Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Kramer Franklin D
   2. Issuer Name and Ticker or Trading Symbol
LIQUIDITY SERVICES INC [LQDT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O LIQUIDITY SERVICES, INC., 1920 L STREET, N.W., 6TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
04/28/2009
(Street)

WASHINGTON, DC 20036		 4. If Amendment, Date Original Filed(Month/Day/Year)
05/01/2009		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 04/28/2009   A   3,509 (1) (2) A $ 0 63,509 (1) D  
Common Stock 04/29/2009   M   2,573 A $ 0 66,082 (1) (3) D  

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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 Underlying Securities
(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 of Derivative Security: 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
Employee Stock Option $ 12.89               (4) 04/03/2016 Common Stock 20,000   20,000 D  
Employee Stock Option $ 14.75               (5) 10/02/2016 Common Stock 11,271   11,271 D  
Employee Stock Option $ 11.19               (6) 10/01/2017 Common Stock 10,272   10,272 D  
Restricted Shares $ 11.66 04/29/2009   M     2,573   (7) 06/03/2018 Common Stock 2,573 $ 0 0 D  
Employee Stock Option $ 11.66               (8) 06/03/2018 Common Stock 15,082   15,082 D  
Employee Stock Option $ 8.55 04/28/2009   A   21,086 (9)     (10) 04/28/2019 Common Stock 21,086 (9) $ 0 21,086 (9) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Kramer Franklin D
C/O LIQUIDITY SERVICES, INC.
1920 L STREET, N.W., 6TH FLOOR
WASHINGTON, DC 20036		   X      

Signatures

 /s/ James E. Williams, by power of attorney   05/21/2009
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The number of shares of restricted stock reported in the original Form 4 has been amended. The amount of securities beneficially owned following the reported transaction has also been amended.
(2) These shares of restricted stock vest on February 18, 2010.
(3) Includes 3,509 shares of restricted stock that vest on February 18, 2010.
(4) These options became fully vested on April 3, 2008.
(5) These options became fully vested on October 2, 2007.
(6) These options became fully vested on October 1, 2008.
(7) These restricted shares vested on April 29, 2009.
(8) These options have a one-year vesting period, such that 100% of this option grant will vest on June 3, 2009.
(9) The number of options reported in the original Form 4 has been amended. The amount of securities beneficially owned following the reported transaction has also been amended.
(10) 100% of this option grant will vest on February 18, 2010.

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