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<TITLE>Ladenburg Thalmann Financial Services Inc.</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 8pt">As filed with the Securities and Exchange Commission on November&nbsp;14, 2007
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<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-
</DIV>


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<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 6pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>__________________</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B><FONT style="font-variant: SMALL-CAPS">Form&nbsp;S-8</FONT></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>REGISTRATION STATEMENT<BR>
<FONT style="font-variant: SMALL-CAPS">UNDER</FONT><BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 16pt"><B>__________________</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 6pt"><B><FONT style="font-variant: SMALL-CAPS">Ladenburg Thalmann Financial Services Inc.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Florida</B><BR>
(State or Other Jurisdiction of <BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>65-0701248</B><BR>
(I.R.S. Employer<BR>
Identification Number)</TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>4400
BISCAYNE BOULEVARD,
12</B><SUP style="font-size: 85%; vertical-align: text-top"><B>TH</b></SUP>
<b>FLOOR<BR>
MIAMI, FLORIDA 33137</B><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPTION AGREEMENT</B><BR>
(Full Title of the Plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIANE CHILLEMI</B>, Vice President and Chief Financial Officer<BR>
Ladenburg Thalmann Financial Services Inc.<BR>
4400 Biscayne Boulevard, 12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Miami, Florida 33137<BR>
(212)&nbsp;409-2000<BR>
(Name, Address and Telephone Number, Including Area Code, of Agent For Service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">with a copy to:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DAVID ALAN MILLER, ESQ.</B><BR>
Graubard Miller<BR>
The Chrysler Building<BR>
405 Lexington Avenue<BR>
New York, New York 10174<BR>
Telephone: (212)&nbsp;818-8800
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="54%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">

<TD nowrap align="center" colspan="23"><B>CALCULATION OF REGISTRATION FEE</B></TD>
</TR>

<TR style="font-size: 1px" valign="bottom">

<TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>





<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>per share</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registration fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value
$.0001 per share
(&#147;Common Stock&#148;),
issuable under option
agreement (&#147;Option
Agreement&#148;)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1.91</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5,730,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">175.91</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">TOTAL</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">175.91</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416, there are also being registered additional shares of common stock
as may become issuable as a result of anti-dilution provisions contained in such Option
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computed in accordance with Rule 457(h) promulgated under the Securities Act of 1933, as
amended, for the purpose of calculating the registration fee based on the $1.91 exercise price
of the options granted under the Option Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt"><B>__________________</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Rule&nbsp;462 promulgated under the Securities Act, this
registration statement will become effective upon filing with the Securities and Exchange
Commission.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt"><B>__________________</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not required to be filed with the Securities and Exchange Commission (the &#147;SEC&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not required to be filed with the SEC.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents that we have previously filed with the SEC are incorporated by
reference in this registration statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2006, as
amended on April&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our quarterly reports on Form 10-Q for the quarters ended March&nbsp;31, 2007, June&nbsp;30,
2007 and September&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated December&nbsp;31, 2006 and filed with the SEC on
January&nbsp;3, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated February&nbsp;13, 2007 and filed with the SEC on
February&nbsp;14, 2007, as amended on July&nbsp;2, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated and filed with the SEC on March&nbsp;19, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated March&nbsp;30, 2007 and filed with the SEC on April
2, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated May&nbsp;8, 2007 and filed with the SEC on May&nbsp;10,
2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated and filed with the SEC on August&nbsp;7, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated September&nbsp;20, 2007 and filed with the SEC on
September&nbsp;21, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated October&nbsp;2, 2007 and filed with the SEC on
October&nbsp;5, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated October&nbsp;19, 2007 and filed with the SEC on
October&nbsp;22, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current report on Form 8-K dated and filed with the SEC on November&nbsp;09, 2007;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our common stock, par value $.0001 per share, contained in our
registration statement on Form&nbsp;8-A (No.&nbsp;1-15799) filed with the SEC pursuant to Section
12(b) of the Securities Exchange Act of 1934, including any subsequent amendments or
reports filed for the purpose of updating this description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by us pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold, will
be deemed to be incorporated by reference in this registration statement and to be a part of this
registration statement from the respective date of filing. Any statement contained in a document
incorporated by reference in this registration statement will be modified or superseded for all
purposes to the extent that a statement contained in this registration statement or in any other
subsequently filed document which is incorporated by reference modifies or replaces the statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is registered under Section 12(b) of the Exchange Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;607.0850 of the 1989 Business Corporation Act of the State of Florida empowers a
Florida corporation to indemnify any person who was or is a party to any threatened, pending, or
