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 * CERNUGEL WILLIAM J   2. Issuer Name and Ticker or Trading Symbol New Sally Holdings, Inc. [SBH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Senior Vice-President & CFO (Last) (First) (Middle) 8111 LAKE RIDGE DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 11/16/2006 (Street) BURR RIDGE, IL 60527 4. If Amendment, Date Original Filed(Month/Day/Year) 6. 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) 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) Code V Amount (A) or (D) Price Common Stock 11/16/2006   A   23,758 A (1) 23,758 I Profit Sharing Plan Common Stock 11/16/2006   A   6,615 A (1) 6,615 D

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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	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$ 34.227	11/16/2006		A		7,125		(2)	09/30/2012	Common Stock	7,125	(3)	7,125	D
Employee Stock Option (Right to Buy)	$ 39.543	11/16/2006		A		24,750		(2)	09/30/2013	Common Stock	24,750	(3)	24,750	D
Employee Stock Option (Right to Buy)	$ 43.83	11/16/2006		A		22,500		(2)	09/30/2014	Common Stock	22,500	(3)	22,500	D
Employee Stock Option (Right to Buy)	$ 44.4	11/16/2006		A		23,000		(2)	09/30/2015	Common Stock	23,000	(3)	23,000	D
Employee Stock Option (Right to Buy)	$ 34.227	11/16/2006		D			7,125	(2)	09/30/2012	Common Stock	7,125	(4)	0	D
Employee Stock Option (Right to Buy)	$ 39.543	11/16/2006		D			24,750	(2)	09/30/2013	Common Stock	24,750	(4)	0	D
Employee Stock Option (Right to Buy)	$ 43.83	11/16/2006		D			22,500	(2)	09/30/2014	Common Stock	22,500	(4)	0	D
Employee Stock Option (Right to Buy)	$ 44.4	11/16/2006		D			23,000	(2)	09/30/2015	Common Stock	23,000	(4)	0	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CERNUGEL WILLIAM J 8111 LAKE RIDGE DRIVE BURR RIDGE, IL 60527			Senior Vice-President & CFO

Signatures

/s/ James M. Spira as Attorney-in-Fact for William J. Cernugel		11/17/2006
**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)	Acquisition of shares of common stock, including shares of restricted stock, in a merger of one of the issuer's subsidiaries into the Alberto-Culver Company ("Old Alberto-Culver") to effect the formation of a holding company (the "Holding Company Merger"). In the Holding Company Merger, the shares of common stock, including shares of restricted stock, of Old Alberto-Culver were converted, on a one-for-one basis, into shares of common stock, including shares of restricted stock, of the issuer pursuant to an Investment Agreement dated as of June 19, 2006, as amended, among Old Alberto-Culver and certain of its subsidiaries and CDRS Acquisition LLC.
(2)	This option, to the extent unexercisable, became exercisable in full on November 16, 2006.
(3)	In the Holding Company Merger this option replaced an option to purchase a number of shares of common stock of Old Alberto-Culver equal to the number of shares subject to this option at an exercise price equal to the exercise price of this option.
(4)	This option was assumed by Alberto-Culver Company, formerly known as New Aristotle Holdings, Inc. ("New Alberto-Culver"), in connection with the spin-off by the issuer of New Alberto-Culver (the "Spin-Off") and replaced with an option to purchase a number of shares of common stock of New Alberto Culver equal to the number of shares subject to this option multiplied by a ratio, the numerator of which is the Old Alberto-Culver stock price prior to the Spin-Off ("Pre Spin-Off Price") and the denominator of which is the 5-day average of the New Alberto-Culver stock price after the Spin-Off ("Post Spin-Off Price") at an exercise price equal to the exercise price of this option multiplied by a ratio, the numerator of which is the Post Spin-Off Price and the denominator of which is the Pre Spin-Off Price.

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