SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

(Amendment No.)*

Packeteer, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

695210104

(CUSIP Number)

Stephen M. Schultz, Esq.

Kleinberg, Kaplan, Wolff & Cohen, P.C.

551 Fifth Avenue, New York, New York 10176

Tel: (212) 986-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 18, 2007

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box x.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1.	NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Elliott Associates, L.P.

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

	(a)	x
	(b)	o

3.	SEC USE ONLY

4.	SOURCE OF FUNDS*

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

906,557

8	SHARED VOTING POWER

9.	SOLE DISPOSITIVE POWER

906,557

10.	SHARED DISPOSITIVE POWER

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING

PERSON

906,557

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)

EXCLUDES CERTAIN SHARES*

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

2.5%

14.	TYPE OF REPORTING PERSON*

*SEE INSTRUCTIONS BEFORE FILLING OUT!

1.	NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Elliott International, L.P.

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

	(a)	x
	(b)	o

3.	SEC USE ONLY

4.	SOURCE OF FUNDS*

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands, British West Indies

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

8	SHARED VOTING POWER

1,359,838

9.	SOLE DISPOSITIVE POWER

10.	SHARED DISPOSITIVE POWER

1,359,838

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING

PERSON

1,359,838

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)

EXCLUDES CERTAIN SHARES*

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

3.8%

14.	TYPE OF REPORTING PERSON*

*SEE INSTRUCTIONS BEFORE FILLING OUT!

1.	NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Elliott International Capital Advisors Inc.

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

	(a)	x
	(b)	o

3.	SEC USE ONLY

4.	SOURCE OF FUNDS*

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

8	SHARED VOTING POWER

1,359,838

9.	SOLE DISPOSITIVE POWER

10.	SHARED DISPOSITIVE POWER

1,359,838

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING

PERSON

1,359,838

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)

EXCLUDES CERTAIN SHARES*

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

3.8%

14.	TYPE OF REPORTING PERSON*

*SEE INSTRUCTIONS BEFORE FILLING OUT!

ITEM 1.

Security and Issuer.

This statement relates to the common stock, $.001 par value (the “Common Stock”), of Packeteer, Inc. (the “Issuer”). The Issuer’s principal executive office is located at 10201 North De Anza Boulevard, Cupertino, California 95014.

ITEM 2.

Identity and Background.

(a)-(c) This statement is being filed by Elliott Associates, L.P., a Delaware limited partnership, and its wholly-owned subsidiaries (collectively, “Elliott”), Elliott International, L.P., a Cayman Islands limited partnership (“Elliott International”), and Elliott International Capital Advisors Inc., a Delaware corporation (“EICA” and collectively with Elliott and Elliott International, the “Reporting Persons”). Paul E. Singer (“Singer”), Elliott Capital Advisors, L.P., a Delaware limited partnership (“Capital Advisors”), which is controlled by Singer, and Elliott Special GP, LLC, a Delaware limited liability company (“Special GP”), which is controlled by Singer, are the general partners of Elliott. Hambledon, Inc., a Cayman Islands corporation (“Hambledon”), which is also controlled by Singer, is the sole general partner of Elliott International. EICA is the investment manager for Elliott International. EICA expressly disclaims equitable ownership of and pecuniary interest in any shares of Common Stock.

ELLIOTT

The business address of Elliott is 712 Fifth Avenue, 36th Floor, New York, New York 10019.

The principal business of Elliott is to purchase, sell, trade and invest in securities.

SINGER

Singer’s business address is 712 Fifth Avenue, 36th Floor, New York, New York 10019.

Singer’s principal business is to serve as a general partner of Elliott and Capital Advisors, as the president of EICA, and as a managing member of Special GP.

CAPITAL ADVISORS

The business address of Capital Advisors is 712 Fifth Avenue, 36th Floor, New York, New York 10019.

The principal business of Capital Advisors is the furnishing of investment advisory services. Capital Advisors also serves as a managing member of Special GP.

The names, business addresses, and present principal occupation or employment of the general partners of Capital Advisors are as follows:

NAME	ADDRESS	OCCUPATION
Paul E. Singer	712 Fifth Avenue 36th Floor New York, New York 10019	General partner of Elliott and Capital Advisors; President of EICA; and a managing member of Special GP
Braxton Associates, Inc.	712 Fifth Avenue 36th Floor New York, New York 10019	The principal business of Braxton Associates, Inc. is serving as general partner of Capital Advisors
Elliott Asset Management LLC	712 Fifth Avenue 36th Floor New York, New York 10019	General Partner of Capital Advisors

The name, business address, and present principal occupation or employment of the sole director and executive officer of Braxton Associates, Inc. are as follows:

NAME

ADDRESS

OCCUPATION

Paul E. Singer

712 Fifth Avenue

36th Floor

New York, New York 10019

General partner of Elliott and Capital Advisors and President of EICA

ELLIOTT SPECIAL GP, LLC

The business address of Special GP is 712 Fifth Avenue, 36^th Floor, New York, New York 10019.

The principal business of Special GP is serving as a general partner of Elliott.

The names, business address, and present principal occupation or employment of the managing members of Special GP are as follows:

NAME	ADDRESS	OCCUPATION
Paul E. Singer	712 Fifth Avenue 36th Floor New York, New York 10019	General partner of Elliott and Capital Advisors; President of EICA; and a managing member of Special GP
Braxton Associates, Inc.	712 Fifth Avenue 36th Floor New York, New York 10019	The principal business of Braxton Associates, Inc. is serving as general partner of Capital Advisors
Elliott Asset Management LLC	712 Fifth Avenue 36th Floor New York, New York 10019	General Partner of Capital Advisors

ELLIOTT INTERNATIONAL

The business address of Elliott International is c/o Maples & Calder, P.O. Box 309, Ugland House, South Church Street, George Town, Cayman Islands, British West Indies.

The principal business of Elliott International is to purchase, sell, trade and invest in securities.

The name, business address, and present principal occupation or employment of the general partner of Elliott International is as follows:

NAME

ADDRESS

OCCUPATION

Hambledon, Inc.

c/o Maples & Calder

P.O. Box 309

Ugland House

South Church Street George Town, Cayman Islands

British West Indies

General partner of Elliott International

HAMBLEDON

The name, business address, and present principal occupation or employment of the sole director and executive officer of Hambledon are as follows:

NAME

ADDRESS

OCCUPATION

Paul E. Singer

712 Fifth Avenue

36th Floor

New York, New York 10019

General partner of Elliott and Capital Advisors; President of EICA; and a managing member of Special GP

EICA

The business address of EICA is 712 Fifth Avenue, 36th Floor, New York, New York 10019.

The principal business of EICA is to act as investment manager for Elliott International.

The name, business address, and present principal occupation or employment of the sole director and executive officer of EICA is as follows:

NAME

ADDRESS

OCCUPATION

Paul E. Singer

712 Fifth Avenue

36th Floor

New York, New York 10019

General partner of Elliott and Capital Advisors; President of EICA; and a managing member of Special GP

(d) and (e) During the last five years, none of the persons or entities listed above has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) Mr. Singer is a citizen of the United States of America.

ITEM 3.

Source and Amount of Funds or Other Consideration.

Elliott Working Capital

$8,438,221

Elliott International Working Capital

$12,657,357

ITEM 4.

Purpose of Transaction.

Each of Elliott and Elliott International acquired the Common Stock beneficially owned by it in the ordinary course of its purchasing, selling and trading in securities. EICA has acted as investment manager to Elliott International in connection with Elliott International’s acquisition of beneficial ownership of Common Stock.

On May 18, 2007, Elliott and Elliott International communicated to the Issuer’s Board of Directors (the “Board”) their belief that the Board should be directing its attention to a prompt sale of the Issuer.

The Reporting Persons expressed to the Board their views that: i) the Issuer has leading technology in one of the fastest growing segments of the networking market, but has proven unable to capitalize on such technology; ii) the business segment in which the Issuer operates is becoming increasingly competitive; and iii) the Issuer’s technology may prove extremely valuable to a larger acquirer looking to enter the wide area network optimization market or to supplement its current product offering. The Reporting Persons believe that prompt action by the Board to commence a sales process is necessary.

Depending upon market conditions and other factors that it may deem material, each of Elliott and Elliott International may purchase additional shares of Common Stock and/or related securities or may dispose of all or a portion of the Common Stock or related securities that it now beneficially owns or may hereafter acquire.

The Reporting Persons reserve the right to further discuss and/or meet with management, the Board and other shareholders and/or formulate plans or proposals regarding the Issuer or its securities.

ITEM 5.

Interest in Securities of the Issuer.

(a) Elliott owns 906,557 shares of Common Stock, constituting 2.5% of all of the outstanding shares of Common Stock. Elliott owns its 906,557 shares of Common Stock through its wholly owned subsidiary, The Liverpool Limited Partnership, a Bermuda limited partnership.

Elliott International and EICA beneficially own an aggregate of 1,359,838 shares of Common Stock, constituting 3.8% of all of the outstanding shares of Common Stock.

Collectively, Elliott, Elliott International and EICA beneficially own 2,266,395 shares of Common Stock constituting 6.3% of all of the outstanding shares of Common Stock.

(b) Elliott has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the shares of Common Stock owned by it.

Elliott International has the shared power with EICA to vote or direct the vote of, and to dispose or direct the disposition of, the shares of Common Stock owned by Elliott International. Information regarding each of Elliott International and EICA is set forth in Item 2 of this Schedule 13D and is expressly incorporated by reference herein.

(c) The transactions effected by the Reporting Persons during the past sixty (60) days are set forth on Schedule 1 attached hereto. No other transactions with respect to the Common Stock that are required to be reported on Schedule 13D were effected by any of the Reporting Persons during the past sixty (60) days.

(d) No person other than Elliott has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock beneficially owned by Elliott.

No person other than Elliott International and EICA has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock beneficially owned by Elliott International and EICA.

(e)

Not applicable.

ITEM 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Not applicable.

ITEM 7.

Material to be Filed as Exhibits.

Exhibit A - Joint Filing Agreement

Schedule 1 – Transactions Effected During the Past 60 Days

SIGNATURES

After reasonable inquiry and to the best of its knowledge and belief, the undersigned each certifies that the information with respect to it set forth in this statement is true, complete and correct.

Dated:

May 24, 2007

ELLIOTT ASSOCIATES, L.P.
By: Elliott Capital Advisors, L.P., as General Partner
		By: Braxton Associates, Inc., as General Partner

			By:	/s/ Elliot Greenberg
				Elliot Greenberg
				Vice President


ELLIOTT INTERNATIONAL, L.P.
By: Elliott International Capital Advisors Inc., as Attorney-in-Fact

By:			/s/ Elliot Greenberg
			Elliot Greenberg
			Vice President


ELLIOTT INTERNATIONAL CAPITAL ADVISORS INC.


By: /s/ Elliot Greenberg
	Elliot Greenberg
	Vice President

EXHIBIT A

JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13D with respect to the common stock of Packeteer, Inc. dated May 24, 2007 is, and any further amendments thereto signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended.

Dated:

May 24, 2007

ELLIOTT ASSOCIATES, L.P.
By: Elliott Capital Advisors, L.P., as General Partner
		By: Braxton Associates, Inc., as General Partner

			By:	/s/ Elliot Greenberg
				Elliot Greenberg
				Vice President


ELLIOTT INTERNATIONAL, L.P.
By: Elliott International Capital Advisors Inc., as Attorney-in-Fact

By:			/s/ Elliot Greenberg
			Elliot Greenberg
			Vice President


ELLIOTT INTERNATIONAL CAPITAL ADVISORS INC.


By: /s/ Elliot Greenberg
	Elliot Greenberg
	Vice President

SCHEDULE 1

Transactions of the Reporting Persons Effected During the Past 60 Days

The following transactions were effected by Elliott Associates, L.P.* during the past sixty (60) days:

Date	Security	Amount of Shs. Bought (Sold)	Approx. Price per Share (excl. of commissions)
10-May-2007	Common	80,800	$9.526800
09-May-2007	Common	5,560	$9.644400
08-May-2007	Common	4,247	$9.667700
04-May-2007	Common	40,000	$9.587500
02-May-2007	Common	3,680	$9.506500
01-May-2007	Common	10,460	$9.438400
30-Apr-2007	Common	20,000	$9.599900
30-Apr-2007	Common	10,000	$9.648800
27-Apr-2007	Common	10,000	$9.750000
27-Apr-2007	Common	10,462	$9.764500
26-Apr-2007	Common	36,926	$9.811500
25-Apr-2007	Common	40,799	$9.777300
24-Apr-2007	Common	13,022	$9.483500
23-Apr-2007	Common	40,000	$9.458200
20-Apr-2007	Common	76,600	$9.500000
20-Apr-2007	Common	4,000	$9.510000
19-Apr-2007	Common	29,600	$8.906000
18-Apr-2007	Common	30,000	$8.971900
18-Apr-2007	Common	20,000	$9.010000
18-Apr-2007	Common	20,400	$8.996600
17-Apr-2007	Common	35,997	$9.076500
17-Apr-2007	Common	20,000	$9.102600
17-Apr-2007	Common	20,000	$9.048000
17-Apr-2007	Common	500	$9.010000
16-Apr-2007	Common	32,798	$9.197000
16-Apr-2007	Common	40,000	$9.184000
13-Apr-2007	Common	20,000	$9.025800
13-Apr-2007	Common	40,000	$9.047500
12-Apr-2007	Common	40,000	$8.999400
12-Apr-2007	Common	20,000	$9.000000
11-Apr-2007	Common	83,400	$8.983200
11-Apr-2007	Common	20,000	$8.997800
10-Apr-2007	Common	27,306	$9.056700

*All transactions of Elliott Associates, L.P. were effected through its subsidiary, The Liverpool Limited Partnership, a Bermuda limited partnership.

The following transactions were effected by Elliott International, L.P. during the past sixty (60) days:

Date	Security	Amount of Shs. Bought (Sold)	Approx. Price per Share (excl. of commissions)
10-May-2007	Common	121,200	$9.526800
09-May-2007	Common	8,340	$9.644400
08-May-2007	Common	6,371	$9.667700
04-May-2007	Common	60,000	$9.587500
02-May-2007	Common	5,520	$9.506500
01-May-2007	Common	15,690	$9.438400
30-Apr-2007	Common	30,000	$9.599900
30-Apr-2007	Common	15,000	$9.648800
27-Apr-2007	Common	15,000	$9.750000
27-Apr-2007	Common	15,694	$9.764500
26-Apr-2007	Common	55,390	$9.811500
25-Apr-2007	Common	61,201	$9.777300
24-Apr-2007	Common	19,533	$9.483500
23-Apr-2007	Common	60,000	$9.458200
20-Apr-2007	Common	114,900	$9.500000
20-Apr-2007	Common	6,000	$9.510000
19-Apr-2007	Common	44,400	$8.906000
18-Apr-2007	Common	45,000	$8.971900
18-Apr-2007	Common	30,000	$9.010000
18-Apr-2007	Common	30,600	$8.996600
17-Apr-2007	Common	53,995	$9.076500
17-Apr-2007	Common	30,000	$9.102600
17-Apr-2007	Common	30,000	$9.048000
17-Apr-2007	Common	749	$9.010000
16-Apr-2007	Common	49,196	$9.197000
16-Apr-2007	Common	60,000	$9.184000
13-Apr-2007	Common	30,000	$9.025800
13-Apr-2007	Common	60,000	$9.047500
12-Apr-2007	Common	60,000	$8.999400
12-Apr-2007	Common	30,000	$9.000000
11-Apr-2007	Common	125,100	$8.983200
11-Apr-2007	Common	30,000	$8.997800
10-Apr-2007	Common	40,959	$9.056700

All of the above transactions were effected on the open market.