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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): May 1, 2009</B>

<P style="font-size: 24pt" align="center"><B>Ambassadors International,
Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-26420</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>91-1688605</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1071 Camelback
Street<BR>
Newport Beach, CA <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>92660</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(949) 759-5900</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="justify"><B>Item&nbsp;1.01. Entry Into a
Material Definitive Agreement.</B>
<P style="font-size: 10pt" align="justify"><B>Membership Interest Purchase
Agreement</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On May&nbsp;1,
2009, Ambassadors International, Inc. (the &#8220;Company&#8221;) and its
wholly-owned subsidiary, Ambassadors Marine Group, LLC (&#8220;AMG&#8221;),
entered into a Membership Interest Purchase Agreement (the &#8220;Purchase
Agreement&#8221;) with Bellwether Financial Group, Inc., a Delaware corporation
(the &#8220;Buyer&#8221;), which is an affiliate of Joseph Ueberroth, former
President, Chief Executive Officer and a member of the board of directors of
the Company.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
terms of the Purchase Agreement, the Buyer will acquire all of the issued and
outstanding membership interests of AMG from the Company. In addition, pursuant
to the terms of the Purchase Agreement, the Company retained the right to
solicit superior proposals to acquire AMG until May&nbsp;22, 2009. A copy of
the Purchase Agreement is attached as Exhibit&nbsp;10.1 to this Current Report
on Form 8-K. A copy of the press release announcing the Purchase Agreement is
furnished as Exhibit&nbsp;99.1 to this report and incorporated herein by
reference.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Purchase
Agreement also contains customary representations, warranties, covenants and
indemnities.


<P style="font-size: 10pt; text-indent: 4%" align="justify">The Company intends
to use the proceeds from the closing to make interest payments on the
Company&#8217;s 3.75% senior convertible notes to cure our outstanding default.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The foregoing
summary of the terms of the Purchase Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of the Purchase
Agreement, a copy of which is filed as an exhibit to this report. The Purchase
Agreement contains certain representations and warranties made by the parties
thereto. The assertions embodied in such representations and warranties are not
necessarily assertions of fact, but a mechanism for the parties to allocate
risk. Accordingly, investors should not rely on the representations and
warranties as characterizations of the actual state of facts or for any other
purpose at the time they were made or otherwise. The Purchase Agreement is not
intended as a document for investors to obtain factual information about the
current state of affairs of the parties to the agreement. Rather, investors
should look to other disclosures contained in the Company&#8217;s reports under
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;).

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01 Financial
Statements and Exhibits.</B>

<P style="font-size: 10pt; text-indent: 2%"
align="justify">(d)&nbsp;<U>Exhibits</U>:
<DIV align="center">
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  <TD valign="top">
<DIV
style="margin-left: 0px; text-indent: 0px"><B>Exhibit&nbsp;No.</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><B>Description</B></TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top" align="center">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Membership Interest Purchase Agreement, dated
May&nbsp;1, 2009, by and among Ambassadors International, Inc., Ambassadors
Marine Group, LLC and Bellwether Financial Group, Inc.</TD>
 </TR>
<Tr><td>&nbsp;</td></tr>
 <TR valign="bottom">
  <TD valign="top" align="center">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press release dated May&nbsp;5, 2009.</TD>
 </TR>
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</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.

<P style="font-size: 10pt; margin-left: 46%" align="justify">AMBASSADORS
INTERNATIONAL, INC.

<P style="font-size: 10pt" align="justify">Date: May&nbsp;7, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify">By: <U>/s/ Mark T.
Detillion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><Br>Mark T. Detillion<BR>
Chief Financial
Officer

<P style="font-size: 10pt" align="center">3

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>INDEX TO EXHIBITS ATTACHED TO THIS
REPORT</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
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  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
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<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV
style="margin-left: 0px; text-indent: 0px"><B>Exhibit&nbsp;No.</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><B>Description</B></TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top" align="center">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Membership Interest Purchase Agreement, dated
May&nbsp;1, 2009, by and among Ambassadors International, Inc., Ambassadors
Marine Group, LLC and Bellwether Financial Group, Inc.</TD>
 </TR>
<tr><td>&nbsp;</td></tr>
 <TR valign="bottom">
  <TD valign="top" align="center">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press release dated May&nbsp;5, 2009.</TD>
 </TR>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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Form 8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): May 1, 2009
Ambassadors International,
Inc.
(Exact name of registrant as
specified in its charter)
Delaware
0-26420
91-1688605
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1071 Camelback
Street
Newport Beach, CA
92660
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(949) 759-5900
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry Into a
Material Definitive Agreement.
Membership Interest Purchase
Agreement
On May 1,
2009, Ambassadors International, Inc. (the "Company") and its
wholly-owned subsidiary, Ambassadors Marine Group, LLC ("AMG"),
entered into a Membership Interest Purchase Agreement (the "Purchase
Agreement") with Bellwether Financial Group, Inc., a Delaware corporation
(the "Buyer"), which is an affiliate of Joseph Ueberroth, former
President, Chief Executive Officer and a member of the board of directors of
the Company.
Pursuant to the
terms of the Purchase Agreement, the Buyer will acquire all of the issued and
outstanding membership interests of AMG from the Company. In addition, pursuant
to the terms of the Purchase Agreement, the Company retained the right to
solicit superior proposals to acquire AMG until May 22, 2009. A copy of
the Purchase Agreement is attached as Exhibit 10.1 to this Current Report
on Form 8-K. A copy of the press release announcing the Purchase Agreement is
furnished as Exhibit 99.1 to this report and incorporated herein by
reference.
The Purchase
Agreement also contains customary representations, warranties, covenants and
indemnities.
The Company intends
to use the proceeds from the closing to make interest payments on the
Company's 3.75% senior convertible notes to cure our outstanding default.
The foregoing
summary of the terms of the Purchase Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of the Purchase
Agreement, a copy of which is filed as an exhibit to this report. The Purchase
Agreement contains certain representations and warranties made by the parties
thereto. The assertions embodied in such representations and warranties are not
necessarily assertions of fact, but a mechanism for the parties to allocate
risk. Accordingly, investors should not rely on the representations and
warranties as characterizations of the actual state of facts or for any other
purpose at the time they were made or otherwise. The Purchase Agreement is not
intended as a document for investors to obtain factual information about the
current state of affairs of the parties to the agreement. Rather, investors
should look to other disclosures contained in the Company's reports under
the Securities Exchange Act of 1934, as amended (the "Exchange
Act").
Item 9.01 Financial
Statements and Exhibits.
(d)
Exhibits
:
Exhibit No.
Description
10.1
Membership Interest Purchase Agreement, dated
May 1, 2009, by and among Ambassadors International, Inc., Ambassadors
Marine Group, LLC and Bellwether Financial Group, Inc.
99.1
Press release dated May 5, 2009.
2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
AMBASSADORS
INTERNATIONAL, INC.
Date: May 7, 2009
By:
/s/ Mark T.
Detillion
Mark T. Detillion
Chief Financial
Officer
3
INDEX TO EXHIBITS ATTACHED TO THIS
REPORT
Exhibit No.
Description
10.1
Membership Interest Purchase Agreement, dated
May 1, 2009, by and among Ambassadors International, Inc., Ambassadors
Marine Group, LLC and Bellwether Financial Group, Inc.
99.1
Press release dated May 5, 2009.