SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ SCHEDULE 13G/A (Amendment No. 1)* Under the Securities Exchange Act of 1934 North American Insurance Leaders, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 65687M104 (CUSIP Number) December 31, 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: [X] Rule 13d-1(b) [ ] 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 28 Pages) Exhibit List: Page 26 CUSIP No. 65687M104 13G Page 2 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND II, 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 368,110 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 368,110 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 368,110 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.05% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 3 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND IV, 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 68,160 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 68,160 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 68,160 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.38% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 4 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 898,840 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 898,840 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 898,840 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.00% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 5 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) THE APOGEE FUND, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 163,960 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 163,960 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 163,960 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.91% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 6 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND V, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 77,870 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 77,870 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 77,870 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.43% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 7 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VI, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 24,310 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 24,310 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 24,310 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.14% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 8 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VII, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 32,980 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 32,980 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,980 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.18% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 9 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VIII, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 56,100 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 56,100 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 56,100 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.31% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 10 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND IX, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 84,070 OWNED BY ___________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 84,070 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 84,070 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.47% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 11 of 28 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 1,774,400 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,774,400 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,774,400 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.87% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** IA;PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 12 of 28 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 1,774,400 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,774,400 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,774,400 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.87% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 13 of 28 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE ADVISORS, L.L.C. _____________________________________________________________________________ (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 436,270 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 436,270 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 436,270 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.43% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 65687M104 13G Page 14 of 28 Pages ____________________________________________________________________________ Item 1(a). NAME OF ISSUER: North American Insurance Leaders, Inc. (the "Issuer"). Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 885 Third Avenue, 31st Floor, New York, New York 10022 Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Satellite Fund II, L.P. ("Satellite II"); (ii) Satellite Fund IV, L.P. ("Satellite IV"); (iii) Satellite Overseas Fund, Ltd. ("Satellite Overseas") (iv) The Apogee Fund, Ltd. ("Apogee"); (v) Satellite Overseas Fund V, Ltd. ("Satellite Overseas V"); (vi) Satellite Overseas Fund VI, Ltd. ("Satellite Overseas VI"); (vii) Satellite Overseas Fund VII, Ltd. ("Satellite Overseas VII"); (viii) Satellite Overseas Fund VIII, Ltd. ("Satellite Overseas VIII"); (ix) Satellite Overseas Fund IX, Ltd. ("Satellite Overseas IX"); (x) Satellite Asset Management, L.P. ("Satellite Asset Management"); (xi) Satellite Fund Management LLC ("Satellite Fund Management"); and (xii) Satellite Advisors, L.L.C. ("Satellite Advisors"). This statement relates to Shares (as defined herein) held by (i) Satellite II, Satellite IV (collectively, the "Delaware Funds") over which Satellite Advisors has discretionary trading authority, as general partner, and (ii) Satellite Overseas, Apogee, Satellite Overseas V, Satellite Overseas VI, Satellite Overseas VII, Satellite Overseas VIII, and Satellite Overseas IX (collectively, the "Offshore Funds" and together with the Delaware Funds, the "Satellite Funds") over which Satellite Asset Management has discretionary investment trading authority. The general partner of Satellite Asset Management is Satellite Fund Management. Satellite Fund Management and Satellite Advisors each share the same Executive Committee that make investment decisions on behalf of the Satellite Funds 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." 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. 