FORM 4   __ Check this box if no longer 
     subject to Section 16. Form 4
     or Form 5 obligations may 
     continue. See Instruction 1(b).      (Print or Type Responses)   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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 OMB APPROVAL
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1.  Name and Address of Reporting Person* Barse, David M.	2.  Issuer Name and Tickler or Trading Symbol Danielson Holding Corp. (DHC)					6.  Relationship of Reporting Person(s) to Issuer (Check all applicable) _X   Director                              ___ 10% Owner _X  Officer (give title below)     ___ Other (specify below) _____President_______________________
(Last)     (First)     (Middle) 230 Osborn Road	3. I.R.S. Identification     Number of Reporting     Person, if an entity     (voluntary)		4.  Statement for Month/Year May 2002
(Street) Harrison, NY 10528			5.  If Amendment, Date of  Original (Month/Year)			7.  Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person
(City)     (State)     (Zip)	Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.  Title of Security    (Instr. 3)	2.  Transaction Date (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     at End of Month     (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
Common Stock	May 2002	J (1)		15,798		$5.00	40,798	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)

4.Transaction Code    (Instr. 8)

5.Number of Derivative    Securities Acquired    (A) or Disposed of (D)    (Instr. 3, 4 and 5)

6.Date Exerciseable    and Expiration  Date   (Month/Day/Year)

7.Title and  Amount of    Underlying Securities    (Instr. 3 and 4)

8.Price of    Derivative    Security    (Instr. 5)

9.Number  of    Derivative    Securities     Beneficially     Owned at     End of Month     (Instr. 4)

10.Ownership      Form of      Derivative      Securities      Beneficially      Owned at      End of Month      (Instr. 4)

11.Nature  of      Indirect      Beneficial      Ownership      (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Explanation of Responses:   (1) Purchased from issuer in a rights offering pursuant to prospectus dated May 2, 2002.
		By:/s/ David M. Barse                                                   **Signature of Reporting Person	June 11, 2002                                             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).
Note:	File three copies of this Form, on of which must be manually signed. If space is insufficient, see Instruction 6 for procedure