completed action, suit, or other type of proceeding, whether civil, criminal, administrative, or
investigative and whether formal or informal (other than an action by, or in the right of, the
corporation) by reason of the fact that he or she is or was a director, officer, employee, or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise
against liability including any obligation to pay a judgment, settlement, penalty, fine (including
an excise tax assessed with respect to any employee benefit plan), and expenses (including
counsel&#146;s fees) actually and reasonably incurred in connection with the proceeding and any
subsequent appeals, if he or she acted in good faith and in a manner that he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation and, with respect to
any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was
unlawful. The termination of any proceeding by judgment, order, settlement, or conviction or upon a
plea of nolo contendere or its equivalent does not, of itself, create a presumption that the person
did not act in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the corporation or, with respect to any criminal action or
proceeding, had reasonable cause to believe that his or her conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of an action by or in the right of the corporation, Section&nbsp;607.0850 empowers a
corporation to indemnify any person who was or is a party to any threatened, pending, or completed
action, suit, or other type of proceeding, whether civil, criminal, administrative, or
investigative and whether formal or informal, in any of the capacities set forth above against
expenses (including counsel&#146;s fees for the proceeding as well as for any appeal) and amounts paid
in settlement not exceeding, in the judgment of the board of directors, the estimated expense of
litigating the proceeding to conclusion, actually and reasonably incurred in connection with the
defense or settlement of the proceeding or any subsequent appeals, if the person acted in good
faith and in a manner that he or she reasonably believed to be in or not opposed to the best
interests of the corporation. With respect to any claim, issue, or matter as to which the person
is adjudged to be liable to the corporation, indemnification is not permitted unless, and only to
the extent that, the court in which the proceeding was brought, or any other court of competent
jurisdiction, determines upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for
expenses that the court deems proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;607.0850 further provides that a Florida corporation is required to indemnify a
director, officer, employee, or agent against expenses (including counsel&#146;s fees) actually and
reasonably incurred by the person in connection with defending any type of proceeding referred to
above or in defending any claim, issue, or matter involved in the proceeding as to which the person
has been successful on the merits or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a court order, a Florida corporation may provide indemnification only
as authorized in the specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he or she has met the applicable
standard of conduct. The determination is to be made:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the board of directors upon majority vote of a quorum consisting of
directors who were not party to the proceeding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a quorum is not obtainable, or, even if obtainable, by majority vote of
a committee consisting solely of two or more directors who are not parties to the
proceeding at the
time, duly designated by the board of directors (in which interested directors may
participate);</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by independent legal counsel selected by majority vote of the board of
directors who were not party to the proceeding or a committee so designated by the
board of directors; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by shareholders upon majority vote of a quorum consisting of shareholders
who were not parties to the proceeding or, if a quorum is not obtainable, by a majority
vote of shareholders who were not parties to the proceeding.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any indemnification provided for by Section&nbsp;607.0850 shall not be deemed exclusive of any
other rights to which the indemnified party may be entitled. A Florida corporation is entitled to
make any other or further indemnification of any of its directors, officers, employees, or agents,
under any bylaw, agreement, vote of shareholders or disinterested directors, or otherwise, both as
to action in his or her official capacity and as to action in another capacity while holding his or
her office. However, indemnification shall not be made to or on behalf of any director, officer,
employee, or agent if a judgment or other final adjudication establishes that his or her actions,
or omissions to act, were material to the cause of action so adjudicated and constitute:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a violation of criminal law, unless the director, officer, employee or
agent had reasonable cause to believe his or her conduct was lawful or had no
reasonable cause to believe his or her conduct was unlawful;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transaction from which the director, officer, employee or agent derived
an improper benefit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a director, a circumstance under which he is liable for an
unlawful distribution; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a willful misconduct or a conscious disregard for the best interests of the
corporation in a proceeding by or in the right of the corporation to procure a judgment
in its favor or in a proceeding by or in the right of a shareholder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification provided for by Section&nbsp;607.0850 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a director, officer, employee,
or agent and shall inure to the benefit of the person&#146;s heirs, executors, and administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Florida corporation may also purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the corporation or who is or was serving at the
request of the corporation as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust, or other enterprise, against any liability asserted against the
person and incurred by him or her in any such capacity or arising out of his or her status as such,
whether or not the corporation would have the power to indemnify the person against liability under
Section&nbsp;607.0850.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;XI of our articles of incorporation, as amended, and Article&nbsp;VII of our bylaws provide
for indemnification of our directors and officers to the fullest extent permitted by law, as now in
effect or later amended. Article&nbsp;VII of our bylaws provides that expenses incurred by a director
