Alto Ingredients (ALTO) Form 4 Change in insider ownership

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Candlewood Investment Group, LP

(Last) (First) (Middle)

555 THEODORE FREMD AVE

SUITE C-303

(Street)

RYE NY 10580

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pacific Ethanol, Inc. [ PEIX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2016

4. If Amendment, Date of 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

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	12/12/2016		S		1,737,390	D	$9.33	4,046,369	I	See Footnote(1)
Common Stock	12/12/2016		S		1,026,379	D	$9.33	2,101,534	I	See Footnote(2)
Common Stock	12/12/2016		S		70,585	D	$9.33	122,029	I	See Footnote(3)
Common Stock	12/12/2016		S		17,646	D	$9.33	30,507	I	See Footnote(3)
Common Stock	12/12/2016		S		76,148	D	$10.3345(4)	3,970,221	I	See Footnote(1)
Common Stock	12/12/2016		S		44,985	D	$10.3345(4)	2,056,549	I	See Footnote(2)
Common Stock	12/12/2016		S		3,094	D	$10.3345(4)	118,935	I	See Footnote(3)
Common Stock	12/12/2016		S		773	D	$10.3345(4)	29,734	I	See Footnote(3)
Common Stock								900,177	I	See Footnote(2)
Common Stock								77,292	I	See Footnote(2)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person^*

Candlewood Investment Group, LP

(Last) (First) (Middle)

555 THEODORE FREMD AVE

SUITE C-303

(Street)

RYE NY 10580

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Candlewood Special Situations General, LLC

(Last) (First) (Middle)

555 THEODORE FREMD AVE

SUITE C-303

(Street)

RYE NY 10580

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Candlewood Investment Group General, LLC

(Last) (First) (Middle)

555 THEODORE FREMD AVE

SUITE C-303

(Street)

RYE NY 10580

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Candlewood Special Situations Master Fund, Ltd.

(Last) (First) (Middle)

555 THEODORE FREMD AVE

SUITE C-303

(Street)

RYE NY 10580

(City) (State) (Zip)

Explanation of Responses:

1. The securities are directly held by Candlewood Special Situations Master Fund, Ltd. (the "Special Situations Fund"). Candlewood Investment Group, LP (the "Investment Manager") serves as the investment manager to the Special Situations Fund, and Candlewood Special Situations General, LLC (the "Fund GP") serves as the general partner of the Special Situations Fund. Candlewood Investment Group General, LLC (the "Manager GP") serves as the general partner of the Investment Manager. Each of the Reporting Persons, other than the Special Situations Fund, disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest.

2. The securities are directly held by a private investment fund for which (i) the Investment Manager serves as the investment manager and (ii) the Fund GP serves as the general partner. The Manager GP serves as the general partner of the Investment Manager. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest.

3. The securities are directly held by a private investment fund for which the Investment Manager controls the investment manager advising such fund. The Manager GP serves as the general partner of the Investment Manager. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest.

4. The transactions were executed in multiple trades at prices ranging from $10.05 to $10.75. The price above reflects the weighted average sales price. Detailed information regarding the number of shares sold at each separate price will be provided upon request by the Commission staff, the Issuer or a security holder of the Issuer.

Remarks:

	Candlewood Investment Group, LP, By: /s/ Janet Miller, its Chief Operating Officer and General Counsel	12/14/2016
	Candlewood Special Situations General, LLC, By: /s/ Michael Lau, its Class A Member	12/14/2016
	Candlewood Investment Group General, LLC, By: /s/ Michael Lau, its Manager	12/14/2016
	Candlewood Special Situations Master Fund, Ltd., By: /s/ David Koenig, its Portfolio Manager	12/14/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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