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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-05-032225.txt : 20050616
<SEC-HEADER>0001209191-05-032225.hdr.sgml : 20050615
<ACCEPTANCE-DATETIME>20050616114627
ACCESSION NUMBER:		0001209191-05-032225
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050616
FILED AS OF DATE:		20050616
DATE AS OF CHANGE:		20050616

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sullivan Joseph P
		CENTRAL INDEX KEY:			0001289897

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06732
		FILM NUMBER:		05899452

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		312-466-4030

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA - SUITE 600
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DANIELSON HOLDING CORP
		CENTRAL INDEX KEY:			0000225648
		STANDARD INDUSTRIAL CLASSIFICATION:	COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
		IRS NUMBER:				956021257
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		40 LANE ROAD
		CITY:			FAIRFIELD
		STATE:			NJ
		ZIP:			07004
		BUSINESS PHONE:		973-882-9000

	MAIL ADDRESS:	
		STREET 1:		40 LANE ROAD
		CITY:			FAIRFIELD
		STATE:			NJ
		ZIP:			07004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MISSION INSURANCE GROUP INC
		DATE OF NAME CHANGE:	19900826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MISSION EQUITIES CORP
		DATE OF NAME CHANGE:	19770921
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c96017_02jps.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-06-16</periodOfReport>

    <issuer>
        <issuerCik>0000225648</issuerCik>
        <issuerName>DANIELSON HOLDING CORP</issuerName>
        <issuerTradingSymbol>DHC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289897</rptOwnerCik>
            <rptOwnerName>Sullivan Joseph P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>175 E. DELAWARE PLACE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60611</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, $.10 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2005-06-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34732</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase common stock (right to buy)</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-06-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-05-31</value>
            </exerciseDate>
            <expirationDate>
                <value>2005-06-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>9900</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13832</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Issuer issued at no charge one non-transferable warrant with respect to each share of its Common Stock outstanding as of the close of business on May 27, 2005.  Each warrant gives the holder the right to purchase 0.90 shares of the Issuer's Common Stock at a price of $6.00 per share.  Each warrant holder can also elect to purchase additional shares at the exercise price if other warrant holders do not fully exercise their warrants.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joseph P. Sullivan</signatureName>
        <signatureDate>2005-06-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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