8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 12, 2008

NETBANK, INC.

(Exact name of registrant as specified in its charter)

Georgia	0-22361	58-2224352
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
333 Sandy Springs Circle, Suite 106 Atlanta, GA		30328
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 404-256-4555

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

As previously reported, on September 28, 2007, the Company filed a voluntary petition (the “Petition”) for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division (the “Bankruptcy Court”).  The case has been designated as In re NetBank, Inc., Case Number 07-04295-JAF.  The Company continues to operate and manage its properties as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

On May 12, 2008, the Company filed with the Bankruptcy Court a Monthly Operating Report, as required by the Bankruptcy Code, for the period from April 1, 2008 to April 30, 2008 (the “Report”), portions of which Report are filed as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference.

The data and information contained in the Report is not required by the Bankruptcy Court, is not prepared in accordance with generally accepted accounting principles and may be for a period shorter or otherwise different than is required for reports filed pursuant to the Securities Exchange Act of 1934.  Such information was not audited or reviewed by independent accountants and is subject to future adjustment and reconciliation.  The Report was not prepared for the purpose of providing a basis for an investment decision in the Company’s securities.  The Company cautions investors that an investment in any of its securities is highly speculative.

The Company intends to file its Plan of Reorganization of NetBank, Inc. and related Disclosure Statement with the Bankruptcy Court which will describe the liquidation of assets.  The Company believes that its equity securities have and will have no value and that any Chapter 11 plan approved by the Court will not provide the Company’s stockholders with any distributions.  Accordingly, the Company does not anticipate providing for any value or distribution to stockholders.

Complete copies of the Company’s informational filings made with the Bankruptcy Court, including the Report attached as Exhibits 99.1 to this Current Report on Form 8-K, are available to the public at the office of the Clerk of the Bankruptcy Court, 300 North Hogan Street, Suite 3-350, Jacksonville, Florida 32202.  The main telephone number for the Clerk’s office in Jacksonville is (904) 301-6490. The complete Report can be ordered by calling Judicial Research and Retrieval Services, Inc. at (904) 396-4141.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.  The following is filed as an exhibit to this Current Report on Form 8-K:

Exhibit Number	Description of Exhibit
99.1	NetBank, Inc. Monthly Operating Report for the period from April 1, 2008 to April 30, 2008, as filed with the United States Bankruptcy Court for the Middle District of Florida, Bankruptcy Division, in Jacksonville, Florida on May 12, 2008, excluding attachments

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NETBANK, INC.
Date: May 16, 2008
	By:	/s/ Lee N. Katz
		Lee N. Katz
		Chief Restructuring Officer

3

EX-99.1

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

MIDDLE DISTRICT OF

JACKSONVILLE DIVISION

IN RE:	}	CASE NUMBER: 07-04295-JAF
	}
NetBank, Inc.	}
	}	JUDGE: Jerry A. Funk
	}
DEBTOR.	}	CHAPTER 11

DEBTOR’S STANDARD MONTHLY OPERATING REPORT (BUSINESS)

FOR THE PERIOD

FROM April 1, 2008 TO April 30, 2008

Comes now the above-named debtor and files its Monthly Operating Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015.

/s/ Alan M. Weiss

Attorney for Debtor’s Signature

Debtor’s Address and Phone Number:	Attorney’s Address and Phone Number:
c/o GGG, Inc.	Holland & Knight LLP
333 Sandy Springs Circle, Suite 106	50 North Laura Street, Suite 3900
Atlanta, GA 30328	Jacksonville, FL 32202
(404) 256-4555	(904) 353-2000

Note:  The original Monthly Operating Report is to be filed with the court and a copy simultaneously provided to the United States Trustee Office.  Monthly Operating Reports must be filed by the 20th day of the following month.

For assistance in preparing the Monthly Operating Report, refer to the following resources on the United States Trustee Program Website, http://www.usdoj.gov/ust/r21/index.htm.

