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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DYpxg2KPtgxUK994l+x0BgfeIN3vpmP5Rx7SLFO3Gde+lF3EsC6hGYsX+SmWAo7R
 fDGN8zJo9Xwu0XwitaLloQ==

<SEC-DOCUMENT>0001005477-03-001468.txt : 20030521
<SEC-HEADER>0001005477-03-001468.hdr.sgml : 20030521
<ACCEPTANCE-DATETIME>20030521092354
ACCESSION NUMBER:		0001005477-03-001468
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030519
FILED AS OF DATE:		20030521

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REFAC
		CENTRAL INDEX KEY:			0000082788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				131681234
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		115 RIVER ROAD
		CITY:			EDGEWATER
		STATE:			NJ
		ZIP:			07020-1099
		BUSINESS PHONE:		2019434400

	MAIL ADDRESS:	
		STREET 2:		122 EAST 42ND ST STE 4000
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10168

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC TECHNOLOGY DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCES & FACILITIES CORP
		DATE OF NAME CHANGE:	19740509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC INC
		DATE OF NAME CHANGE:	19720628

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PALISADE CONCENTRATED HOLDINGS LLC
		CENTRAL INDEX KEY:			0001116225
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12776
		FILM NUMBER:		03713716

	BUSINESS ADDRESS:	
		STREET 1:		ONE BRIDGE ST
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		2015857733

	MAIL ADDRESS:	
		STREET 1:		ONE BRIDGE ST
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2003-05-19</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000082788</issuerCik>
        <issuerName>REFAC</issuerName>
        <issuerTradingSymbol>REF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
    <reportingOwnerId>
            <rptOwnerCik>0001116225</rptOwnerCik>
            <rptOwnerName>PALISADE CONCENTRATED HOLDINGS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeSecurity>
        <securityTitle>
            <value>Common Stock</value>
        </securityTitle>
        <transactionDate>
            <value>2003-05-19</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>3469387</value>
            </transactionShares>
            <transactionValue>
                <value>4.90</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>6306387</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>
            <natureOfOwnership>
                <value>General Partner</value>
                <footnoteId id="F1"/>
            </natureOfOwnership>
        </ownershipNature>
    </nonDerivativeSecurity>

    <footnotes>
        <footnote id="F1">Palisade Concentrated Holdings, LLC (&quot;PCH&quot;) serves as General Partner of Palisade
Concentrated Equity partnership, LP (&quot;PCEP&quot;), the direct owner of the shares of common
stock. The Investment Manger of PCEP is Palisade Capital Management, LLC, an SEC
registered investment adviser. Certain members of PCM are also members of PCH and limited
partners in PCEP.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>PALISADE CONCENTRATED HOLDINGS, LLC. General Partner of Palisade Concentrated Equity Partnership, LP BY: /s/ Mark S. Hoffman, member</signatureName>
        <signatureDate>2003-05-21</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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