Gulfstream International Group Inc - Statement of Changes in Beneficial Ownership (4)

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	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	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 * HAILEY DOUGLAS	2. Issuer Name and Ticker or Trading Symbol GULFSTREAM INTERNATIONAL GROUP INC [ GIA ]	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 GULFSTREAM INTERNATIONAL GROUP, INC., 3201 GRIFFIN ROAD, 4TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY) 9/19/2008
(Street) FORT LAUDERDALE, FL 33312 (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

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
Warrant	$3.20	9/19/2008		P		225000   (1)		9/19/2008	9/19/2014	Common Stock	225000   (1)	(2)	225000   (1)	I	See Footnote   (3)
Convertible Debenture	$3.00	9/19/2008		P		333333   (4)		9/19/2008	11/19/2011	Common Stock	333333   (4)	(2)	333333   (4)	I	See Footnote   (3)

Explanation of Responses:
( 1)	Upon conversion in full of the convertible debenture, the number of shares issueable under the warrant would decrease by 58,333.
( 2)	Gulfstream Funding, LLC purchased the convertible debenture and the warrant for $1,000,000.
( 3)	The convertible debenture and the warrant are owned by Gulfstream Funding, LLC and Douglas Haily holds a 10% interest in Gulfstream Funding, LLC. Mr. Haily disclaims beneficial ownership of the convertible debenture and the warrant in excess of his 10% interest in Gulfstream Funding, LLC.
( 4)	The debenture is convertible into the number of shares obtained by dividing the aggregate amount of principal of and accrued interest on the debenture by $3.00.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HAILEY DOUGLAS C/O GULFSTREAM INTERNATIONAL GROUP, INC. 3201 GRIFFIN ROAD, 4TH FLOOR FORT LAUDERDALE, FL 33312	X

Signatures
/s/ Robert M. Brown, Attorney-in-Fact		9/23/2008
** 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).
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