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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

STEELHEAD PARTNERS LLC 		2. Issuer Name and Ticker or Trading Symbol

NATIONAL COAL CORP [ NCOC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
See footnotes
(Last)          (First)          (Middle)

333 108TH AVE. NE, SUITE 2010 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/1/2010
(Street)

BELLEVUE, WA 98004
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock par value $.0001 per share   10/1/2010     S    385000   D $.975   849712   I   See footnotes   (1) (2) (3)
Common Stock par value $.0001 per share   10/1/2010     S    7000   D $.9758   842712   I   See footnotes   (1) (2) (3)
Common Stock par value $.0001 per share   10/4/2010     S    30000   D $.975   812712   I   See footnotes   (1) (2) (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  The reporting persons are: (i) Steelhead Partners, LLC ("Steelhead"), a registered investment advisor within the meaning of Rule 16a-1(a)(1)(v) under the Exchange Act; and (ii) each of James Michael Johnston and Brian Katz Klein, Steelhead's member-managers.
( 2)  The shares of common stock reported on this Form 4 are directly held by Steelhead Navigator Master, L.P. ("Navigator"). Steelhead is the investment manager of Navigator. As a greater than 10% beneficial owner, Navigator is separately reporting this transaction in the issuer's securities on a Form 4 filed concurrently herewith.
( 3)  Steelhead and the other reporting persons may be deemed to beneficially own the securities owned by Navigator insofar as they may be deemed to have the power to direct the voting or disposition of such securities. The reporting persons have elected therefore to file this Form 4 voluntarily, notwithstanding the reporting exemption applicable to registered investment advisors under Rule 16a-1(a)(1)(v) and to control persons under Rule 16a-1(a)(1)(vii). The filing of this Form 4 should not, however, be deemed an admission by any of the reporting persons that such person falls outside the scope of the foregoing exemptions, or that the reporting persons and/or Navigator form a group within the meaning of Rule 16a-1(a)(1). Each of Steelhead, Mr. Johnston, Mr. Klein and Navigator expressly disclaims beneficial ownership in these securities, except to the extent of their respective pecuniary interests therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
STEELHEAD PARTNERS LLC
333 108TH AVE. NE
SUITE 2010
BELLEVUE, WA 98004


See footnotes
JOHNSTON JAMES MICHAEL
333 108TH AVE. NE
SUITE 2010
BELLEVUE, WA 98004


See footnotes
KLEIN BRIAN KATZ
333 108TH AVE. NE
SUITE 2010
BELLEVUE, WA 98004


See footnotes

Signatures
Steelhead Partners, LLC; By: James Michael Johnston, its Member-Manager; /s/ James Michael Johnston 10/5/2010
** Signature of Reporting Person Date

James Michael Johnston; /s/ James Michael Johnston 10/5/2010
** Signature of Reporting Person Date

Brian Katz Klein; /s/ Brian Katz Klein 10/5/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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