UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Global Power Equipment Group Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
37941P108
(CUSIP Number)
June 19, 2007
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
CUSIP No. 37941P108
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Gradient Partners, L.P. EIN 20-1708919
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization Delaware
Number of 5. Sole Voting Power 0
Shares Beneficially
Owned by Each 6. Shared Voting Power 909,899
Reporting
Person With: 7. Sole Dispositive Power 0
8. Shared Dispositive Power 909,899
9.Aggregate Amount Beneficially Owned by Each Reporting Person 909,899
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
See Instructions[ ]
11.Percent of Class Represented by Amount in Row (9) 1.93%
12.Type of Reporting Person (See Instructions) IA
Item 1.
(a) Name of Issuer
Global Power Equipment Group Inc.
(b) Address of Issuers Principal Executive Offices
6120 South Yale, Suite 1480
Tulsa OK 74136
Item 2.
(a) Name of Person Filing
Gradient Partners, L.P.
(b) Address of Principal Business Office or, if none, Residence
10 New King Street, Suite 214
White Plains, NY 10604
(c) Citizenship
Delaware Limited Partnership/US
(d) Title of Class of Securities
Common Stock, $.001 par value
(e) CUSIP Number
37941P108
Item 3. If this statement is filed pursuant to 240.13d-1(b) or
240.13d-2(b) or (c),check whether the person filing is a:
(a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78).
(b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C.)78c).
(d) Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C 80a-8).
(e) X An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) An employee benefit plan or endowment fund in accordance
with 240.13d-1(b)(1)(ii)(F);
(g) A parent holding company or control person in accordance
with 240.13d-1(b)(1)(ii)(G);
(h) A savings associations as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j) Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in
Item 1.
(a) Amount beneficially owned: Gradient Partners, L.P., In its
capacity as investment adviser,may be deemed to beneficially
own 909,899 shares of the Issuer which are held of record by
clients of Gradient Partners, L.P.
(b) Percent of class: 1.93%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 0.
(ii) Shared power to vote or to direct the vote 909,899.
(iii) Sole power to dispose or to direct the disposition of 0.
(iv) Shared power to dispose or to direct the disposition of 909,899.
Item 5. Ownership of Five Percent or Less of a Class
The securities as to which this Schedule is being filed by Gradient
Partners, L.P.,in its capacity as investment adviser, are owned of
record by clients of Gradient Partners,L.P. Such clients have the
right to withdraw dividends or proceeds of sales of such securities
from accounts managed by Gradient Partners, L.P. If this statement
is being filed to report the fact that as of the date hereof the
reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities,
check the following [X]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being reported on By the Parent Holding
Company
If a parent holding company has filed this schedule, pursuant to
Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an
exhibit stating the identity and the Item 3 classification of the
relevant subsidiary. If a parent holding company has filed this
schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an
exhibit stating the identification of the relevant subsidiary.
N/A
Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to
240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an
exhibit stating the identity and Item 3 classification of each
member of the group. If a group has filed this schedule pursuant
to 240.13d-1(c)or 240.13d-1(d), attach an exhibit stating the
identity of each member of the group.
N/A
Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit
stating the date of the dissolution and that all further filings
with respect to transactions in the security reported on will be
filed, if required, by members of the group, in their individual
capacity. See Item 5.
N/A
Item 10. Certification
(a) The following certification shall be included if the statement is
filed pursuant to 240.13d-1(b):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
(b) The following certification shall be included if the statement is
filed pursuant to 240.13d-1(c):
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.
Date: June 20, 2007
/s/ Robert E. Shea
Signature
Name/Title: Robert E. Shea, Chief Financial Officer