Ownership Submission
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 *
GREENHILL CAPITAL PARTNERS, LLC
  2. Issuer Name and Ticker or Trading Symbol
GLOBAL SIGNAL INC [GSL]
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)
300 PARK AVENUE, 23RD FLOOR, 
3. Date of Earliest Transaction (Month/Day/Year)
03/15/2006
(Street)

NEW YORK, NY 10022
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; par value $0.01 per share 03/15/2006   X   128,800 A $ 18 10,543,978 I (2) (3) (4) (5) Through limited partnerships (2) (3) (4) (5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Option to buy Common Stock ("Options") $ 18 03/15/2006   X     128,800   (1) 06/08/2014 Common Stock 128,800 $ 0 0 I (2) (3) (4) (5) Through limited partnerships (2) (3) (4) (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GREENHILL CAPITAL PARTNERS, LLC
300 PARK AVENUE, 23RD FLOOR
NEW YORK, NY 10022
    X    
GCP MANAGING PARTNER, L.P.
300 PARK AVENUE, 23RD FLOOR
NEW YORK, NY 10022
    X    
GCP, L.P.
300 PARK AVENUE, 23RD FLOOR
NEW YORK, NY 10022
    X    
GREENHILL & CO INC
300 PARK AVENUE
23RD FLOOR
NEW YORK, NY 10022
    X    
GCP 2000, LLC
300 PARK AVENUE, 23RD FLOOR
NEW YORK, NY 10022
    X    
GREENHILL CAPITAL PARTNERS LP
300 PARK AVE
23RD FL
NEW YORK, NY 10022
    X    
BOK SCOTT L
300 PARK AVENUE
23RD FLOOR
NEW YORK, NY 10022
    X    
GREENHILL ROBERT F
300 PARK AVENUE
23RD FLOOR
NEW YORK, NY 10022
    X    
NIEHAUS ROBERT H
300 PARK AVENUE, 23RD FLOOR
NEW YORK, NY 10022
    X    

Signatures

 Greenhill Capital Partners, LLC, By: Ulrika Ekman, /s/ Ulrika Ekman   03/15/2006
**Signature of Reporting Person Date

 GCP 2000, LLC, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus   03/15/2006
**Signature of Reporting Person Date

 GCP, L.P., By: GCP 2000, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus   03/15/2006
**Signature of Reporting Person Date

 Greenhill Capital Partners, L.P., By: GCP 2000, LLC, its general partner and GCP, L.P., its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus   03/15/2006
**Signature of Reporting Person Date

 Greenhill Capital Partners, L.P., By: GCP Managing Partner, L.P., its managing general partner and Greenhill Capital Partners, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus   03/15/2006
**Signature of Reporting Person Date

 GCP Managing Partner, L.P., By: Greenhill Capital Partners, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus   03/15/2006
**Signature of Reporting Person Date

 Greenhill & Co., Inc., By: Ulrika Ekman, General Counsel and Secretary, /s/ Ulrika Ekman   03/15/2006
**Signature of Reporting Person Date

 Scott L. Bok, /s/ Scott L. Bok   03/15/2006
**Signature of Reporting Person Date

 Robert F. Greenhill, /s/ Robert F. Greenhill   03/15/2006
**Signature of Reporting Person Date

 Robert H. Niehaus, /s/ Robert H. Niehaus   03/15/2006
**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) Immediately.
(2) This Form 4 is being filed by more than one reporting person.
(3) Greenhill Capital Partners, LLC, which is the record owner of 32,200 shares of Common Stock and which may be deemed to be the beneficial owner of an additional 10,382,978 shares of Common Stock through the beneficial ownership of such shares by certain affiliated ownerships and whose sole member is Greenhill & Co., Inc., is the general partner of GCP Managing Partner, L.P. GCP Managing Partner, L.P. and GCP, L.P. are general partners of Greenhill Capital Partners, L.P., which acquired 79,476 shares of Common Stock pursuant to its exercise of the Options, Greenhill Capital Partners (Executives), L.P., which acquired 12,544 shares of Common Stock pursuant to its exercise of the Options, Greenhill Capital, L.P., which acquired 25,424 shares of Common Stock pursuant to its exercise of the Options, and Greenhill Capital Partners (Cayman), L.P., which acquired 11,356 shares of Common Stock pursuant to its exercise of the Options.
(4) GCP 2000, LLC is the general partner of GCP, L.P. GCP 2000, LLC is in turn controlled by its Senior Members, Scott L. Bok, Robert F. Greenhill and Robert H. Niehaus. Mr. Niehaus is also a member of the Board of Directors of the Issuer.
(5) Each reporting person disclaims beneficial ownership of the reported securities except and to the extent of its or his pecuniary interest therein.

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