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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G/A
                                 (Amendment No. 1)

                    Under the Securities Exchange Act of 1934



                        Penn Treaty American Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)


                          Common Stock, par value $0.10
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    707874103
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2005
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

          [_] Rule 13d-1(b)

          [X] Rule 13d-1(c)

          [_] Rule 13d-1(d)

----------
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. 707874103
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     LC Capital Master Fund, Ltd.

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     0

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     0

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                     [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     0%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     CO
--------------------------------------------------------------------------------



CUSIP No. 707874103
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Lampe, Conway & Co., LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     0

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     0

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                     [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     0%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     CO

--------------------------------------------------------------------------------



CUSIP No. 707874103
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Steven G. Lampe

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     0

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     0

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                     [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     0%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN

--------------------------------------------------------------------------------



CUSIP No. 707874103
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Richard F. Conway

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     0

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     0

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                     [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     0%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN

--------------------------------------------------------------------------------



CUSIP No. 707874103
          ---------------------

Item 1(a).  Name of Issuer:

            Penn Treaty American Corporation
            --------------------------------------------------------------------

      (b).  Address of Issuer's Principal Executive Offices:

            3440 Lehigh Street
            Allentown, PA  18103
            --------------------------------------------------------------------

Item 2(a).  Name of Person Filing:

            LC Capital Master Fund, Ltd.
            Lampe, Conway & Co., LLC
            Steven G. Lampe
            Richard F. Conway
            --------------------------------------------------------------------

      (b).  Address of Principal Business Office, or if None, Residence:

            LC Capital Master Fund, Ltd.
            c/o Trident Fund Services (B.V.I.) Limited
            P.O. Box 146
            Waterfront Drive
            Wickhams Cay
            Road Town, Tortola
            British Virgin Islands

            Lampe, Conway & Co., LLC
            Steven G. Lampe
            Richard F. Conway
            680 Fifth Avenue
            Suite 1202
            New York, New York  10019
            --------------------------------------------------------------------

      (c).  Citizenship:

            LC Capital Master Fund, Ltd. - Cayman Islands exempted company
            Lampe, Conway & Co., LLC - Delaware limited liability company
            Steven G. Lampe - United States
            Richard F. Conway - United States
            --------------------------------------------------------------------

      (d).  Title of Class of Securities:

            Common Stock, par value $0.10
            --------------------------------------------------------------------

      (e).  CUSIP Number:

            707874103
            --------------------------------------------------------------------

Item 3.   If This Statement is filed pursuant to ss.240.13d-1(b) or
          240.13d-2(b), or (c), check whether the person filing is a:

     (a)  [_] Broker or dealer registered under Section 15 of the Exchange Act
              (15 U.S.C. 78c).

     (b)  [_] Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C.
              78c).

     (c)  [_] Insurance company as defined in Section 3(a)(19) of the Exchange
              Act (15 U.S.C. 78c).

     (d)  [_] Investment company registered under Section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).

     (e)  [_] An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E);

     (f)  [_] An employee benefit plan or endowment fund in accordance with
              s.240.13d-1(b)(1)(ii)(F);

     (g)  [_] A parent holding company or control person in accordance with Rule
              13d-1(b)(1)(ii)(G);

     (h)  [_] A savings association as defined in Section 3(b) of the Federal
              Deposit Insurance Act (12 U.S.C.1813);

     (i)  [_] A church plan that is excluded from the definition of an
              investment company under Section 3(c)(14) of the Investment
              Company Act of 1940 (15 U.S.C. 80a-3);

     (j)  [_] Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

Item 4.   Ownership.

     (a)  Amount beneficially owned:

          LC Capital Master Fund, Ltd. - 0
          Lampe, Conway & Co., LLC - 0
          Steven G. Lampe - 0
          Richard F. Conway - 0
          ----------------------------------------------------------------------

     (b)  Percent of class:

          LC Capital Master Fund, Ltd. - 0%
          Lampe, Conway & Co., LLC - 0%
          Steven G. Lampe - 0
          Richard F. Conway - 0%
          ----------------------------------------------------------------------

     (c)  Number of shares as to which the person has:

          (i) Sole power to vote or to direct the vote

              Not Applicable

         (ii) Shared power to vote or to direct the vote

              LC Capital Master Fund, Ltd. - 0
              Lampe, Conway & Co., LLC - 0
              Steven G. Lampe - 0
              Richard F. Conway - 0

        (iii) Sole power to dispose or to direct the disposition of

              Not Applicable

        (iv)  Shared power to dispose or to direct the disposition of

              LC Capital Master Fund, Ltd. - 0
              Lampe, Conway & Co., LLC - 0
              Steven G. Lampe - 0
              Richard F. Conway - 0

Item 5.   Ownership of Five Percent or Less of a Class.

          Yes
          ----------------------------------------------------------------------

Item 6.   Ownership of More Than Five Percent on Behalf of Another Person.

          Not Applicable
          ----------------------------------------------------------------------

Item 7.   Identification and Classification of the Subsidiary Which Acquired
          the Security Being Reported on by the Parent Holding Company or
          Control Person.

          Not Applicable
          ----------------------------------------------------------------------

Item 8.   Identification  and  Classification  of Members of the Group.

          Not Applicable
          ----------------------------------------------------------------------

Item 9.   Notice of Dissolution of Group.

          Not Applicable
          ----------------------------------------------------------------------

Item 10.  Certification.

          By signing below I certify that, to the best of my knowledge and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or influencing
          the control of the issuer of the securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.


     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



                                                 LC Capital Master Fund, Ltd. *

                                                 By: /s/ Richard F. Conway
                                                     ---------------------
                                                     Name:  Richard F. Conway
                                                     Title: Director
                                                     Date: February 6, 2006

                                                 Lampe, Conway & Co., LLC*

                                                 By: /s/ Richard F. Conway
                                                     ---------------------
                                                     Name:  Richard F. Conway
                                                     Title: Managing Member
                                                     Date: February 6, 2006

                                                 /s/ Steven G. Lampe*
                                                 ---------------------
                                                     Name: Steven G. Lampe
                                                     Date: February 6, 2006


                                                 /s/ Richard F. Conway*
                                                 ---------------------
                                                     Name: Richard F. Conway
                                                     Date: February 6, 2006

*The Reporting Persons disclaim beneficial ownership in the shares reported
herein except to the extent of their pecuniary interest therein.




                                                                       Exhibit A


                                    AGREEMENT

The undersigned agree that this Schedule 13G dated  February 6, 2006
relating to the Common Stock, par value $0.10, of Penn Treaty America
Corporation, Inc. shall be filed on behalf of the undersigned.

                                                 LC Capital Master Fund, Ltd. *

                                                 By: /s/ Richard F. Conway
                                                     ---------------------
                                                     Name:  Richard F. Conway
                                                     Title: Director
                                                     Date: February 6, 2006

                                                 Lampe, Conway & Co., LLC*

                                                 By: /s/ Richard F. Conway
                                                     ---------------------
                                                     Name:  Richard F. Conway
                                                     Title: Managing Member
                                                     Date: February 6, 2006

                                                 /s/ Steven G. Lampe*
                                                 ---------------------
                                                     Name: Steven G. Lampe
                                                     Date: February 6, 2006


                                                 /s/ Richard F. Conway*
                                                 ---------------------
                                                     Name: Richard F. Conway
                                                     Date: February 6, 2006



*The Reporting Persons disclaim beneficial ownership in the shares reported
herein except to the extent of their pecuniary interest therein.




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