65687M104 13G Page 15 of 28 Pages ____________________________________________________________________________ Item 2(c). CITIZENSHIP: 1) Satellite II is a Delaware limited partnership; 2) Satellite IV is a Delaware limited partnership; 3) Satellite Overseas is a Cayman Islands exempted company; 4) Apogee is a Cayman Islands exempted company; 5) Satellite Overseas V is a Cayman Islands exempted company; 6) Satellite Overseas VI is a Cayman Islands exempted company; 7) Satellite Overseas VII is a Cayman Islands exempted company; 8) Satellite Overseas VIII is a Cayman Islands exempted company; 9) Satellite Overseas IX is a Cayman Islands exempted company; 10) Satellite Asset Management is a Delaware limited partnership; 11) Satellite Fund Management is a Delaware limited liability company; and 12) Satellite Advisors is a Delaware limited liability company. Item 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, $.0001 par value per share (the "Shares"). Item 2(e). CUSIP NUMBER: 65687M104 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, CUSIP No. 65687M104 13G Page 16 of 28 Pages ____________________________________________________________________________ (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. 65687M104 13G Page 17 of 28 Pages ____________________________________________________________________________ Item 4. OWNERSHIP. The percentages used herein and in the rest of Item 4 are calculated based upon the 17,968,750 shares of Common Stock issued and outstanding as of November 8, 2007, as described in the Issuer's Form 10-Q for the quarter ended September 30, 2007, filed on November 9, 2007. Satellite Fund II, L.P. -------------------------- (a) Amount beneficially owned: 368,110 (b) Percent of class: 2.05% (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 368,110 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 368,110 Satellite Fund IV, L.P. ------------------------------ (a) Amount beneficially owned: 68,160 (b) Percent of class: 0.38% (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 68,160 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 68,160 CUSIP No. 65687M104 13G Page 18 of 28 Pages ____________________________________________________________________________ Satellite Overseas Fund, Ltd. ------------------------------ (a) Amount beneficially owned: 898,840 (b) Percent of class: 5.00% (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 898,840 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 898,840 The Apogee Fund, Ltd. ------------------------------ (a) Amount beneficially owned: 163,960 (b) Percent of class: 0.91% (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 163,960 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 163,960 Satellite Overseas Fund V, Ltd. ------------------------------ (a) Amount beneficially owned: 77,870 (b) Percent of class: 0.43% (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 77,870 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 77,870 CUSIP No. 65687M104 13G Page 19 of 28 Pages ____________________________________________________________________________ Satellite Overseas Fund VI, Ltd. ------------------------------ (a) Amount beneficially owned: 24,310 (b) Percent of class: 0.14% (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 24,310 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 24,310 Satellite Overseas Fund VII, Ltd. ------------------------------ (a) Amount beneficially owned: 32,980 (b) Percent of class: 0.18% (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 32,980 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 32,980 Satellite Overseas Fund VIII, Ltd. ------------------------------ (a) Amount beneficially owned: 56,100 (b) Percent of class: 0.31% (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 56,100 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 56,100 CUSIP No. 65687M104 13G Page 20 of 28 Pages ____________________________________________________________________________ Satellite Overseas Fund IX, Ltd. ------------------------------ (a) Amount beneficially owned: 84,070 (b) Percent of class: 0.47% (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 84,070 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 84,070 Satellite Asset Management, L.P. --------------------------------- (a) Amount beneficially owned: 1,774,400 (b) Percent of class: 9.87% (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 1,774,400 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,774,400 CUSIP No. 65687M104 13G Page 21 of 28 Pages ____________________________________________________________________________ Satellite Fund Management LLC -------------------------- (a) Amount beneficially owned: 1,774,400 (b) Percent of class: 9.87% (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 1,774,400 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,774,400 Satellite Advisors, L.L.C. -------------------------- (a) Amount beneficially owned: 436,270 (b) Percent of class: 2.43% (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 436,270 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 436,270 Satellite Asset Management, Satellite Fund Management and Satellite Advisors expressly declare that this filing shall not be construed as an admission that each is, for the purposes of sections 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this filing. CUSIP No. 65687M104 13G Page 22 of 28 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 [ ] As of December 31, 2007, the following entities may be deemed to be the beneficial owners of less than 5% of the Shares: (i) Satellite II; (ii) Satellite IV; (iii) Satellite Overseas; (iv) Apogee; (v) Satellite Overseas V; (vi) Satellite Overseas VI; (vii) Satellite OVerseas VII; (viii) Satellite OVerseas VIII; (ix) Satellite Overseas IX; (x) SSFP; and (xi) Satellite Advisors and shall cease to be Reporting Persons. Subsequent filings will be made only by persons that may be deemed to have beneficial ownership of more than 5% of the Shares. Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Satellite Asset Management and Satellite Fund Management have the power to direct the receipt of dividends from, or proceeds from the sale of, the securities held for the accounts of the Satellite Funds. 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 oras a participant in any transaction having that purpose or effect. CUSIP No. 65687M104 13G Page 23 of 28 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: February 13, 2008 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. 65687M104 13G Page 24 of 28 Pages ____________________________________________________________________________ DATED: February 13, 2008 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. 65687M104 13G Page 25 of 28 Pages ____________________________________________________________________________ DATED: February 13, 2008 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact CUSIP No. 65687M104 13G Page 26 of 28 Pages ____________________________________________________________________________ EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that this statement on Schedule 13G with respect to the Common Stock of North American Insurance Leaders, Inc., dated as of February 13, 2008, 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: February 13, 2008 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. 65687M104 13G Page 27 of 28 Pages ____________________________________________________________________________ DATED: February 13, 2008 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. 65687M104 13G Page 28 of 28 Pages ____________________________________________________________________________ DATED: February 13, 2008 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact