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
X	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* Watershed Asset Management, L.L.C. (Last) (First) (Middle) ONE MARITIME PLAZA SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CARMIKE CINEMAS INC [ CKEC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) See Remarks
	3. Date of Earliest Transaction (Month/Day/Year) 05/22/2008
	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

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* Watershed Asset Management, L.L.C. (Last) (First) (Middle) ONE MARITIME PLAZA SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Remarks

1. Name and Address of Reporting Person* Watershed Capital Partners, L.P. (Last) (First) (Middle) C/O WATERSHED ASSET MANAGEMENT L.L.C. ONE MARITIME PLAZA, SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Remarks

1. Name and Address of Reporting Person* Watershed Capital Institutional Partners, L.P. (Last) (First) (Middle) C/O WATERSHED ASSET MANAGEMENT L.L.C. ONE MARITIME PLAZA, SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Remarks

1. Name and Address of Reporting Person* WS Partners, L.L.C. (Last) (First) (Middle) C/O WATERSHED ASSET MANAGEMENT L.L.C. ONE MARITIME PLAZA, SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Remarks

1. Name and Address of Reporting Person* MOORE MERIDEE (Last) (First) (Middle) C/O WATERSHED ASSET MANAGEMENT L.L.C. ONE MARITIME PLAZA, SUITE 1525 (Street) SAN FRANCISCO CA 94111 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Remarks

Explanation of Responses:

Remarks:

Kevin D. Katari, a managing member of WS Partners, L.L.C. and Watershed Asset Management, L.L.C., two of the reporting persons on this Form 4, was, until May 22, 2008, a member of the Issuer's Board of Directors. On May 22, 2008, Mr. Katari's term as director ended. As of such date, Mr. Katari is no longer a member of the Board of Directors of the Issuer. As a result of Mr. Katari no longer being a director, the reporting persons identified in this Form 4 may no longer be deemed to be directors by deputization with respect to the Issuer. None of the reporting persons have effected any transactions in securities or derivative securities of the Issuer since the filing of its Form 3 with respect to the Issuer.

	/s/ Meridee A. Moore, on her own behalf and as attorney-in-fact and/or authorized signatory for Watershed Asset Management, L.L.C., Watershed Capital Partners, L.P., Watershed Capital Institutional Partners, L.P. and WS Partners, L.L.C.	05/22/2008
	.	05/22/2008
	.	05/22/2008
	.	05/22/2008
	.	05/22/2008
	** 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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