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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* PAULSON & CO INC (Last) (First) (Middle) 590 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Equity Media Holdings CORP [ EMDA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/14/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/14/2007		P		6,747	A	$4.1912	292,669	D(1)(3)(4)
Common Stock	06/14/2007		P		23,253	A	$4.1912	2,607,478	D(2)(3)(4)
Common Stock	06/15/2007		P		13,993	A	$4.2194	306,662	D(1)(3)(4)
Common Stock	06/15/2007		P		120,810	A	$4.2194	2,728,288	D(2)(3)(4)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* PAULSON & CO INC (Last) (First) (Middle) 590 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Paulson Advantage, L.P. (Last) (First) (Middle) 590 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Paulson Advantage Plus, L.P. (Last) (First) (Middle) 590 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Paulson Advantage Ltd. (Last) (First) (Middle) C/O BNY ALTERNATIVE INVESTMENT SERVICES 18 CHURCH STREET, SKANDIA HOUSE (Street) HAMILTON D0 HM11 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Paulson Advantage Plus Ltd. (Last) (First) (Middle) C/O BNY ALTERNATIVE INVESTMENT SERVICES 18 CHURCH STREET, SKANDIA HOUSE (Street) HAMILTON D0 HM11 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Paulson John (Last) (First) (Middle) 590 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Represents transactions effected by Paulson & Co. Inc. ("Paulson") for Paulson Advantage Plus, L.P. ("Advantage Plus"). After the transactions disclosed on this Form 4, Advantage Plus L.P. directly owns 306,662 shares of common stock.

2. Represents transactions effected by Paulson for Paulson Advantage Plus Ltd. ("Advantage Plus Ltd."). After the transactions disclosed on this Form 4, Advantage Plus Ltd. directly owns 2,728,288 shares of common stock.

3. Paulson is an investment advisor registered under the Investment Advisors Act of 1940. Paulson is the investment manager of Paulson Advantage, L.P. ("Advantage L.P."), Advantage Plus, Paulson Advantage Ltd. ("Advantage Ltd."), Advantage Plus Ltd. and of accounts separately managed by Paulson ("Separately Managed Accounts"). Paulson is also the controlling person of Paulson Advisers LLC, the managing general partner of each of Advantage L.P. and Advantage Plus. John Paulson is the controlling person of Paulson. Advantage L.P. directly owns 245,046 shares of common stock, Advantage Ltd. directly owns 1,829,185 shares of common stock, and the Separately Managed Accounts own 243,201 shares of common stock.

4. Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by Advantage L.P., Advantage Plus L.P , Advantage Ltd., Advantage Plus Ltd. and the other accounts separately managed by Paulson. For purposes of this Form 4, Paulson and John Paulson disclaim ownership of the shares of common stock owned by the funds reporting on this Form 4 except to the extent of their pecuniary interest therein.

Remarks:

Equity Media Holdings Corporation was formerly known as Coconut Palm Acquisition Corp. The persons reporting on this Form 4 also own the warrants described on the Form 3 filed by them on March 30, 2007.

	Stuart L. Merzer, General Counsel and Chief Compliance Officer of Paulson & Co. Inc.	06/18/2007
	Stuart L. Merzer, General Counsel and Chief Compliance Officer of Paulson & Co. Inc., managing member of Paulson Advisers, LLC, general partner of Paulson Advantage, L.P.	06/18/2007
	Stuart L. Merzer, General Counsel and Chief Compliance Officer of Paulson & Co. Inc., managing member of Paulson Advisers, LLC, general partner of Paulson Advantage Plus, L.P.	06/18/2007
	Stuart L. Merzer, General Counsel and Chief Compliance Officer of Paulson & Co. Inc., investment manager of Paulson Advantage Ltd.	06/18/2007
	Stuart L. Merzer, General Counsel and Chief Compliance Officer of Paulson & Co. Inc., investment manager of Paulson Advantage Plus Ltd.	06/18/2007
	John Paulson	06/18/2007
	** Signature of Reporting Person	Date
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