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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): February 6, 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>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <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>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(949) 759-5900</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
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="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement</B>

<P style="font-size: 10pt" align="left">In connection with the termination of
Laura L. Tuthill and Joseph G. McCarthy (described in Item&nbsp;5.02 below),
Ambassadors International, Inc. (the &#8220;Company&#8221;) entered into a
Severance Agreement and General Release of All Claims with each of
Ms.&nbsp;Tuthill and Mr.&nbsp;McCarthy (the &#8220;Agreements&#8221;). A copy
of the Agreements are attached as Exhibit&nbsp;10.1 and Exhibit&nbsp;10.2 to
this Current Report on Form 8-K. The Agreements provide for severance payments
payable in accordance with the Company&#8217;s standard practices and an
additional payment to each of Ms.&nbsp;Tuthill and Mr.&nbsp;McCarthy in
consideration of their continued service during the transition period.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;5.02 Departure of
Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.</B>

<P style="font-size: 10pt" align="left">On February&nbsp;6, 2009, Laura L.
Tuthill, chief financial officer, treasurer, and secretary of the Company, and
Joseph G. McCarthy, vice president corporate development and general counsel of
the Company, entered into Agreements described in Item&nbsp;1.01 above in
connection with their termination as employees and executive officers of the
Company. Ms.&nbsp;Tuthill&#8217;s employment will terminate on April&nbsp;30,
2009 when she will cease to serve as an executive officer of the Company and an
officer and director of several of the Company&#8217;s subsidiaries.
Mr.&nbsp;McCarthy&#8217;s employment will terminate on September 30, 2009 when
he will cease to serve as an executive officer of the Company and an officer
and director of several of the Company&#8217;s subsidiaries. Ms.&nbsp;Tuthill
and Mr.&nbsp;McCarthy will assist the Company during the transition period
pursuant to the Agreements. Ms.&nbsp;Tuthill and Mr.&nbsp;McCarthy were
terminated as a result of the Company&#8217;s decision to focus on Windstar
Cruises, by consolidating the cruise and corporate headquarters in Seattle, WA
and potentially selling its Marine and Travel and Events divisions.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;8.01 Other Events.</B>

<P style="font-size: 10pt" align="left">On February&nbsp;11, 2009, the Company
issued a press release announcing its decision to primarily focus its efforts
on Windstar Cruises, a copy of which is included as Exhibit&nbsp;99.1 with this
Current Report on Form 8-K. In connection with this decision, the Company has
engaged Stephens Inc. to sell the Company&#8217;s principal non-Windstar assets
including its marine division and its travel and events division. The Company
also announced that its cruise and corporate headquarters will be consolidated
in Seattle over the next several months.

<P style="font-size: 10pt" align="left">The Company also announced that
effective February&nbsp;11, 2009 Art Rodney, a current member of the
Company&#8217;s board of directors, will replace Joe Ueberroth as the Chairman
of the Board. Mr. Ueberroth will remain on the Company&#8217;s board of
directors and has been requested by the board of directors to
participate in the
bidding process for the sale of the Company&#8217;s marine division.
While the board of directors will actively solicit bids from other
interested parties in the bidding process for the Company&#146;s marine
division, in light
of Mr. Ueberroth&#8217;s anticipated participation in the bidding process for
the Company&#146;s marine division, the board of directors has formed a
special committee of disinterested directors to consider any transaction
related to the sale of the marine division.

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

<P style="font-size: 10pt; text-indent: 2%" align="left">(d)&nbsp;Exhibits

<P>
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 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">10.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Severance Agreement and General Release of All Claims between Laura L.
Tuthill and the Company.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">10.2</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Severance Agreement and General Release of All Claims between Joseph M.
McCarthy and the Company.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 2%" align="left">99.1 Press Release
dated February&nbsp;11, 2009 of the Company.

<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" align="left">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; text-indent: 43%" align="left">AMBASSADORS
INTERNATIONAL, INC.
<DIV align="center">
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border="0">
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  <TD width="43%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="44%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
 </TR>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Date: February&nbsp;11, 2009
</DIV>
</TD>
  <TD>By:&nbsp;</TD>
  <TD valign="top" align="left"> /s/ Joseph J. Ueberroth </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD 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>
  <TD>&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Joseph J. Ueberroth<BR>President and Chief Executive Officer  </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
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</DIV>

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

<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>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="border-bottom: #000000 1px solid"><B>Exhibit No.</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid"><BR>
<B>Description</B></TD>
 </TR>
<!-- End Table Body -->

