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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Prides Capital Partners, LLC 		2. Issuer Name and Ticker or Trading Symbol

AMERITRANS CAPITAL CORP [ AMTC ] 		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)

200 HIGH STREET, SUITE 700 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/9/2007
(Street)

BOSTON, MA 02110
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
Non Employee Stock Option   $4.93   5/9/2007   (1)   J  (2)    10141       5/9/2008   5/9/2012   Common Stock, $.0001 par value   10141   $4.93   10141   I   See Footnote   (3)

Explanation of Responses:
( 1)  Options were granted on May 9, 2007 and vest on May 9, 2008
( 2)  This form 4 is being filed to reflect that options granted on May 9, 2007 vest on May 9, 2008
( 3)  Each of Prides Capital Partners, L.L.C., Prides Capital Fund I, L.P, Kevin A. Richardson, II, Murray A. Indick, Henry J. Lawlor, Jr. and Charles E. McCarthy disclaim beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

Remarks:
Murray A. Indick has been deputized by Prides Capital Partners, L.L.C. to serve on the Issuer's board of directors, and therefore Prides Capital Partners, L.L.C. and each of the Reporting Persons also is a director of the Issuer for purposes of Section 16 of the Securities Exchange Act of 1934

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Prides Capital Partners, LLC
200 HIGH STREET
SUITE 700
BOSTON, MA 02110 		X X

Richardson Kevin A II
200 HIGH STREET
SUITE 700
BOSTON, MA 02110 		X X

Lawlor Henry J Jr
200 HIGH STREET
SUITE 700
BOSTON, MA 02110 		X X

McCarthy Charles E
200 HIGH STREET
SUITE 700
BOSTON, MA 02110 		X X

Indick Murray A
200 HIGH STREET
SUITE 700
BOSTON, MA 02110 		X X


Signatures
Prides Capital Partners, LLC 5/12/2008
** Signature of Reporting Person Date

Kevin A. Richardson, II 5/12/2008
** Signature of Reporting Person Date

Murray A. Indick 5/12/2008
** Signature of Reporting Person Date

Henry J. Lawlor, Jr. 5/12/2008
** Signature of Reporting Person Date

Charles E. McCarthy 5/12/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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