June 30, 2003 compared to $2.9 million for the six months
ended June 30, 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 $21.6 million for the first six months of 2003, down from $31.4 million in
the same period last year. The resulting loss and LAE ratios for the
corresponding periods were 106.7% and 85.8%, 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 $2.0 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, $4.7 million for the six months ended June 30,
2003 compared to $8.4 for the six months ended June 30, 2002. As a percentage of
net premiums earned, policy acquisition expenses were 23.4% and 22.9% for the
six months ended June 30, 2003 and June 30, 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 six months of 2003, the combined
underwriting ratio, a key performance measurement for the insurance industry,
grew to 141.5% compared to 116.6% during the first six months of 2002.


                             PARENT-ONLY OPERATIONS

      General and administrative expenses were approximately $0.7 million lower
during the quarter ended June 30, 2003 compared to the quarter ended June 30,
2002. For the six months ended June 30, 2003 and 2002, general and
administrative expenses were approximately $0.3 million higher than the
comparable period in 2002. This is primarily attributable to increased
professional fees incurred concerning the ACL bankruptcy as well as increased
insurance costs.







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