UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
1. Name and Address of Reporting Person(s)
Gammill, Lee M.
51 Madison Avenue
New York, NY 10010
2. Issuer Name and Ticker or Trading Symbol
Vanguard Airlines, Inc. (VNGD)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
06/00
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
Director
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
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<S> <C> <C> <C> <C><C> <C> <C><C>
</TABLE>
<TABLE>
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
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<S> <C> <C> <C> <C> <C> <C> <C>
Non-Qualified Stock Option $1.625000 05/24/00 A 10,000 (1) 05/24/10
(right to buy)
Non-Qualified Stock Option $3.438000 10/22/97 10/22/07
(right to buy)
Non-Qualified Stock Option $5.625000 09/22/97 09/22/07
(right to buy)
</TABLE>
<TABLE>
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
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<S> <C> <C> <C> <C> <C> <C> <C>
Non-Qualified Stock Option 05/24/00 Common Stock 10,000 10,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 40,000 40,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 5,000 5,000 D Direct
(right to buy)
</TABLE>
[FN]
Explanation of Responses:
(1) This Option Vests at the rate of 1/12 of the Shares subject to the Option.
Only the vested portion of this Option is currently exercisable. This Option
was exercisable within 60 days after the date hereof into 833 Shares of
Common Stock.
</FN>
SIGNATURE OF REPORTING PERSON
/S/ Gammill, Lee M.
DATE
