Edgar Filing: TREPPEL JERRY

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 ^*

TREPPEL JERRY

2. Issuer Name and Ticker or Trading Symbol
AKORN INC [AKN]

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

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

(Last)

(First)

(Middle)

2500 MILLBROOK DRIVE

3. Date of Earliest Transaction (Month/Day/Year)
01/13/2006

(Street)

BUFFALO GROVE, IL 60089

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)
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	01/13/2006		C		381,516	A	⁽¹⁾	401,516	D
Common Stock								356,974	I	See Footnote 6 ⁽⁶⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Series A Preferred Stock

$ 0.75 ⁽²⁾

03/31/2005

J⁽³⁾

$ 4,036

⁽⁴⁾

10/31/2011⁽⁵⁾

Common Stock

5,381

⁽³⁾

$ 273,092

Series A Preferred Stock

$ 0.75 ⁽²⁾

06/30/2005

J⁽³⁾

$ 4,096

⁽⁴⁾

10/31/2011⁽⁵⁾

Common Stock

5,461

⁽³⁾

$ 277,188

Series A Preferred Stock

$ 0.75 ⁽²⁾

09/30/2005

J⁽³⁾

$ 4,157

⁽⁴⁾

10/31/2011⁽⁵⁾

Common Stock

5,543

⁽³⁾

$ 281,345

Series A Preferred Stock

$ 0.75 ⁽²⁾

12/31/2005

J⁽³⁾

$ 4,220

⁽⁴⁾

10/31/2011⁽⁵⁾

Common Stock

5,627

⁽³⁾

$ 285,565

Series A Preferred Stock

$ 0.75 ⁽²⁾

01/13/2006

$ 286,137

⁽⁴⁾

10/31/2011⁽⁵⁾

Common Stock

381,516

⁽¹⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
TREPPEL JERRY 2500 MILLBROOK DRIVE BUFFALO GROVE, IL 60089	X

Signatures

Jerry I. Treppel		02/10/2006
^**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)	On January 13, 2006, the reporting person was issued 381,516 shares of Akorn Common Stock upon the automatic conversion of his 2,500 shares of Series A 6% Convertible Preferred Stock with a $100 per share stated value plus accrued and unpaid dividends of $36,137 at a conversion price equal to $0.75 per share of common stock.
(2)	Subject to adjustment.
(3)	Voluntary reporting of dividend resulting from existing Series A 6% Participating Convertible Preferred Stock ownership.
(4)	Immediately
(5)	Mandatory redemption on this date.
(6)	Held indirectly through Wheaton Capital Management LLC, an entity of which Mr. Treppel is the managing member.

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