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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* STONEHILL CAPITAL MANAGEMENT LLC (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/23/2008	3. Issuer Name and Ticker or Trading Symbol NEENAH ENTERPRISES, INC. [ NENA ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of 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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	401,359(1)	D
Common Stock	476,795(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	10/23/2008	10/07/2013	Common Stock	501,025(1)	$0.05	D
Warrants	10/23/2008	10/07/2013	Common Stock	741,117(2)	$0.05	D

1. Name and Address of Reporting Person* STONEHILL CAPITAL MANAGEMENT LLC (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* STONEHILL INSTITUTIONAL PARTNERS LP (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* STONEHILL OFFSHORE PARTNERS LTD (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* STONEHILL ADVISERS LLC (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Stonehill General Partner, LLC (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* MOTULSKY JOHN (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* WILSON CHRISTOPHER E (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* TEETSEL WAYNE (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* VARKEY THOMAS (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Sacks Jonathan S (Last) (First) (Middle) 885 THIRD AVENUE 30TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. These securities are held by Stonehill International Partners, L.P. ("Partners"). Stonehill General Partner, LLC ("GP") is the general partner of Partners. Stonehill Capital Management LLC ("Management") is the investment adviser to Partners. John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey and Jonathan Sacks are the managing members of GP and Management.

2. These securities are held by Stonehill Offshore Partners Limited ("Offshore"). Stonehill Advisers LLC ("Advisers") and Management are the investment advisers to Offshore. John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey and Jonathan Sacks are the managing members of Advisers and Management.

	Stonehill Capital Management LLC /s/ John Motulsky, a Managing Member	10/31/2008
	Stonehill Institutional Partners, L.P. /s/ John Motulsky, a Managing Member of Stonehill General Partner, its general partner	10/31/2008
	Stonehill Offshore Partners Limited /s/ John Motulsky, a Managing Member of Stonehill Advisers LLC, its investment adviser	10/31/2008
	Stonehill Advisers LLC /s/ John Motulsky, a Managing Member	10/31/2008
	Stonehill General Partner, LLC /s/ John Motulsky, a Managing Member	10/31/2008
	John Motulsky /s/ John Motulsky	10/31/2008
	Wayne Teetsel /s/ Wayne Teetsel	10/31/2008
	Christopher Wilson /s/ Christopher Wilson	10/31/2008
	Thomas Varkey /s/ Thomas Varkey	10/31/2008
	Jonathan Sacks /s/ Jonathan Sacks	10/31/2008
	** Signature of Reporting Person	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 5 (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).
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