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) 01/13/2005 (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 01/05/2005   X   1,276,356 A $ 0.5469 7,698,139 D   Common Stock 12/30/2004   G V 91,320 D $ 0 7,606,819 D   Common Stock               1,646,054 I By Rainbow Gate Corporation (1)

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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)	$ 0.5469	01/13/2005		X			1,276,356	01/14/2004	01/14/2005	Common Stock	1,276,356	(2)	0	D
Stock Purchase Warrants (right to buy)	(3)							(3)	(3)	Common Stock	3,358,300		3,358,300	D
Stock Purchase Warrants (right to buy)	(4)							(4)	(4)	Common Stock	300,000		300,000	D
Stock Purchase Warrants (right to buy)	(5)							(5)	(5)	Common Stock	776,642		776,642	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	289,310		289,310	I	By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy)	(8)							(8)	(8)	Common Stock	297,419		297,419	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		01/17/2005
**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 January 14, 2002 as part of the amendment and waiver to the $200,000 9% Secured Convertible Note that was originally issued in a private placement by the Issuer on November 27, 2001 and the $1,000,000 9% Secured Convertible Note that was issued in a private placement by the Issuer on January 14, 2002.
(3)	The warrants to purchase Issuer's Common Stock have an exercise price of $0.8110 per share, are exercisable immediately, and have an expiration date of April 25, 2006.
(4)	The warrants to purchase Issuer's Common Stock have an exercise price of $0.4257 per share and have an expiration date of June 20, 2007, however, they may not be exercised by the Reporting Person so long as the Reporting Person is the beneficial owner, directly or indirectly, of more than ten percent (10%) of the Common Stock for purposes of Section 16 of the Securities Exchange Act of 1934.
(5)	The warrants to purchase Issuer's Common Stock have an exercise price of $2.76 per share, are exercisable immediately, and will expire on December 31, 2005.
(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 $0.7542 per share, are exercisable immediately, and have an expiration date of February 28, 2005.
(8)	The warrants to purchase Issuer's Common Stock have an exercise price of $1.21 per share, are exercisable beginning on April 25, 2005 and will expire on April 25, 2010.

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