or officer in defending a civil or criminal action, suit, or proceeding may be paid by us in
advance of a final disposition upon receipt of an undertaking by or on behalf of the director or
officer to repay the advanced amount if he or she is ultimately found not to be entitled to
indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may provide liability insurance for each of our directors and officers for certain losses
arising from claims or charges made against them while acting in their capacities as directors or
officers. We currently maintain this type of liability insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we have entered into indemnification agreements with all of our directors
and executive officers whereby we have agreed to indemnify, and advance expenses to, each
indemnitee to the fullest extent permitted by applicable law. The indemnification agreements will
continue until and terminate upon the later of (i)&nbsp;ten years after the date that the indemnitee has
ceased to serve as a
director or officer for us or (ii)&nbsp;the final termination of all pending proceedings in respect
of which the indemnitee is granted rights of indemnification or advancement of expenses or any
proceeding commenced by the indemnitee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporated by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Reference from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>No. in Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-Plan
Option Agreement, dated as of October&nbsp;19, 2007, by and between
Ladenburg Thalmann Financial Services Inc. and Bruce A. Zwigard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">A
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10.2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Graubard Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Filed Herewith
</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Eisner LLP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Filed Herewith
</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Graubard Miller (Included in Exhibit&nbsp;5.1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#95;&#95;&#95;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (Included on Signature page)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#95;&#95;&#95;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">A.</TD>
    <TD>&nbsp;</TD>
    <TD>Current Report on Form 8-K, dated October&nbsp;19, 2007 and filed with the SEC on October
22, 2007.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement to include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Miami, State of Florida, on this 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day
of November, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap colspan="3" align="left">LADENBURG THALMANN FINANCIAL SERVICES INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Diane Chillemi
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Diane Chillemi&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Richard J. Lampen, Joseph Giovanniello, Jr. and Diane Chillemi and each of them, with full
power to act without the others, such person&#146;s true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for him and in his name, place and stead, in any and
all capacities, to sign any or all amendments to this registration statement, including
post-effective amendments, and to file the same, with all exhibits thereto, and all documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, and hereby ratifies and confirms all that
said attorneys-in-fact and agents, each acting alone, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top">/s/ Richard J. Lampen
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard J. Lampen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
President, Chief
Executive Officer and
Director (Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Diane Chillemi
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Diane Chillemi</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Chief
Financial Officer
(Principal Accounting and
Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Henry C. Beinstein
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Henry C. Beinstein</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert J. Eide
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert J. Eide</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Dr. Phillip Frost
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dr. Phillip Frost</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Brian S. Genson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Brian S. Genson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Saul Gilinski&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Saul Gilinski</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Dr. Richard Krasno
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dr. Richard Krasno</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 13, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Howard M. Lorber
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Howard M. Lorber</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Jeffrey S. Podell
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jeffrey S. Podell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Richard J. Rosenstock
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard J. Rosenstock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Mark Zeitchick
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Mark Zeitchick</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporated by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Reference from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No. in Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-Plan
Option Agreement, dated as of October&nbsp;19, 2007, by and between
Landenburg Thalmann Financial Services Inc. and Bruce A. Zwigard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10.2</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">5.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Opinion of Graubard Miller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Filed Herewith</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">23.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consent of Eisner LLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Filed Herewith</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">23.2</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consent of Graubard Miller (Included in Exhibit&nbsp;5.1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">24.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Power of Attorney (Included on Signature page)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">A.</TD>
    <TD>&nbsp;</TD>
    <TD>Current Report on Form 8-K, dated October&nbsp;19, 2007 and filed with the SEC on October&nbsp;22,
2007.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
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Ladenburg Thalmann Financial Services Inc.
