SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* KINGSTOWN CAPITAL PARTNERS, LLC (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/31/2008	3. Issuer Name and Ticker or Trading Symbol WHITNEY INFORMATION NETWORK INC [ RUSS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,450	I(1)	By Guy Shanon(2)
Common Stock	297,500	I(1)	By Kingstown Capital Management L.P.(3)
Common Stock	883,500	I(1)	By Kingstown Partners L.P.(4)
Common Stock	14,800	I(1)	By Michael Blitzer(5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* KINGSTOWN CAPITAL PARTNERS, LLC (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

1. Name and Address of Reporting Person* BLITZER MICHAEL (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

1. Name and Address of Reporting Person* SHANON GUY (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

1. Name and Address of Reporting Person* KINGSTOWN PARTNERS L.P. (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

1. Name and Address of Reporting Person* KINGSTOWN CAPITAL MANAGEMENT L.P. (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

1. Name and Address of Reporting Person* KINGSTOWN MANAGEMENT GP LLC (Last) (First) (Middle) 1270 BROADWAY SUITE 1009 (Street) NEW YORK NY 10001 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Footnote 1.

Explanation of Responses:

1. This report is filed jointly by Kingstown Capital Partners LLC ("Kingstown GP"), Kingstown Partners L.P. ("Kingstown"), Kingstown Capital Management L.P. ("Kingstown Capital"), Kingstown Management GP LLC ("Kingstown Management"), Michael Blitzer and Guy Shanon. Kingstown GP is the general partner of Kingstown. Mr. Blitzer and Mr. Shanon are each managing members of Kingstown GP. Kingstown Management is the general partner of Kingstown Capital. Mr. Blitzer and Mr. Shanon are each managing members of Kingstown Management. By virtue of these relationships, each of the reporting persons may be deemed to be beneficial owners of more than 10% of the outstanding common stock of Whitney Information Network, Inc. (the "Issuer"). Each of the reporting persons disclaims beneficial ownership of shares of common stock of the Issuer not directly owned by it/him, except to the extent of its/his pecuniary interest therein.

2. Represents shares owned directly by Mr. Shanon.

3. Represents shares beneficially owned by Kingstown Capital that were acquired for the account of Absolute Opportunities Fund, a mutual fund, for which Kingstown Capital is a subadviser.

4. Represents shares owned directly by Kingstown.

5. Represents shares owned directly by Mr. Blitzer.

	By: By: Michael Blitzer, Managing Member	03/12/2009
	/s/ Blitzer, Michael	03/12/2009
	/s/ Shanon, Guy	03/12/2009
	By: By: Kingstown Capital Partners LLC, its General Partner, By: Michael Blitzer, Managing Member	03/12/2009
	By: By: Kingstown Management GP LLC, its General Partner, By: Michael Blitzer, Managing Member	03/12/2009
	By: By: Michael Blitzer, Managing Member	03/12/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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