1)	Instructions for Preparations of Debtor’s Chapter 11 Monthly Operating Report
2)	Initial Filing Requirements
3)	Frequently Asked Questions (FAQs)

MOR-1

SCHEDULE OF RECEIPTS AND DISBURSEMENTS

FOR THE PERIOD BEGINNING April 1, 2008 AND ENDING April 30, 2008

Name of Debtor:	NetBank, Inc.	Case Number:	07-04295-JAF
Date of Petition:	September 28th, 2007

					CUMULATIVE
			CURRENT MONTH		PETITION TO DATE
1    FUNDS AT BEGINNING OF PERIOD:			$	6,062,831.25
2    RECEIPTS:
A.	Cash Sales
	Minus: Cash Refunds
	Net Cash Sales
B.	Accounts Receivable
C.	Other Receipts (See MOR 3)		$	6,622.49	$	3,683,390.22
	(if you have rental income you must attach a rent roll)
3    TOTAL RECEIPTS (Lines 2A+2B+2C)			$	6,622.49	$	3,683,390.22
4    TOTAL FUNDS AVAILABLE FOR OPERATIONS (Line 1+ Line 3)			$	6,069,453.74	$	42,590,004.70
					$	—
5    DISBURSEMENTS					$	—
D.		Advertising			$	—
E.		Bank Charges			$	222.65
F.		Contract Labor	$	5,607.00	$	21,757.00
G.		Fixed Asset Payments (not incl. in “N”)			$	—
H.		Insurance			$	10,326.10
I.		Inventory Payments (See Attach 2)			$	—
J.		Leases			$	—
K.		Manufacturing Supplies			$	—
L.		Office Supplies	$	1,092.35	$	18,903.61
M.		Payroll — Net (See Attachment 4B)			$	64,626.96
N.		Professional Fees (Accounting and Legal)	$	199,697.37	$	1,063,459.52
O.		Rent	$	—	$	8,358.90
P.		Repairs & Maintenance	$	—	$	80.00
Q.		Secured Creditor Payments (See Attach. 2)			$	—
R.		Taxes paid — Payroll (See Attachment 4C)			$	20,320.52
S.		Taxes paid — Sales & Use (See Attachment 4C)			$	—
T.		Taxes paid — Other (See Attachment 4C)	$	—	$	32,511.36
U.		Telephone			$	—
V.		Travel & Entertainment			$	310.09
W.		U.S. Trustee Quarterly Fees	$	3,750.00	$	8,875.00
X.		Utilities	$	649.40	$	4,496.35
Y.		Vehicle Expenses			$	—
Z.		Other Operating Expenses (See MOR-3)			$	260.22
6    TOTAL DISBURSEMENTS (Sum 5A thru W)			$	210,796.12	$	1,254,508.28
7    Ending Balance (Line 4 Minus Line 6)			$	5,858,657.62

I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of my knowledge and belief.

This 5th day of May 2008.

/s/ James P. Gross

(a)	This number is carried forward from last month’s report. For the first report only this number will be the balance as of the petition date.
(b)	This figure will not change from month to month. It is always the amount of funds on hand as of the date of the petition.
(c)	These two amounts will always be the same if form is completed correctly.

MOR-2

MONTHLY SCHEDULE OF RECEIPTS AND DISBURSEMENTS (cont’d)

Detail of Other Receipts and Other Disbursements

OTHER RECEIPTS:

Describe Each Item of Other Receipt and List Amount of Receipt.  Write totals on Page MOR-2, Line 2C.

Description	Current Month		Cumulative Petition to Date
Counter Deposits	$	889.24	$	10,678.78
Sale of Interest Owned by Market Street Partners			$	400,210.87
Cash from Deferred Compensation Plan			$	1,248,501.36
Interest	$	5,733.25	$	53,581.92
Tax Refund			$	707,971.89
Sale of assets in Jacksonville			$	10,150.00
Other Refunds			$	152,295.40
Sale of Real Estate			$	1,100,000.00
	$	6,622.49	$	3,683,390.22

“Other Receipts” includes Loans from Insiders and other sources (i.e. Officer/Owner, related parties directors, related corporations, etc.).  Please describe below:

Loan Amount Source of Funds Purpose Repayment Schedule

OTHER DISBURSEMENTS:

Describe Each Item of Other Disbursement and List Amount of Disbursement.  Write totals on Page MOR-2, Line 5W.

Description	Current Month		Cumulative Petition to Date
TOTAL OTHER DISBURSEMENTS	$	0.00	$	262.22

NOTE:  Attach a current Balance Sheet and Income (Profit & Loss) Statement.

MOR-3