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</DIV>

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">10.1</TD>
  <TD width="8%">&nbsp;</TD>
  <TD>Severance Agreement and General Release of All Claims between Laura L.
Tuthill and the Company.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">10.2</TD>
  <TD width="8%">&nbsp;</TD>
  <TD>Severance Agreement and General Release of All Claims between Joseph M.
McCarthy and the Company.</TD>
 </TR>

</TABLE>

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">99.1</TD>
  <TD width="8%">&nbsp;</TD>
  <TD>Press Release
dated February&nbsp;11, 2009 of the Company.</TD>
 </TR>

</TABLE>



<P style="font-size: 10pt" align="center">4

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

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "AMBASSADORS INTERNATIONAL INC", "cik": "0000946842", "assigned-sic": "4700", "irs-number": "911688605", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26420", "film-number": "09590632"}, "business-address": {"street1": "1071 CAMELBACK", "street2": "STREET", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660", "phone": "949.759.5900"}, "mail-address": {"street1": "1071 CAMELBACK", "street2": "STREET", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660"}}
Filed by Bowne Pure Compliance
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): February 6, 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
In connection with the termination of
Laura L. Tuthill and Joseph G. McCarthy (described in Item 5.02 below),
Ambassadors International, Inc. (the "Company") entered into a
Severance Agreement and General Release of All Claims with each of
Ms. Tuthill and Mr. McCarthy (the "Agreements"). A copy
of the Agreements are attached as Exhibit 10.1 and Exhibit 10.2 to
this Current Report on Form 8-K. The Agreements provide for severance payments
payable in accordance with the Company's standard practices and an
additional payment to each of Ms. Tuthill and Mr. McCarthy in
consideration of their continued service during the transition period.
Item 5.02 Departure of
Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
On February 6, 2009, Laura L.
Tuthill, chief financial officer, treasurer, and secretary of the Company, and
Joseph G. McCarthy, vice president corporate development and general counsel of
the Company, entered into Agreements described in Item 1.01 above in
connection with their termination as employees and executive officers of the
Company. Ms. Tuthill's employment will terminate on April 30,
2009 when she will cease to serve as an executive officer of the Company and an
officer and director of several of the Company's subsidiaries.
Mr. McCarthy's employment will terminate on September 30, 2009 when
he will cease to serve as an executive officer of the Company and an officer
and director of several of the Company's subsidiaries. Ms. Tuthill
and Mr. McCarthy will assist the Company during the transition period
pursuant to the Agreements. Ms. Tuthill and Mr. McCarthy were
terminated as a result of the Company's decision to focus on Windstar
Cruises, by consolidating the cruise and corporate headquarters in Seattle, WA
and potentially selling its Marine and Travel and Events divisions.
Item 8.01 Other Events.
On February 11, 2009, the Company
issued a press release announcing its decision to primarily focus its efforts
on Windstar Cruises, a copy of which is included as Exhibit 99.1 with this
Current Report on Form 8-K. In connection with this decision, the Company has
engaged Stephens Inc. to sell the Company's principal non-Windstar assets
including its marine division and its travel and events division. The Company
also announced that its cruise and corporate headquarters will be consolidated
in Seattle over the next several months.
The Company also announced that
effective February 11, 2009 Art Rodney, a current member of the
Company's board of directors, will replace Joe Ueberroth as the Chairman
of the Board. Mr. Ueberroth will remain on the Company's board of
directors and has been requested by the board of directors to
participate in the
bidding process for the sale of the Company's marine division.
While the board of directors will actively solicit bids from other
interested parties in the bidding process for the Company's marine
division, in light
of Mr. Ueberroth's anticipated participation in the bidding process for
the Company's marine division, the board of directors has formed a
special committee of disinterested directors to consider any transaction
related to the sale of the marine division.
Item 9.01 Exhibits.
(d) Exhibits
10.1
Severance Agreement and General Release of All Claims between Laura L.
Tuthill and the Company.
10.2
Severance Agreement and General Release of All Claims between Joseph M.
McCarthy and the Company.
99.1 Press Release
dated February 11, 2009 of the Company.
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: February 11, 2009
By:
/s/ Joseph J. Ueberroth
Joseph J. Ueberroth
President and Chief Executive Officer
3
EXHIBIT INDEX
Exhibit No.
Description
10.1
Severance Agreement and General Release of All Claims between Laura L.
Tuthill and the Company.
10.2
Severance Agreement and General Release of All Claims between Joseph M.
McCarthy and the Company.
99.1
Press Release
dated February 11, 2009 of the Company.
4