Form 4 Filed by Praetorian Capital Management Llc on May 07, 2008

This form 4 (insider trading filing) was submitted to the Securities and Exchange Commission (SEC) by insider Praetorian Capital Management Llc on May 07, 2008. The CIK number of this insider is 1337851. At the time of this reporting, Praetorian Capital Management Llc is the 10% Owner of International Monetary Systems Ltd /wi/ . See all insider stock transactions reported by Praetorian Capital Management Llc and all stock buys, sales, and option exercises made by insiders at International Monetary Systems Ltd /wi/ . The stock ticker symbol of International Monetary Systems Ltd /wi/ is INLM.

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 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* Praetorian Capital Management LLC (Last) (First) (Middle) 119 WASHINGTON AVENUE SUITE 600 (Street) MIAMI BEACH FL 33139 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol INTERNATIONAL MONETARY SYSTEMS LTD /WI/ [ INLM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/06/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	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, par value $0.0001	05/06/2008		P		1,100	A	$0.538	13,237,365	I	See footnotes ( 1 ) ( 2 )

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

Explanation of Responses:

1. This Form 4 is being filed by Praetorian Capital Management LLC, a Delaware Limited Liability Company (the "Management Company") which serves as investment manager or advisor to Praetorian Offshore Ltd. and Praetorian Institutional Offshore Ltd. (the "Funds") with respect to the shares identified in this filing. The Management Company makes the investment and voting decisions on behalf of the Funds but owns no direct investments in the securities of the Issuer. The Funds directly own the shares of the Common Stock of the Issuer but do not make any decisions as to voting or buying or selling shares of the Issuer.

2. Praetorian Offshore Ltd. owns 12,985,800 shares (all of which were purchased prior to the earliest date noted in this filing) and Praetorian Institutional Offshore Ltd. owns 251,565 shares, of which 1,100 were purchased on May 6, 2008. In total, the Funds own 13,237,365 shares.

	Harris B. Kupperman	05/07/2008
	** Signature of Reporting Person	Date
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