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

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Trinad Capital Master Fund Ltd.
   2. Issuer Name and Ticker or Trading Symbol
Mandalay Media, Inc. [MNDL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
2121 AVENUE OF THE STARS, SUITE 2550		 3. Date of Earliest Transaction (Month/Day/Year)
10/23/2008
(Street)

LOS ANGELES, CA 90067		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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
Common Stock, $.0001 par value per share 10/23/2008   P   561,798 A $ 2.67 9,861,798 D (1)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(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
Warrant $ 2.67 10/23/2008   P   280,899   10/23/2008 10/23/2013 Common Stock 280,899 (2) 280,899 D (1)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Trinad Capital Master Fund Ltd.
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		     X    
Trinad Capital L.P.
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		     X    
Trinad Management, LLC
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		     X    
Trinad Advisors II, LLC
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		     X    
ELLIN ROBERT S
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		   X   X    
Wolf Jay
2121 AVENUE OF THE STARS
SUITE 2550
LOS ANGELES, CA 90067		   X   X   Chief Financial Officer  

Signatures

 Trinad Capital Master Fund, Ltd. By: /s/ Jay A. Wolf, Authorized Representative   11/19/2008
**Signature of Reporting Person Date
 Trinad Advisors II, LLC By: /s/ Robert S. Ellin, Managing Director   11/19/2008
**Signature of Reporting Person Date
 Trinad Capital L.P. By: Trinad Advisors II LLC, its general partner By: /s/ Robert S. Ellin, Managing Director   11/19/2008
**Signature of Reporting Person Date
 Trinad Management, LLC By: /s/ Robert S. Ellin, Managing Director   11/19/2008
**Signature of Reporting Person Date
 /s/ Robert S. Ellin   11/19/2008
**Signature of Reporting Person Date
 /s/ Jay A. Wolf   11/19/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) These securities are owned directly by Trinad Capital Master Fund, Ltd. (the "Master Fund"). These securities may be deemed to be beneficially owned by (i) Trinad Management, LLC, the investment manager of the Master Fund, (ii) Trinad Capital L.P., a controlling stockholder of the Master Fund, (iii) Trinad Advisors II, LLC, the general partner of Trinad Capital L.P., (iv) Robert S. Ellin, the managing director of and portfolio manager for Trinad Management, LLC and the managing director of Trinad Advisors II, LLC, and (v) Jay A. Wolf , the managing director of and portfolio manager for Trinad Management, LLC and the managing director of Trinad Advisors II, LLC. Each of the reporting persons disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein.
(2) These warrants were issued pursuant to that certain Securities Purchase Agreement, dated as of October 23, 2008, by and among Mandalay Media, Inc. and certain investors.

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