Edgar Filing: DRAKE RODMAN L

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 ^*

DRAKE RODMAN L

2. Issuer Name and Ticker or Trading Symbol
Crystal River Capital, Inc. [CRZ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

C/O CRYSTAL RIVER CAPITAL, INC., THREE WFC, 200 VESEY STREET, 10TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2008

(Street)

NEW YORK, NY 10281-1010

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 ⁽¹⁾	03/15/2008		A		2,119	A	⁽²⁾	10,590 ⁽³⁾	D

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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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
DRAKE RODMAN L C/O CRYSTAL RIVER CAPITAL, INC. THREE WFC, 200 VESEY STREET, 10TH FLOOR NEW YORK, NY 10281-1010	X

Signatures

/s/ John J. Feeney, Jr., on behalf of Rodman L. Drake		03/17/2008
^**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)	Deferred stock units awarded pursuant to the Issuer's 2005 Long-Term Incentive Plan (the "Plan") that are to be settled in common stock ("Common Stock") of Crystal River Capital, Inc. (the "Issuer") on a one-for-one basis in one installment that is issued on the date on which the Reporting Person ceases to be a director of the Issuer.
(2)	Represents deferred stock units credited to the account of the Reporting Person which convert to shares of Common Stock of the Issuer on a one-for-one basis. The number of shares of Common Stock subject to the deferred stock units credited to the Reporting Person was determined by dividing (1) the quarterly director's fee of $12,500 and the Lead Independent Director's fee of $10,000 paid by the Issuer on March 15, 2008 by (2) the closing price of the Common Stock on the New York Stock Exchange on March 14, 2008.
(3)	Excludes 1200 shares of Common Stock owned by Leland R. Drake Marital Trust, for which the Reporting Person serves as trustee. Excludes 18,777 shares of Common Stock owned by the Reporting Person. Excludes 2000 restricted stock units awarded pursuant to the Plan that vest over time and are settled in Issuer deferred stock units upon vesting, which deferred stock units are to be settled in Issuer Common Stock on a one-for-one basis on the date on which the Reporting Person ceases to be a director of the Issuer. All 2000 of such restricted stock units vest on June 12, 2008.

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