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* Hynes James P (Last) (First) (Middle) C/O HYNES CAPITAL RESOURCES 115 MEADOW RD. (Street) RIVERSIDE CT 06878 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Neutral Tandem Inc [ TNDM ]	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) 11/07/2007
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2007		S		27,000	D	$14	243,000	I	By Irrevocable Trust f/b/o Alanna Marie Hynes, dated June 30, 2003(1)
Common Stock	11/07/2007		S		27,000	D	$14	243,000	I	By Irrevocable Trust f/b/o Katherine Vance Hynes, dated June 30, 2003(2)
Common Stock	11/07/2007		C		1,000,000	A	(3)	1,836,680(6)	D
Common Stock	11/07/2007		C		168,839	A	(4)	2,005,519(6)	D
Common Stock	11/07/2007		C		39,812	A	(5)	2,045,331(6)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Preferred Stock	(3)	11/07/2007		C			1,000,000	(3)	(3)	Common Stock	1,000,000	(3)	0.00	D
Series B-1 Preferred Stock	(4)	11/07/2007		C			168,839	(4)	(4)	Common Stock	168,839	(4)	0.00	D
Series B-2 Preferred Stock	(5)	11/07/2007		C			39,812	(5)	(5)	Common Stock	39,812	(5)	0.00	D

Explanation of Responses:

1. Securities are owned by the Irrevocable Trust f/b/o Alanna Marie Hynes, dated June 30, 2003. Mr. Hynes may have a remainder interest in these trust and may be deemed to be an indirect beneficial owner of the securities. Mr. Hynes disclaims beneficial ownership of the reported securities except to the extent of any pecuniay interest therein. This report shall not be deemed to be an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 of any other purpose.

2. Securities are owned by the Irrevocable Trust f/b/o Katherine Vance Hynes, dated June 30, 2005. Securities are owned by the Irrevocable Trust f/b/o Alanna Marie Hynes, dated June 30, 2003. Mr. Hynes may have a remainder interest in these trust and may be deemed to be an indirect beneficial owner of the securities. Mr. Hynes disclaims beneficial ownership of the reported securities except to the extent of any pecuniay interest therein. This report shall not be deemed to be an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 of any other purpose.

3. The reporting person converted 1,000,000 shares of Class A Preferred Stock into common stock, resulting in his acquisition of 1,000,000 shares of common stock.

4. The reporting person converted 168,839 shares of Class B-1 Preferred Stock into common stock, resulting in his acquisition of 168,839 shares of common stock.

5. The reporting person converted 39,812 shares of Class B-2 Preferred Stock into common stock, resulting in his acquisition of 39,812 shares of common stock.

6. Includes 540,000 shares held indirectly by the trusts referenced in explanatory notes (1) and (2) above and includes 350,680 shares held directly by the reporting person.

	/s/ Richard S. Monto, as Attorney in Fact for James P. Hynes	11/09/2007
	** 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).
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