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* RILEY BRYANT R (Last) (First) (Middle) 11100 SANTA MONICA BLVD., SUITE 810 (Street) LOS ANGELES CA US 90025 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol KITTY HAWK INC [ KHK ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 11/02/2007
	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								6,534,340	I	Footnote 2(2)
Common Stock								98,120	I	Footnote 4(4)
Common Stock	11/02/2007		P		473,235	A	$0.001	683,887(1)	I	Footnote 3(3)
Common Stock								70,000	I	Footnote 5(5)
Common Stock								24,711(9)	D
Common Stock								234,736	I	Footnote 10(10)

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
Warrant to Purchase Common Stock	$0.82							11/14/2005	11/10/2010	Common Stock	60,976		60,976(6)	I	Footnote 4(4)
Warrant to Purchase Common Stock	$0.82							11/14/2005	11/10/2010	Common Stock	426,829		426,829(6)	I	Footnote 2(2)
Series B Convertible Stock	$0.9604(8)							11/14/2005	(7)	Common Stock	260,309		250	I	Footnote 4(4)
Series B Convertible Stock	$0.9604(8)							11/14/2005	(7)	Common Stock	1,822,158		1,750	I	Footnote 2(2)

1. Name and Address of Reporting Person* RILEY BRYANT R (Last) (First) (Middle) 11100 SANTA MONICA BLVD., SUITE 810 (Street) LOS ANGELES CA US 90025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Riley Investment Management LLC (Last) (First) (Middle) 11100 SANTA MONICA BLVD., SUITE 810 (Street) LOS ANGELES CA US 90025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Riley Investment Partners Master Fund, L.P. (Last) (First) (Middle) 11100 SANTA MONICA BLVD., SUITE 810 (Street) LOS ANGELES CA US 90025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The transaction reported resulted from a transfer of securities from an investment advisory client of Riley Investment Management LLC in connection with a liquidation of such client's account.

2. Sole equity owner of Riley Investment Management LLC, General Partner of Riley Investment Partners Master Fund, L.P.

3. Sole equity owner of B. Riley and Co., LLC.

4. Trustee of the B. Riley and Co. Retirement Trust

5. Custodian for Mr. Riley's children. Reporting Persons disclaim beneficial ownership of these securities.

6. On an as converted to common stock basis.

7. Not applicable.

8. Conversion price is per $1,000 in stated amount.

9. Represents vested restricted stock units granted pursuant to the Kitty Hawk, Inc. 2003 Long Term Equity Incentive Plan.

10. Sole equity owner of Riley Investment Management LLC, investment advisor to managed account of investment advisory client indirectly affiliated with Mr. Riley.

	/s/ Bryant Riley	11/06/2007
	** Signature of Reporting Person	Date
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