SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* FOWLER F DAVID (Last) (First) (Middle) C/O MICROSTRATEGY INC. 1861 INTERNATIONAL DRIVE (Street) MCLEAN VA 22102 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LIQUIDITY SERVICES INC [ LQDT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Former Director
	3. Date of Earliest Transaction (Month/Day/Year) 02/16/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year) 02/18/2011	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person 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. 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	02/16/2011		M		10,000	A	$12.89	25,757	D
Common Stock	02/16/2011		S		10,000	D	$16.69	15,757	D
Common Stock	02/17/2011		M		10,000	A	$12.89	25,757	D
Common Stock	02/17/2011		M		13,150	A	$14.75	38,907	D
Common Stock	02/17/2011		M		15,082	A	$11.66	53,989	D
Common Stock	02/17/2011		M(1)		5,753	A	$10.7	59,742	D
Common Stock	02/17/2011		S		43,985	D	$16.53	15,757	D
Common Stock	02/18/2011		M(2)		12,859	A	$10.7	28,616	D
Common Stock	02/18/2011		M(2)		3,400	A	$8.55	32,016	D
Common Stock	02/18/2011		S		16,259	D	$16.16	15,757	D

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 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: 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
Employee Stock Option	$12.89	02/16/2011		M			10,000	(3)	04/03/2016	Common Stock	20,000	$12.89	10,000	D
Employee Stock Option	$12.89	02/17/2011		M			10,000	(3)	04/03/2016	Common Stock	10,000	$12.89	0	D
Employee Stock Option	$14.75	02/17/2011		M			13,150	(4)	10/02/2016	Common Stock	13,150	$14.75	0	D
Employee Stock Option	$11.66	02/17/2011		M			15,082	(5)	06/03/2018	Common Stock	15,082	$11.66	0	D
Employee Stock Option	$8.55	02/18/2011		M(2)			3,400	(6)	04/28/2019	Common Stock	21,086	$8.55	17,686	D
Employee Stock Option	$10.7	02/17/2011		M(1)			5,753	(7)	02/01/2020	Common Stock	18,612	$10.7	12,859	D
Employee Stock Option	$10.7	02/18/2011		M(2)			12,859	(7)	02/01/2020	Common Stock	12,859	$10.7	0	D

Explanation of Responses:

1. This transaction was originally reported as an exercise of $8.55 options in a Form 4 filed on February 18, 2011. This amendment is filed to reflect that the transaction was a conversion of Mr. Fowler's $10.70 options, and therefore the corrected price is $10.70.

2. As originally reported in a Form 4 filed on February 18, 2011, these transactions exercised all of Mr. Fowler's remaining $8.55 options before exercising a portion of his $10.70 options. This amendment is filed to reflect that these transactions fully exercised Mr. Fowler's $10.70 options and then exercised a portion of his $8.55 options.

3. These options became fully vested on April 3, 2008.

4. These options became fully vested on October 2, 2007.

5. These options became fully vested on June 3, 2009.

6. These options became fully vested on February 18, 2010.

7. These options became fully vested on February 1, 2011.

	/s/ James E. Williams, by power of attorney	04/07/2011
	** Signature of Reporting Person	Date
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