SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, 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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1. Name and Address of Reporting Person* ASPEN ADVISORS LLC (Last) (First) (Middle) 152 WEST 57TH STREET 46TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 11/10/2004	3. Issuer Name and Ticker or Trading Symbol NES RENTALS HOLDINGS INC [ NLEQ.PK ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $.001 per share	2,102,849	I	Through a partnership and managed accounts ( 1 ) ( 2 )

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* ASPEN ADVISORS LLC (Last) (First) (Middle) 152 WEST 57TH STREET 46TH FLOOR (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* ASPEN PARTNERS SERIES A (Last) (First) (Middle) C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET (Street) NEW YORK NY 100919 (City) (State) (Zip)

1. Name and Address of Reporting Person* ASPEN CAPITAL LLC (Last) (First) (Middle) C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* HECHT NIKOS (Last) (First) (Middle) C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET (Street) NEW YORK NY 10029 (City) (State) (Zip)

Explanation of Responses:

1. Of the 2,102,849 shares reported in Table I, 1,307,866 shares are owned by Aspen Partners, Series A, a series of Aspen Capital Partners LP, a Delaware limited partnership (the "Partnership"), and 794,983 shares are owned by private institutional accounts (the "Managed Accounts") managed by Aspen Advisors LLC, a Delaware limited liability company (the "Advisor"). Aspen Capital LLC, a Delaware limited liability company (the "General Partner"), is the general partner of the Partnership. The Advisor is also the investment manager of the Partnership. The Partnership and the General Partner disclaim any beneficial interest in the securities owned by the Managed Accounts, and the General Partner disclaims any beneficial interest in the securities owned by the Partnership in excess of a 1.31% pecuniary interest therein, calculated in accordance with Rules 16a-1(a)(2) and (a)(3) under the Exchange Act.

2. The Advisor disclaims any beneficial interest in the shares owned by the Partnership and the Managed Accounts. Mr. Nikos Hecht is the managing member of the General Partner and of the Advisor. By virtue of such status, he may be deemed the beneficial owner of the shares held by the Partnership and the Managed Accounts under Regulation 13D-G under the Exchange Act. Mr. Hecht disclaims any beneficial interest in the shares owned by the Partnership other than a 0.81% pecuniary interest in such shares, calculated in accordance with Rules 16a-1(a)(2) and (a)(3). He disclaims any beneficial interest in the shares owned by the Managed Accounts. Except as expressly acknowledged herein, this report shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, any such securities for purposes of Section 16 of the Exchange Act or for any other purpose.

Remarks:

	Nikos Hecht, Managing Member	11/22/2004
	Aspen Partners, Series A, a series of Aspen Capital Partners, LP, by Aspen Capital LLC, General Partner, by Nikos Hecht, Managing Member	11/22/2004
	Aspen Capital LLC, by Nikos Hecht, Managing Member	11/22/2004
	Nikos Hecht	11/22/2004
	** Signature of Reporting Person	Date
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