SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13G/A*
Amendment No. 1
Under the Securities Exchange Act of 1934
Viragen, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
927638403
(CUSIP Number)
March 20, 2007
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Continued on following pages
(Page 1 of 10 Pages)
Exhibit List: Page 10
CUSIP No. 927638403 13G Page 2 of 10 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
ANGUILLA
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
24,876,348
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
24,876,348
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,876,348
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.60%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 927638403 13G Page 3 of 10 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE ASSET MANAGEMENT, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
24,876,348
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
24,876,348
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,876,348
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.60%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 927638403 13G Page 4 of 10 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SATELLITE FUND MANAGEMENT LLC
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
24,876,348
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
24,876,348
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,876,348
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES**
[ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.60%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 927638403 13G Page 5 of 10 Pages
____________________________________________________________________________
The Schedule 13G filed on December 24, 2004 is hereby amended and
restated by this Amendment No. 1 to the Schedule 13G.
Item 1(a). NAME OF ISSUER:
Viragen, Inc. (the "Issuer").
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
865 S.W. 78th Avenue
Suite 100
Plantation, Florida 33324
Item 2(a). NAME OF PERSON FILING:
This statement is filed by:
(i) Satellite Strategic Finance Associates, LLC ("SSFA");
(ii) Satellite Asset Management, L.P. ("Satellite Asset Management");and
(iii) Satellite Fund Management LLC ("Satellite Fund Management").
This statement relates to Shares (as defined herein) held by SSFA,
over which Satellite Asset Management has discretionary investment trading
authority. The general partner of Satellite Asset Management is Satellite
Fund Management. Satellite Fund Management has an Executive Committee that
makes investment decisions on behalf of the SSFA and investment decisions
made by such Executive Committee, when necessary, are made through
approval of a majority of the Executive Committee members.
The foregoing persons are hereinafter sometimes collectively referred to as
the "Reporting Persons." Any disclosures herein with respect to persons other
than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The address of the business office of each of the Reporting Persons
is 623 Fifth Avenue, 19th Floor, New York, NY 10022.
CUSIP No. 927638403 13G Page 6 of 10 Pages
____________________________________________________________________________
Item 2(c). CITIZENSHIP:
1) SSFA is an Anguilla limited liability company;
2) Satellite Asset Management is a Delaware limited partnership; and
3) Satellite Fund Management is a Delaware limited liability company.
Item 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, $.01 par value per share (the "Shares").
Item 2(e). CUSIP NUMBER:
927638403
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) or
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [X] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: []
CUSIP No. 927638403 13G Page 7 of 10 Pages
____________________________________________________________________________
Item 4. OWNERSHIP.
The percentages used herein and in the rest of Item 4 are calculated
based upon the 214,360,131 shares of Common Stock issued and outstanding as
of March 19, 2007 as described in the Issuer's Form 8K filed on
on March 22, 2007.
Satellite Strategic Finance Associates, LLC
------------------------------
(a) Amount beneficially owned: 24,876,348
(b) Percent of class: 11.60%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 24,876,348
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 24,876,348
Satellite Asset Management, L.P.
---------------------------------
(a) Amount beneficially owned: 24,876,348
(b) Percent of class: 11.60%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 24,876,348
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 24,876,348
Satellite Fund Management LLC
--------------------------
(a) Amount beneficially owned: 24,876,348
(b) Percent of class: 11.60%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote 0
(ii) Shared power to vote or to direct the vote 24,876,348
(iii) Sole power to dispose or to direct the
disposition of 0
(iv) Shared power to dispose or to direct the
disposition of 24,876,348
Satellite Asset Management, Satellite Fund Management expressly declare
that this filing shall not be construed as an admission that each is, for
the purposesof sections 13(d) or 13(g) of the Act, the beneficial owner
of any securities covered by this filing.
CUSIP No. 927638403 13G Page 8 of 10 Pages
____________________________________________________________________________
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT
AS OF THE DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE
THE BENEFICIAL OWNER OF MORE THAN 5% OF THE CLASS OF SECURITIES,
CHECK THE FOLLOWING [ ]
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The investment manager of the SSFA has the power to direct the receipt
of dividends from, or proceeds from the sale of, the securities held for
the accountof SSFA.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
This Item 7 is not applicable.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
This Item 8 is not applicable.
Item 9. NOTICE OF DISSOLUTION OF GROUP.
This Item 9 is not applicable.
Item 10. CERTIFICATION.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that
purpose or effect.
CUSIP No. 927638403 13G Page 9 of 10 Pages
____________________________________________________________________________
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
DATED: March 30, 2007 Satellite Strategic Finance Associates, LLC
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: March 30, 2007 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: March 30, 2007 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact
CUSIP No. 927638403 13G Page 10 of 10 Pages
____________________________________________________________________________
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that this statement on Schedule 13G
with respect to the Common Stock of Viragen, Inc. dated as of March 30, 2007,
is, and any amendments thereto (including amendments on Schedule 13G) signed
by each of the undersigned shall be, filed on behalf of each of us pursuant to
and in accordance with the provisions of Rule 13d-1(k) under the Securities
Exchange Act of 1934.
DATED: March 30, 2007 Satellite Strategic Finance Associates, LLC
By: Satellite Asset Management L.P.,
as Investment Manager
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: March 30, 2007 SATELLITE ASSET MANAGEMENT, L.P.
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: General Counsel
DATED: March 30, 2007 SATELLITE FUND MANAGEMENT LLC
By: /s/ Simon Raykher
------------------------
Name: Simon Raykher
Title: Attorney-in-Fact