Edgar Filing: SCHUCHERT JOSEPH S

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

KELSO PARTNERS V L P

2. Issuer Name and Ticker or Trading Symbol
ENDO PHARMACEUTICALS HOLDINGS INC [ENDP]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

320 PARK AVENUE,

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2005

(Street)

NEW YORK, NY 10022

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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)	2A. Deemed Execution Date, if any (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 Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		2,846	D	$ 2.42	16,293,161	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		186	D	$ 2.42	16,292,975	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		296	D	$ 2.42	16,292,679	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		280	D	$ 2.42	16,292,399	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		768	D	$ 3	16,291,631	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		10,197	D	$ 3	16,281,433	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		5,863	D	$ 3	16,275,570	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾
Common Stock, par value $.01 per share ⁽¹⁾	11/14/2005		X		771	D	$ 3.42	16,274,799	I	By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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)

3A. Deemed Execution Date, if any (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 Exercisable 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 Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

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

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Call Option (obligation to sell)

$ 2.42

11/14/2005

2,846

10/13/2005

08/26/2007

Common Stock

2,846

$ 2.42

117,820

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 2.42

11/14/2005

186

10/13/2005

08/26/2007

Common Stock

186

$ 2.42

69,943

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 2.42

11/14/2005

296

10/13/2005

08/26/2007

Common Stock

296

$ 2.42

10,785

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 2.42

11/14/2005

280

10/13/2005

08/26/2007

Common Stock

280

$ 2.42

54,511

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 3

11/14/2005

768

10/13/2005

08/26/2007

Common Stock

768

$ 3

284,510

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 3

11/14/2005

10,197

10/13/2005

08/26/2007

Common Stock

10,197

$ 3

40,232

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 3

11/14/2005

5,863

10/13/2005

08/26/2007

Common Stock

5,863

$ 3

97,780

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Call Option (obligation to sell)

$ 3.42

11/14/2005

771

10/13/2005

08/26/2007

Common Stock

771

$ 3.42

34,446

By Endo Pharma LLC ⁽²⁾ ⁽³⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KELSO PARTNERS V L P 320 PARK AVENUE NEW YORK, NY 10022		X
NICKELL FRANK T C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
BERNEY PHILIP E C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
BYNUM FRANK K C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
WALL THOMAS R IV C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
GOLDBERG MICHAEL B C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022	X	X
MATELICH GEORGE E C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
SCHUCHERT JOSEPH S C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022		X
WAHRHAFTIG DAVID I C/O KELSO & COMPANY 320 PARK AVENUE NEW YORK, NY 10022	X	X
Loverro Frank J 320 PARK AVENUE NEW YORK, NY 10022		X

Signatures

/s/James J. Connors, II		11/16/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Kelso Partners V, L.P. ("KP V") is the designated filer.
(2)	KP V may be deemed to share beneficial ownership of shares of Common Stock owned of record by Endo Pharma LLC by virtue of its status as a member of Endo Pharma LLC. KP V shares investment and voting power along with the other members of Endo Pharma LLC with respect to securities owned by Endo Pharma LLC, but disclaims beneficial ownership of such securities except to the extent of its pecuniary interest.
(3)	Each individual reporting person may be deemed to share beneficial ownership of shares of Common Stock owned of record by KP V, by virtue of his status as a general partner of the general partner of KP V, and each individual shares investment and voting power along with the other general partners of KP V, but disclaims beneficial ownership of such securities except to the extent of his pecuniary interest.

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