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 *
BARNUM GREGORY T
   2. Issuer Name and Ticker or Trading Symbol
LIME ENERGY CO. [LIME] 		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)
3. Date of Earliest Transaction (Month/Day/Year)
02/27/2009
(Street)

 		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Option to Purchase Lime Energy Co. Common Stock $ 105 02/27/2009   J(1)     238 03/08/2006 03/07/2016 Lime Energy Co. Common Stock 238 $ 0 (3) 36,191 D  
Option to Purchase Lime Energy Co. Common Stock $ 3.66 02/27/2009   J(2)   24   03/08/2006 03/07/2016 Lime Energy Co. Common Stock 24 $ 0 (2) 36,215 D  
Option to Purchase Lime Energy Co. Common Stock $ 105 02/27/2009   J(1)     238 03/08/2007 03/07/2016 Lime Energy Co. Common Stock 238 $ 0 (3) 35,977 D  
Option to Purchase Lime Energy Co. Common Stock $ 3.66 02/27/2009   J(2)   24   03/08/2007 03/07/2016 Lime Energy Co. Common Stock 24 $ 0 (2) 36,001 D  
Option to Purchase Lime Energy Co. Common Stock $ 105 02/27/2009   J(1)     238 03/08/2008 03/07/2016 Lime Energy Co. Common Stock 238 $ 0 (3) 35,763 D  
Option to Purchase Lime Energy Co. Common Stock $ 3.66 02/27/2009   J(2)   23   03/08/2008 03/07/2016 Lime Energy Co. Common Stock 23 $ 0 (2) 35,786 D  
Option to Purchase Lime Energy Co. Common Stock $ 9.45 02/27/2009   J(1)     3,571 01/03/2008 01/03/2018 Lime Energy Co. Common Stock 3,571 $ 0 (3) 32,215 D  
Option to Purchase Lime Energy Co. Common Stock $ 3.66 02/27/2009   J(2)   1,786   01/03/2008 01/03/2018 Lime Energy Co. Common Stock 1,786 $ 0 (2) 34,001 D  
Option to Purchase Lime Energy Co. Common Stock $ 9.45 02/27/2009   J(1)     3,571 01/03/2009 01/03/2018 Lime Energy Co. Common Stock 3,571 $ 0 (3) 30,430 D  
Option to Purchase Lime Energy Co. Common Stock $ 3.66 02/27/2009   J(2)   1,785   01/03/2009 01/03/2018 Lime Energy Co. Common Stock 1,785 $ 0 (2) 32,215 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BARNUM GREGORY T

 		   X      

Signatures

 Jeffrey Mistarz, by power of attorney   03/02/2009
**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) Exchanged pursuant to the Lime Energy Option Exchange Tender Offer
(2) Received in exchange for option tendered pursuant to Lime Energy Exchange Offer
(3) Received new option in exchange for tendered option

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