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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PAULSEN WILLIAM F 		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., 3 WFC, 200 VESEY STREET, 10TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/10/2008
(Street)

NEW YORK, NY 10281-1010
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   11/10/2008     P    5875   A $1.12   20000   (1) D    
Common Stock   11/10/2008     P    17700   A $1.12   40075   (2) I   Foundation   (3)
Common Stock   11/11/2008     P    38207   A $1.12   78282   (4) I   Foundation   (5)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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

Explanation of Responses:
( 1)  Excludes 78,282 shares of Common Stock owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest. Excludes 30,587 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. Excludes 2,000 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 2,000 of such restricted stock units vest on June 10, 2009.
( 2)  Owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest.
( 3)  For The Paulsen Foundation, for which the Reporting Person serves as president.
( 4)  Owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest.
( 5)  For The Paulsen Foundation, for which the Reporting Person serves as president.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
PAULSEN WILLIAM F
C/O CRYSTAL RIVER CAPITAL, INC.
3 WFC, 200 VESEY STREET, 10TH FLOOR
NEW YORK, NY 10281-1010 		X



Signatures
/s/ John J. Feeney, Jr., on behalf of William F. Paulsen 10/12/2008
** Signature of Reporting Person Date


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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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