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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1. Name and Address of Reporting Person * KIPHART RICHARD P   2. Issuer Name and Ticker or Trading Symbol LIME ENERGY CO. [LMEC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O WILLIAM BLAIR &COMPANY, LLC, 222 WEST ADAMS STREET 3. Date of Earliest Transaction (Month/Day/Year) 06/05/2007 (Street) CHICAGO, IL 60606 4. If Amendment, Date Original Filed(Month/Day/Year) 06/07/2007 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 Lime Energy Common Stock 06/06/2007   P   4,922 A $ 0.9 (1) 14,841,594 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

Convertible Term Note

$ 1

06/05/2007

A

100,000

06/05/2007

05/29/2010

Lime Energy Co. Common Stock

100,000 (2)

$ 1

3,100,000

D

Warrant to purchase Lime Energy Co. Common Stock

$ 1.04

06/05/2007

A

28,846

06/05/2007

05/29/2010

Lime Energy Co. Common Stock

28,846

$ 1.04 (3)

945,754

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KIPHART RICHARD P C/O WILLIAM BLAIR &COMPANY, LLC 222 WEST ADAMS STREET CHICAGO, IL 60606	X	X

Signatures

Jeffrey Mistarz, by power of attorney		10/31/2007
**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)	Acquired pursuant to exercise of warrant
(2)	Represents shares issuable upon conversion of subordinated convertible term note. The note may be converted at holder's election anytime at $1.00 per share and any time after May 31, 2008 will automatically convert to shares of common stock at $1.00 per share if the closing price of the Issuer's common stock exceeds $1.50 per share for 20 days in any consecutive 30-day period.
(3)	Received in conjuction with the purchase of a $100,000 subordinated convertible term note.
Remarks: This amendment is being filed to correct the number of shares owned following the reported transactions.  The figure reported previously in table 1 was calculated using a beginning balance that had not been adjusted for a reverse split effected by the company.  Also the number of warrants owned following the receipt of the warrant listed previously in table II did not reflect the exercise of the warrant reported in table 1.

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