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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Gulfstream International Group Inc.
(Name of Issuer)
Common
(Title of Class of Securities)
402738108
(CUSIP Number)
December 31, 2008
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     þ Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

* 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 the disclosures provided in a prior cover page.

The information required in 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 (“Act”) 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).

 
 


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
Eubel Brady & Suttman Asset Management, Inc.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   78,000
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    78,000
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  78,000
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  2.64%
     
12   TYPE OF REPORTING PERSON
   
  IA, CO


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
Ronald L. Eubel
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   120,040
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    120,040
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  120,040
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  4.06%
     
12   TYPE OF REPORTING PERSON
   
  IN


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
Mark E. Brady
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   120,040
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    120,040
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  120,040
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  4.06%
     
12   TYPE OF REPORTING PERSON
   
  IN

 


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
Robert J. Suttman II
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   120,040
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    120,040
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  120,040
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  4.06%
     
12   TYPE OF REPORTING PERSON
   
  IN

 


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
William E. Hazel
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   120,040
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    120,040
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  120,040
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  4.06%
     
12   TYPE OF REPORTING PERSON
   
  IN


 

                     
CUSIP No.
 
402738108 
 

 

           
1   NAMES OF REPORTING PERSONS
Bernard J. Holtgreive
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  5   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   42,040
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    42,040
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  42,040
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  1.42%
     
12   TYPE OF REPORTING PERSON
   
  IN


 

SCHEDULE 13G/A
Item 1(a) Name of Issuer.
Gulfstream International Group, Inc.
Item 1(b) Address of Issuer’s Principal Executive Offices.
3201 Griffin Rd. 4th Floor
Fort Lauderdale, FL 33312
Item 2(a) Name of Person Filing.
Eubel Brady & Suttman Asset Management, Inc. (“EBS”)
Ronald L. Eubel*
Mark E. Brady*
Robert J. Suttman II*
William E. Hazel*
Bernard J. Holtgreive*
     
*   These individuals may, as a result of their ownership in and positions with EBS and other affiliated entities, be deemed to be indirect beneficial owners of the equity securities held by EBS and one affiliated entity, EBS Partners, LP. The filing of this statement shall not be deemed an admission by Ronald L. Eubel, Mark E. Brady, Robert J. Suttman II, William E. Hazel, or Bernard J. Holtgreive that any of them beneficially own the securities for which they report shared dispositive power and shared voting power, regardless of whether they are acting in concert or acting severally.
Item 2(b) Address of Principal Business Office.
7777 Washington Village Dr. Suite 210
Dayton, Ohio 45459
Item 2(c) Place of Organization.
Eubel Brady & Suttman Asset Management, Inc.
Delaware Corporation
Ronald L. Eubel
Mark E. Brady
Robert J. Suttman II
William E. Hazel
Bernard J. Holtgreive
United States Citizens
Item 2(d) Title of Class of Securities.
Common Stock
Item 2(e) CUSIP Number.
402738108

 

 


 

Item 3 Reporting Person.
An investment advisor in accordance with Section 240.13d-1(b)(1)(ii)(E)
Item 4 Ownership.
  (a)   Amount beneficially owned
Eubel Brady & Suttman Asset Management, Inc., 78,000 shares. Messrs. Eubel, Brady, Suttman II, and Hazel may, as a result of their ownership in and positions with EBS and other affiliated entities, be deemed to be indirect beneficial owners of 120,040 shares held by EBS and one affiliated entity, EBS Partners L.P. Mr. Holtgreive may, as a result of his affiliation with EBS Partners, L.P., be deemed to be an indirect beneficial owner of 42,040 shares.
  (b)   Percent of class
Eubel Brady & Suttman Asset Management, Inc. 2.64%
Messrs. Eubel, Brady, Suttman II, and Hazel 4.06%
Mr. Holtgreive 1.42%
  (c)   Number of shares as to which the person has:
  (i)   Sole power to vote or direct the vote
N/A
  (ii)   Shared power to vote or direct the vote
78,000 (EBS)
120,040 (Messrs. Eubel, Brady, Suttman, & Hazel)
42,040 (Mr. Holtgreive)
  (iii)   Sole power to dispose or to direct the disposition of
N/A
  (iv)   Shared power to dispose or to direct the disposition of
78,000 (EBS)
120,040 (Messrs. Eubel, Brady, Suttman, & Hazel)
42,040 (Mr. Holtgreive)
Item 5 Ownership of Five Percent or Less of a Class.
  þ   Eubel Brady & Suttman Asset Management, Inc. and Messrs. Eubel, Brady, Suttman II, Hazel and Holtgreive have ceased to be the beneficial owners of more than 5% of the class of securities
Item 6 Ownership of More Than Five Percent on Behalf of Another Person.
Inapplicable
Item 7    Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.
Inapplicable

 

 


 

Item 8 Identification and Classification of Members of the Group.
Inapplicable
Item 9 Notice of Dissolution of Group.
Inapplicable
Item 10 Certification.

 

 


 

SIGNATURE
With respect to Eubel Brady & Suttman Asset Management, Inc.:
Certification for Rule 13d-1(b): By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
With respect to Ronald L. Eubel, Mark E. Brady, Robert J. Suttman II, William E. Hazel and Bernard J. Holtgreive:
Certification for Rule 13d-1(c): By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
Date: February 13, 2009
Eubel Brady & Suttman Asset Management, Inc.
             
By:   /s/ Ronald L. Eubel    
         
 
  Name:   Ronald L. Eubel    
 
  Title:   Chief Investment Officer    
 
           
By:   /s/ Ronald L. Eubel    
         
 
  Name:   Ronald L. Eubel    
 
           
By:   /s/ Mark E. Brady    
         
 
  Name:   Mark E. Brady    
 
           
By:   /s/ Robert J. Suttman II    
         
 
  Name:   Robert J. Suttman II    
 
           
By:   /s/ William E. Hazel    
         
 
  Name:   William E. Hazel    
 
           
By:   /s/ Bernard J. Holtgreive    
         
 
  Name:   Bernard J. Holtgreive    

 

 


 

     
*   Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).
Agreement
The undersigned agree that this Schedule 13G dated February 12, 2009 relating to the common stock of Gulfstream International Group, Inc. shall be filed on behalf of the undersigned.
Eubel Brady & Suttman Asset Management, Inc.
             
By:   /s/ Ronald L. Eubel    
         
 
  Name:   Ronald L. Eubel    
 
  Title:   Chief Investment Officer    
 
           
By:   /s/ Ronald L. Eubel    
         
 
  Name:   Ronald L. Eubel    
 
           
By:   /s/ Mark E. Brady    
         
 
  Name:   Mark E. Brady    
 
           
By:   /s/ Robert J. Suttman II    
         
 
  Name:   Robert J. Suttman II    
 
           
By:   /s/ William E. Hazel    
         
 
  Name:   William E. Hazel    
 
           
By:   /s/ Bernard J. Holtgreive    
         
 
  Name:   Bernard J. Holtgreive