As filed with the Securities and Exchange Commission on November 14, 2007
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
__________________
Ladenburg Thalmann Financial Services Inc.
(Exact Name of Registrant as Specified in Its Charter)
Florida
(State or Other Jurisdiction of
Incorporation or Organization)
65-0701248
(I.R.S. Employer
Identification Number)
4400
BISCAYNE BOULEVARD,
12
TH
FLOOR
MIAMI, FLORIDA 33137
(Address of Principal Executive Offices)
OPTION AGREEMENT
(Full Title of the Plan)
DIANE CHILLEMI
, Vice President and Chief Financial Officer
Ladenburg Thalmann Financial Services Inc.
4400 Biscayne Boulevard, 12
th
Floor
Miami, Florida 33137
(212) 409-2000
(Name, Address and Telephone Number, Including Area Code, of Agent For Service)
with a copy to:
DAVID ALAN MILLER, ESQ.
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Telephone: (212) 818-8800
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of Securities
Amount to be
offering price
aggregate
Amount of
to be registered
Registered
(1)
per share
(2)
offering price
(2)
registration fee
Common Stock, par value
$.0001 per share
("Common Stock"),
issuable under option
agreement ("Option
Agreement")
3,000,000
$
1.91
$
5,730,000
$
175.91
TOTAL
$
175.91
(1)
Pursuant to Rule 416, there are also being registered additional shares of common stock
as may become issuable as a result of anti-dilution provisions contained in such Option
Agreement.
(2)
Computed in accordance with Rule 457(h) promulgated under the Securities Act of 1933, as
amended, for the purpose of calculating the registration fee based on the $1.91 exercise price
of the options granted under the Option Agreement.
__________________
In accordance with the provisions of Rule 462 promulgated under the Securities Act, this
registration statement will become effective upon filing with the Securities and Exchange
Commission.
__________________
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
Not required to be filed with the Securities and Exchange Commission (the "SEC").
Item 2. Registrant Information and Employee Plan Annual Information.
Not required to be filed with the SEC.
2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents that we have previously filed with the SEC are incorporated by
reference in this registration statement:
•
our annual report on Form 10-K for the fiscal year ended December 31, 2006, as
amended on April 30, 2007;
•
our quarterly reports on Form 10-Q for the quarters ended March 31, 2007, June 30,
2007 and September 30, 2007;
•
our current report on Form 8-K dated December 31, 2006 and filed with the SEC on
January 3, 2007;
•
our current report on Form 8-K dated February 13, 2007 and filed with the SEC on
February 14, 2007, as amended on July 2, 2007;
•
our current report on Form 8-K dated and filed with the SEC on March 19, 2007;
•
our current report on Form 8-K dated March 30, 2007 and filed with the SEC on April
2, 2007;
•
our current report on Form 8-K dated May 8, 2007 and filed with the SEC on May 10,
2007;
•
our current report on Form 8-K dated and filed with the SEC on August 7, 2007;
•
our current report on Form 8-K dated September 20, 2007 and filed with the SEC on
September 21, 2007;
•
our current report on Form 8-K dated October 2, 2007 and filed with the SEC on
October 5, 2007;
•
our current report on Form 8-K dated October 19, 2007 and filed with the SEC on
October 22, 2007;
•
our current report on Form 8-K dated and filed with the SEC on November 09, 2007;
and
•
the description of our common stock, par value $.0001 per share, contained in our
registration statement on Form 8-A (No. 1-15799) filed with the SEC pursuant to Section
12(b) of the Securities Exchange Act of 1934, including any subsequent amendments or
reports filed for the purpose of updating this description.
All documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold, will
be deemed to be incorporated by reference in this registration statement and to be a part of this
registration statement from the respective date of filing. Any statement contained in a document
incorporated by reference in this registration statement will be modified or superseded for all
purposes to the extent that a statement contained in this registration statement or in any other
subsequently filed document which is incorporated by reference modifies or replaces the statement.
Item 4. Description of Securities.
Our common stock is registered under Section 12(b) of the Exchange Act.
