SEC FORM 4

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^*

HOVDE ERIC D

(Last)

(First)

(Middle)

1826 JEFFERSON PLACE NW

(Street)

WASHINGTON

20036

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Great Wolf Resorts, Inc. [ WOLF ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/30/2008		P		4,319	A	⁽¹⁾	2,008,129⁽²⁾	I	See Footnote 3⁽³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Mr. Hovde, a director of Great Wolf Resorts, Inc. (the "Company"), was granted 4,319 shares of common stock of the Company (the "Shares"), in lieu of receiving directors fees in cash. The Company calculated the number of shares granted using the closing per share value of $4.37 on June 30, 2008.

2. After accounting for the 4,319 Shares granted on June 30, 2008, Mr. Hovde may be deemed to beneficially own 2,008,129 Shares as follows: LP, 724,036 Shares; LTD, 386,840 Shares; III, 380,475 Shares; IV, 79,557 Shares; SMA, 338,024 Shares; Found, 19,315 Shares; and PSP, 8,825 Shares; as well as 71,057 Shares owned directly by Mr. Hovde (a portion of which are restricted).

3. Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor ("HCA"). HCA serves as the investment manager to Financial Institution Partners, L.P. ("LP"); Financial Institution Partners, Ltd. ("LTD"); Financial Institution Partners III, L.P. ("III"); Financial Institution Partners IV, L.P. ("IV"); and a separately managed account ("SMA"; together with LP, LTD, III, and IV, the "Funds"). Additionally, Mr. Hovde serves as a trustee of The Eric D. and Steven D. Hovde Foundation ("Found") and the Hovde Financial, Inc. Profit Sharing Plan and Trust ("PSP"; together with the Found, the "Trusts"). Accordingly, Mr. Hovde may be deemed to beneficially own shares of common stock of Great Wolf Resorts, Inc. ("Shares") directly owned by the Funds and the Trusts.

	Eric Hovde	07/03/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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