SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Luttrell D Scott

(Last)

(First)

(Middle)

C/O CBEYOND, INC.

320 INTERSTATE NORTH PARKWAY, SUITE 300

(Street)

ATLANTA

30339

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CBEYOND, INC. [ CBEY ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2009

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/28/2009		S		982⁽¹⁾	D	$20.55	463,715	I	See Footnote⁽²⁾
Common Stock	04/28/2009		S		15,018⁽³⁾	D	$20.55	448,697	I	See Footnote⁽⁴⁾
Common Stock								51,725	I	See Footnote⁽⁵⁾
Common Stock								33,925	D

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 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Of these 982 shares, 736 were sold by 2514 Multi-Strategy Fund LP and 246 were sold by Contrarian Equity Hedge Fund. 2514 Multi-Strategy Fund LP and Contrarian Equity Hedge Fund are part of an affiliated group of investment partnerships commonly controlled by LCM Group, Inc. Mr. Luttrell is the Chief Executive Officer and founder of LCM Group, Inc.

2. Mr. Luttrell is the Chief Executive Officer and founder of LCM Group, Inc. Of the 463,715 common shares, 118 Capital Fund, Inc. owns 359,955 shares; LCM Profit Sharing Plan owns 23,742 shares; Contrarian Equity Hedge Fund owns 23,754 and 2514 Multi-Strategy Fund LP owns 56,264 shares. 118 Capital Fund, Inc., LCM Profit Sharing Plan, Contrarian Equity Hedge Fund and 2514 Multi-Strategy Fund LP are part of an affiliated group of investment partnerships commonly controlled by LCM Group, Inc.

3. Of these 15,018 shares, 11,264 were sold by 2514 Multi-Strategy Fund LP and 3,754 were sold by Contrarian Equity Hedge Fund. 2514 Multi-Strategy Fund LP and Contrarian Equity Hedge Fund are part of an affiliated group of investment partnerships commonly controlled by LCM Group, Inc. Mr. Luttrell is the Chief Executive Officer and founder of LCM Group, Inc.

4. Mr. Luttrell is the Chief Executive Officer and founder of LCM Group, Inc. Of the 448,697 common shares, 118 Capital Fund, Inc. owns 359,955 shares; LCM Profit Sharing Plan owns 23,742 shares; Contrarian Equity Hedge Fund owns 20,000 and 2514 Multi-Strategy Fund LP owns 45,000 shares. 118 Capital Fund, Inc., LCM Profit Sharing Plan, Contrarian Equity Hedge Fund and 2514 Multi-Strategy Fund LP are part of an affiliated group of investment partnerships commonly controlled by LCM Group, Inc.

5. All of these shares are owned by 316 Capital LLC, of which Mr. Luttrell owns an indirect 90% interest.

	/s/ J. Robert Fugate, attorney-in-fact for D. Scott Luttrell	05/01/2009
	** 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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