- 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 * 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) 11/7/2008
(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	11/7/2008		P		2830	A	$1.12	18575	I   (1)	Foundation   (2)
Common Stock	11/7/2008		P		3800	A	$1.11	22375	I   (3)	Foundation   (4)
Common Stock	11/7/2008		P		14125	A	$1.12	14125   (5)	D

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)	Owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest.
( 2)	For the The Paulsen Foundation, for which the Reporting Person serves as president.
( 3)	Owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest.
( 4)	For The Paulsen Foundation, for which the Reporting Person serves as president.
( 5)	Excludes 22,375 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. Exludes 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 cease to be a director of the Issuer. All 2,000 of such restricted stock units vest on June 10, 2009.

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/ Clifford E. Lai, on behalf of William F. Paulsen		11/10/2008
** 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.
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