-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Iq5vxK9eZsrwPyNxbnUd/7CkZLcOIk+nM9moT8O+BONGqi4wxCXmh0nIXRf00UYM
 16RFCS0Xiqx6+Oge1BYhcg==

<SEC-DOCUMENT>0001458424-09-000001.txt : 20090716
<SEC-HEADER>0001458424-09-000001.hdr.sgml : 20090716
<ACCEPTANCE-DATETIME>20090715213707
ACCESSION NUMBER:		0001458424-09-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090716
DATE AS OF CHANGE:		20090715
EFFECTIVENESS DATE:		20090716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINGSTOWN PARTNERS L.P.
		CENTRAL INDEX KEY:			0001458424
		IRS NUMBER:				204556966
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-132815
		FILM NUMBER:		09947033

	BUSINESS ADDRESS:	
		STREET 1:		1270 BROADWAY, SUITE 1009
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		(212)319-1309

	MAIL ADDRESS:	
		STREET 1:		1270 BROADWAY, SUITE 1009
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001458424</cik>
        <entityName>KINGSTOWN PARTNERS L.P.</entityName>
        <issuerAddress>
            <street1>245 Park Avenue, 24th Floor</street1>
            <street2></street2>
            <city>New York</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10167</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 319-1309</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName></middleName>
                <lastName>Blitzer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>245 Park Avenue, 24th Floor</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10167</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Kingstown Capital Partners LLC, General Partner of Kingstown Partners L.P.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Guy</firstName>
                <middleName></middleName>
                <lastName>Shanon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>245 Park Avenue, 24th Floor</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10167</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Kingstown Capital Partners LLC, General Partner of Kingstown Partners L.P.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Budge Collins</recipientName>
                <recipientCRDNumber>2243028</recipientCRDNumber>
                <associatedBDName>Collins / Bay Island Securities</associatedBDName>
                <associatedBDCRDNumber>106560</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>567 San Nicolas Drive, Suite 460</street1>
                    <street2></street2>
                    <city>Newport Beach</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>92660</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Thomas Kikis</recipientName>
                <recipientCRDNumber>1198536</recipientCRDNumber>
                <associatedBDName>Arcadia Securities</associatedBDName>
                <associatedBDCRDNumber>44656</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>720 Fifth Avenue, 10th Floor</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10019</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Steven Jafarzadeh</recipientName>
                <recipientCRDNumber>2994968</recipientCRDNumber>
                <associatedBDName>Stonehaven, LLC</associatedBDName>
                <associatedBDCRDNumber>118913</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>275 Madison Ave., Suite 2002</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10016</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>71500000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>17</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>150000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Kingstown Capital Management L.P. is paid a quarterly management fee of 0.375% of each limited partner capital account balance and 0.375% (prorated) of each capital contribution.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>KINGSTOWN PARTNERS L.P.</issuerName>
                <signatureName>Michael Blitzer</signatureName>
                <nameOfSigner>Michael Blitzer</nameOfSigner>
                <signatureTitle>Managing Member of Kingstown Capital Partners LLC</signatureTitle>
                <signatureDate>2009-07-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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