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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1. Name and Address of Reporting Person * Litespeed Management, L.L.C.   2. Issuer Name and Ticker or Trading Symbol DYNEGY INC. [DYN] 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) 237 PARK AVENUE, SUITE 900,  3. Date of Earliest Transaction (Month/Day/Year) 05/07/2012 (Street) NEW YORK, NY 10017 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 05/07/2012   P   212,000 A $ 0.4052 12,739,829 D (1)   Common Stock               12,739,829 I See footnote. (2) Common Stock 05/08/2012   P   476,600 A $ 0.38 13,216,429 D (1)   Common Stock               13,216,429 I See footnote. (2) Common Stock 05/09/2012   P   541,000 A $ 0.3841 13,757,429 D (1)   Common Stock               13,757,429 I See footnote. (2) Common Stock 05/10/2012   P   6,332,565 A $ 0.4277 (3) 20,089,994 D (1)   Common Stock               20,089,994 I See footnote. (2) Common Stock 05/14/2012   P   520,500 A $ 0.4593 20,610,494 D (1)   Common Stock               20,610,494 I See footnote. (2) Common Stock 05/15/2012   P   64,146 A $ 0.46 20,674,640 D (1)   Common Stock               20,674,640 I See footnote. (2) Common Stock 05/30/2012   P   500,000 A $ 0.4541 21,174,640 D (1)   Common Stock               21,174,640 I See footnote. (2) Common Stock 05/31/2012   P   1,000,000 A $ 0.4984 22,174,640 D (1)   Common Stock               22,174,640 I See footnote. (2) Common Stock 06/01/2012   P   1,633,120 A $ 0.5173 23,807,760 D (1)   Common Stock               23,807,760 I See footnote. (2) Common Stock 06/04/2012   P   134,345 A $ 0.5177 23,942,105 D (1)   Common Stock               23,942,105 I See footnote. (2) Common Stock 06/05/2012   P   300,050 A $ 0.5739 24,242,155 D (1)   Common Stock               24,242,155 I See footnote. (2) Common Stock 06/11/2012   P   1,431,348 A $ 0.58 25,673,503 D (1)   Common Stock               25,673,503 I See footnote. (2)

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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Litespeed Management, L.L.C. 237 PARK AVENUE, SUITE 900 NEW YORK, NY 10017		X
ZIMMERMAN, JAMIE C/O LITESPEED MANAGEMENT, L.L.C. 237 PARK AVENUE, SUITE 900 NEW YORK, NY 10017		X
LITESPEED MASTER FUND, LTD. C/O OGIER FIDUCIARY SERVICES 89 NEXUS WAY, CAMANA BAY GRAND CAYMAN, E9 KY1-9007		X

Signatures

Litespeed Management, L.L.C., By: /s/ Jamie Zimmerman, Managing Member		06/13/2012
**Signature of Reporting Person		Date
/s/ Jamie Zimmerman		06/13/2012
**Signature of Reporting Person		Date
Litespeed Master Fund, Ltd., By: /s/ Jamie Zimmerman, Director		06/13/2012
**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)	The reported securities are directly owned by Litespeed Master Fund, Ltd., which is a reporting person. Litespeed Management, L.L.C. and Jamie Zimmerman may be deemed to indirectly beneficially own the securities directly held by Litespeed Master Fund, Ltd. See footnote 2.
(2)	The reported securities may be deemed indirectly beneficially owned by Litespeed Management, L.L.C. as investment manager of Litespeed Master Fund, Ltd. The reported securities may also be deemed indirectly beneficially owned by Jamie Zimmerman as Managing Member of Litespeed Management, L.L.C. Litespeed Management, L.L.C. and Jamie Zimmerman disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(3)	Represents the weighted average price of shares purchased in multiple same-day transactions at prices ranging from $0.4197 to $0.4400 per share.

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