3
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 607.0850 of the 1989 Business Corporation Act of the State of Florida empowers a
Florida corporation to indemnify any person who was or is a party to any threatened, pending, or
completed action, suit, or other type of proceeding, whether civil, criminal, administrative, or
investigative and whether formal or informal (other than an action by, or in the right of, the
corporation) by reason of the fact that he or she is or was a director, officer, employee, or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise
against liability including any obligation to pay a judgment, settlement, penalty, fine (including
an excise tax assessed with respect to any employee benefit plan), and expenses (including
counsel's fees) actually and reasonably incurred in connection with the proceeding and any
subsequent appeals, if he or she acted in good faith and in a manner that he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation and, with respect to
any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was
unlawful. The termination of any proceeding by judgment, order, settlement, or conviction or upon a
plea of nolo contendere or its equivalent does not, of itself, create a presumption that the person
did not act in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the corporation or, with respect to any criminal action or
proceeding, had reasonable cause to believe that his or her conduct was unlawful.
In the case of an action by or in the right of the corporation, Section 607.0850 empowers a
corporation to indemnify any person who was or is a party to any threatened, pending, or completed
action, suit, or other type of proceeding, whether civil, criminal, administrative, or
investigative and whether formal or informal, in any of the capacities set forth above against
expenses (including counsel's fees for the proceeding as well as for any appeal) and amounts paid
in settlement not exceeding, in the judgment of the board of directors, the estimated expense of
litigating the proceeding to conclusion, actually and reasonably incurred in connection with the
defense or settlement of the proceeding or any subsequent appeals, if the person acted in good
faith and in a manner that he or she reasonably believed to be in or not opposed to the best
interests of the corporation. With respect to any claim, issue, or matter as to which the person
is adjudged to be liable to the corporation, indemnification is not permitted unless, and only to
the extent that, the court in which the proceeding was brought, or any other court of competent
jurisdiction, determines upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for
expenses that the court deems proper.
Section 607.0850 further provides that a Florida corporation is required to indemnify a
director, officer, employee, or agent against expenses (including counsel's fees) actually and
reasonably incurred by the person in connection with defending any type of proceeding referred to
above or in defending any claim, issue, or matter involved in the proceeding as to which the person
has been successful on the merits or otherwise.
Other than pursuant to a court order, a Florida corporation may provide indemnification only
as authorized in the specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he or she has met the applicable
standard of conduct. The determination is to be made:
•
by the board of directors upon majority vote of a quorum consisting of
directors who were not party to the proceeding;
•
if a quorum is not obtainable, or, even if obtainable, by majority vote of
a committee consisting solely of two or more directors who are not parties to the
proceeding at the
time, duly designated by the board of directors (in which interested directors may
participate);
4
•
by independent legal counsel selected by majority vote of the board of
directors who were not party to the proceeding or a committee so designated by the
board of directors; or
•
by shareholders upon majority vote of a quorum consisting of shareholders
who were not parties to the proceeding or, if a quorum is not obtainable, by a majority
vote of shareholders who were not parties to the proceeding.
Any indemnification provided for by Section 607.0850 shall not be deemed exclusive of any
other rights to which the indemnified party may be entitled. A Florida corporation is entitled to
make any other or further indemnification of any of its directors, officers, employees, or agents,
under any bylaw, agreement, vote of shareholders or disinterested directors, or otherwise, both as
to action in his or her official capacity and as to action in another capacity while holding his or
her office. However, indemnification shall not be made to or on behalf of any director, officer,
employee, or agent if a judgment or other final adjudication establishes that his or her actions,
or omissions to act, were material to the cause of action so adjudicated and constitute:
•
a violation of criminal law, unless the director, officer, employee or
agent had reasonable cause to believe his or her conduct was lawful or had no
reasonable cause to believe his or her conduct was unlawful;
•
a transaction from which the director, officer, employee or agent derived
an improper benefit;
•
in the case of a director, a circumstance under which he is liable for an
unlawful distribution; or
•
a willful misconduct or a conscious disregard for the best interests of the
corporation in a proceeding by or in the right of the corporation to procure a judgment
in its favor or in a proceeding by or in the right of a shareholder.
Indemnification provided for by Section 607.0850 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a director, officer, employee,
or agent and shall inure to the benefit of the person's heirs, executors, and administrators.
A Florida corporation may also purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the corporation or who is or was serving at the
request of the corporation as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust, or other enterprise, against any liability asserted against the
person and incurred by him or her in any such capacity or arising out of his or her status as such,
whether or not the corporation would have the power to indemnify the person against liability under
Section 607.0850.
