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):   December 29, 2006
                                                       -------------------------

                          ICON Leasing Fund Eleven, LLC
--------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


         Delaware                     000-51916                20-1979428
----------------------------  -------------------------  -----------------------
     (State or Other           (Commission File Number)  (I.R.S. Employer
     Jurisdiction of                                      Identication No.)
     Incorporation)

                           100 Fifth Avenue, 4th Floor
                            New York, New York 10011
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)



                                 (212) 418-4700
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


--------------------------------------------------------------------------------
          (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 (see General Instruction A.2. below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[_]Soliciting  material  pursuant to Rule 14a-12  under the Exchange Act (17 CFR
240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))



<PAGE>


Item 8.01 Other Events


     On December 29,  2006,  ICON  Leasing  Fund  Eleven,  LLC ("Fund  Eleven"),
through its wholly-owned  subsidiary,  ICON Global Crossing III, LLC,  purchased
state-of-the-art  telecommunications  equipment from various  vendors,  which is
subject   to   a   forty-eight   (48)   month   lease   with   Global   Crossing
Telecommunications,  Inc.  and its  affiliate  Global  Crossing  North  American
Networks,  Inc.  (collectively,  the "Lessee")  that will expire on December 31,
2010. The Lessee is an Internet protocol based telecommunications  provider that
delivers voice, video and data services to its customers. The purchase price for
the equipment was approximately $9,800,000.



<PAGE>



                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                            ICON LEASING FUND ELEVEN, LLC
                                            By:  ICON CAPITAL CORP., its Manager


Dated:  January 12, 2007
                                            By: /s/ Thomas W. Martin
                                              ----------------------------------
                                              Thomas W. Martin
                                              Chief Operating Officer
[{"type": "8-K", "sequence": "1", "filename": "globalcrossing.txt", "secsgml_size_bytes": 3813}]
{"company-data": {"conformed-name": "ICON Leasing Fund Eleven, LLC", "cik": "0001312910", "assigned-sic": "7359", "irs-number": "201979428", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51916", "film-number": "07528339"}, "business-address": {"street1": "100 FIFTH AVENUE", "street2": "TENTH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011", "phone": "2124184700"}, "mail-address": {"street1": "100 FIFTH AVENUE", "street2": "TENTH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011"}}
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):   December 29, 2006
                                                       -------------------------

                          ICON Leasing Fund Eleven, LLC
--------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)

         Delaware                     000-51916                20-1979428
----------------------------  -------------------------  -----------------------
     (State or Other           (Commission File Number)  (I.R.S. Employer
     Jurisdiction of                                      Identication No.)
     Incorporation)

                           100 Fifth Avenue, 4th Floor
                            New York, New York 10011
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (212) 418-4700
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

--------------------------------------------------------------------------------
          (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 (see General Instruction A.2. below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[_]Soliciting  material  pursuant to Rule 14a-12  under the Exchange Act (17 CFR
240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events

     On December 29,  2006,  ICON  Leasing  Fund  Eleven,  LLC ("Fund  Eleven"),
through its wholly-owned  subsidiary,  ICON Global Crossing III, LLC,  purchased
state-of-the-art  telecommunications  equipment from various  vendors,  which is
subject   to   a   forty-eight   (48)   month   lease   with   Global   Crossing
Telecommunications,  Inc.  and its  affiliate  Global  Crossing  North  American
Networks,  Inc.  (collectively,  the "Lessee")  that will expire on December 31,
2010. The Lessee is an Internet protocol based telecommunications  provider that
delivers voice, video and data services to its customers. The purchase price for
the equipment was approximately $9,800,000.
SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                            ICON LEASING FUND ELEVEN, LLC
                                            By:  ICON CAPITAL CORP., its Manager

Dated:  January 12, 2007
                                            By: /s/ Thomas W. Martin
                                              ----------------------------------
                                              Thomas W. Martin
                                              Chief Operating Officer