Sec Form 3 Filing - Juniper Investment Company, LLC @ LINCOLN EDUCATIONAL SERVICES CORP - 2019-11-14

FORM 3 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 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 Juniper Investment Company, LLC 2. Issuer Name and Ticker or Trading Symbol LINCOLN EDUCATIONAL SERVICES CORP [ LINC] 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) 555 MADISON AVE, 24TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 11/14/2019 (Street) NEW YORK, NY10022 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 452,413 I Juniper Targeted Opportunity Fund, L.P. ( 1 ) Common Stock 16,393 I Alexis P. Michas ( 2 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 Series A Convertible Preferred Stock ( 3 ) ( 3 ) ( 3 ) Common Stock 4,745,764 I See footnotes ( 4 ) ( 5 ) ( 6 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Juniper Investment Company, LLC 555 MADISON AVE 24TH FLOOR NEW YORK, NY10022 X Juniper Targeted Opportunities, LP 555 MADISON AVENUE, 24TH FLOOR NEW YORK, NY10022 X MICHAS ALEXIS P 555 MADISON AVE 24TH FLOOR NEW YORK, NY10022 X Bartholdson John A. 555 MADISON AVE 24TH FLOOR NEW YORK, NY10022 X X Signatures Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, Managing Member of Juniper Investment Company, LLC 11/22/2019 Signature of Reporting Person Date Juniper Targeted Opportunities, L.P., By: Juniper TO Investors, LLC, its general partner, By: /s/ John A. Bartholdson, Managing Member of Juniper TO Investors, LLC 11/22/2019 Signature of Reporting Person Date /s/ Alexis P. Michas 11/22/2019 Signature of Reporting Person Date /s/ John A. Bartholdson 11/22/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents securities held of record by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund"). ( 2 )Represents securities held of record by Alexis P. Michas. ( 3 )The Series A Convertible Preferred Stock ("Series A") is convertible into the Issuer's Common Stock on a 423.729-for-one basis at any time at the holder's election and has no expiration date. Beginning on November 14, 2022, the holder may be required by the Issuer to convert the Series A into Common Stock upon satisfaction of certain requirements. ( 4 )Represents securities held of record by Juniper Fund, with respect to 3,500 Series A that on a 423.729-for-one basis convert into 1,483,051 shares of Issuer's Common Stock, and Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities"), with respect to 7,700 Series A that on a 423.729-for-one basis convert into 3,262,713 shares of Issuer's Common Stock. ( 5 )Juniper Investment Company, LLC ("Juniper Investment") is the investment manager of Juniper Fund and Juniper Targeted Opportunities and may be deemed to beneficially own the securities held by Juniper Fund and Juniper Targeted Opportunities. Alexis P. Michas and John A. Bartholdson ("Managing Members") are the managing members of Juniper Investment, Juniper HF Investors II, LLC (the general partner of Juniper Fund) and Juniper TO Investors, LLC (the general partner of Juniper Targeted Opportunities), through which the Managing Members may be deemed to have an indirect beneficial ownership with respect to the securities held by Juniper Fund and Juniper Targeted Opportunities. On November 14, 2019, Mr. Bartholdson was appointed to the board of directors of the Issuer. ( 6 )Each Reporting Person disclaims beneficial ownership of all interests reported on this Form 3 except to the extent of such Reporting Person's pecuniary interests.

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).

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