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 *
STILLWATER LLC
   2. Issuer Name and Ticker or Trading Symbol
EMAGIN CORP [EMA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
15 EAST 62ND STREET		 3. Date of Earliest Transaction (Month/Day/Year)
07/21/2006
(Street)

NEW YORK, NY 10021		 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)
Code V Amount (A) or (D) Price
Common Stock               7,606,819 D  
Common Stock               2,628,417 I By Rainbow Gate Corporation (1)

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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Purchase Warrants (right to buy) $ 0.26 07/21/2006   P   1,923,076   07/21/2006 12/14/2006 Common Stock 1,923,076 (2) 1,923,076 D  
6% Secured Convertible Note $ 0.26 07/21/2006   P   2,692,307   07/21/2006 01/21/2008(3) Common Stock 2,692,307 $ 700,000 2,692,307 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) $ 0.36 07/21/2006   P   1,884,615   07/21/2006 07/21/2011 Common Stock 1,884,615 (4) 1,884,615 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) $ 0.81 04/25/2006   H     3,358,300 04/25/2003 04/25/2006 Common Stock 3,358,300 (9) 0 D  
Stock Purchase Warrants (right to buy) $ 2.76 12/31/2005   H     776,642 03/03/2004 12/31/2005 Common Stock 776,642 (9) 0 D  
Stock Purchase Warrants (right to buy) (5)               (5)   (5) Common Stock 300,000   300,000 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 517,760   517,760 D  
Stock Purchase Warrants (right to buy) (7)               (7)   (7) Common Stock 297,419   297,419 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (8)               (8)   (8) Common Stock 545,454   545,454 I By Rainbow Gate Corporation (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
STILLWATER LLC
15 EAST 62ND STREET
NEW YORK, NY 10021		     X    

Signatures

 /s/ Mortimer D.A. Sackler   07/25/2006
**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) These securities are owned solely by Rainbow Gate Corporation. The sole member of Stillwater LLC is the investment manager of Rainbow Gate Corporation, and this report shall not be deemed an admission that Stillwater LLC is the beneficial owner of these securities except to the extent of its pecuniary interest therein.
(2) The Stock Purchase Warrants were acquired on July 21, 2006 as part of a private placement by the Issuer. Subject to certain conditions contained in the Note Purchase Agreement between the Issuer and the Reporting Person dated July 21, 2006, the Reporting Person is obligated to exercise this warrant prior to December 14, 2006 or purchase up to $500,000 of secured notes and warrants to the extent this warrant is not exercised or other conditions in the Note Purchase Agreement have not been satisfied.
(3) 50% of the Principal amount of the 6% Secured Convertible Note matures on July 21, 2007.
(4) The Stock Purchase Warrants were acquired on July 21, 2006 as part of a private placement by the Issuer.
(5) The warrants to purchase Issuer's Common Stock have an exercise price of $0.4257 per share, are exercisable immediately, and will expire on June 20, 2007.
(6) The warrants to purchase Issuer's Common Stock have an exercise price of $2.76 per share, are exercisable immediately, and will expire on June 10, 2008.
(7) The warrants to purchase Issuer's Common Stock have an exercise price of $0.86 per share, are exercisable immediately, and will expire on April 25, 2010. In connection with the sale by the Issuer of Secured Notes and Stock Purchase Warrants described in the Issuer's Form 8-K filed on July 25, 2006, the exercise price of the warrants was adjusted from $1.09 per share to $0.86 per share in accordance with the terms of the original warrant.
(8) The warrants to purchase Issuer's Common Stock have an exercise price of $1.00 per share, 363,636 shares of Common Stock are exercisable immediately and 181,818 shares of Common Stock are exercisable on or after March 31, 2007 subject to certain conditions, and they all will have an expiration date of October 20, 2010. The Stock Purchase Warrants were acquired on October 26, 2005 as part of a private placement by the Issuer.
(9) These warrants expired and were not exercised by the Reporting Person.

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