Article XI of our articles of incorporation, as amended, and Article VII of our bylaws provide
for indemnification of our directors and officers to the fullest extent permitted by law, as now in
effect or later amended. Article VII of our bylaws provides that expenses incurred by a director
or officer in defending a civil or criminal action, suit, or proceeding may be paid by us in
advance of a final disposition upon receipt of an undertaking by or on behalf of the director or
officer to repay the advanced amount if he or she is ultimately found not to be entitled to
indemnification.
We may provide liability insurance for each of our directors and officers for certain losses
arising from claims or charges made against them while acting in their capacities as directors or
officers. We currently maintain this type of liability insurance.
Additionally, we have entered into indemnification agreements with all of our directors
and executive officers whereby we have agreed to indemnify, and advance expenses to, each
indemnitee to the fullest extent permitted by applicable law. The indemnification agreements will
continue until and terminate upon the later of (i) ten years after the date that the indemnitee has
ceased to serve as a
director or officer for us or (ii) the final termination of all pending proceedings in respect
of which the indemnitee is granted rights of indemnification or advancement of expenses or any
proceeding commenced by the indemnitee.
5
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
Incorporated by
Reference from
Exhibit No.
Description
Document
No. in Document
4.1
Non-Plan
Option Agreement, dated as of October 19, 2007, by and between
Ladenburg Thalmann Financial Services Inc. and Bruce A. Zwigard
A
10.2
5.1
Opinion of Graubard Miller
___
Filed Herewith
23.1
Consent of Eisner LLP
___
Filed Herewith
23.2
Consent of Graubard Miller (Included in Exhibit 5.1)
___
___
24.1
Power of Attorney (Included on Signature page)
___
___
A.
Current Report on Form 8-K, dated October 19, 2007 and filed with the SEC on October
22, 2007.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement to include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Miami, State of Florida, on this 14
th
day
of November, 2007.
LADENBURG THALMANN FINANCIAL SERVICES INC.
By:
/s/ Diane Chillemi
Name:
Diane Chillemi
Title:
Vice President and Chief Financial Officer
7
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Richard J. Lampen, Joseph Giovanniello, Jr. and Diane Chillemi and each of them, with full
power to act without the others, such person's true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for him and in his name, place and stead, in any and
all capacities, to sign any or all amendments to this registration statement, including
post-effective amendments, and to file the same, with all exhibits thereto, and all documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, and hereby ratifies and confirms all that
said attorneys-in-fact and agents, each acting alone, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Richard J. Lampen
Richard J. Lampen
President, Chief
Executive Officer and
Director (Principal
Executive Officer)
November 14, 2007
/s/ Diane Chillemi
Diane Chillemi
Vice President and Chief
Financial Officer
(Principal Accounting and
Financial Officer)
November 14, 2007
/s/ Henry C. Beinstein
Henry C. Beinstein
Director
November 14, 2007
/s/ Robert J. Eide
Robert J. Eide
Director
November 14, 2007
/s/ Dr. Phillip Frost
Dr. Phillip Frost
Director
November 14, 2007
/s/ Brian S. Genson
Brian S. Genson
Director
November 14, 2007
/s/ Saul Gilinski
Saul Gilinski
Director
November 14, 2007
/s/ Dr. Richard Krasno
Dr. Richard Krasno
Director
November 13, 2007
/s/ Howard M. Lorber
Howard M. Lorber
Director
November 14, 2007
/s/ Jeffrey S. Podell
Jeffrey S. Podell
Director
November 14, 2007
/s/ Richard J. Rosenstock
Richard J. Rosenstock
Director
November 14, 2007
/s/ Mark Zeitchick
Mark Zeitchick
Director
November 14, 2007
8
EXHIBIT INDEX
Incorporated by
Reference from
Exhibit No.
Description
Document
No. in Document
4.1
Non-Plan
Option Agreement, dated as of October 19, 2007, by and between
Landenburg Thalmann Financial Services Inc. and Bruce A. Zwigard
A
10.2
5.1
Opinion of Graubard Miller
—
Filed Herewith
23.1
Consent of Eisner LLP
—
Filed Herewith
23.2
Consent of Graubard Miller (Included in Exhibit 5.1)
—
—
24.1
Power of Attorney (Included on Signature page)
—
—
A.
Current Report on Form 8-K, dated October 19, 2007 and filed with the SEC on October 22,
2007.