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^*

Jones William L

(Last)

(First)

(Middle)

400 CAPITOL MALL, #2060

(Street)

SACRAMENTO

95814

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2010

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	09/16/2010		S		400	D	$0.7531	724,375	D
Common Stock	09/16/2010		S		200	D	$0.7532	724,175	D
Common Stock	09/16/2010		S		100	D	$0.7534	724,075	D
Common Stock	09/16/2010		S		300	D	$0.7535	723,775	D
Common Stock	09/16/2010		S		600	D	$0.7541	723,175	D
Common Stock	09/16/2010		S		200	D	$0.7542	722,975	D
Common Stock	09/16/2010		S		1,000	D	$0.7543	721,975	D
Common Stock	09/16/2010		S		100	D	$0.7544	721,875	D
Common Stock	09/16/2010		S		400	D	$0.7549	721,475	D
Common Stock	09/16/2010		S		200	D	$0.755	721,275	D
Common Stock	09/16/2010		S		200	D	$0.7551	721,075	D
Common Stock	09/16/2010		S		1,000	D	$0.7552	720,075	D
Common Stock	09/16/2010		S		200	D	$0.7553	719,875	D
Common Stock	09/16/2010		S		500	D	$0.7556	719,375	D
Common Stock	09/16/2010		S		358	D	$0.7565	719,017	D
Common Stock	09/16/2010		S		600	D	$0.7567	718,417	D
Common Stock	09/16/2010		S		100	D	$0.7569	718,317	D
Common Stock	09/16/2010		S		360	D	$0.7572	717,957	D
Common Stock	09/16/2010		S		400	D	$0.7573	717,557	D
Common Stock	09/16/2010		S		400	D	$0.7581	717,157	D
Common Stock	09/16/2010		S		300	D	$0.7587	716,857	D
Common Stock	09/16/2010		S		600	D	$0.7594	716,257	D
Common Stock	09/16/2010		S		300	D	$0.7595	715,957	D
Common Stock	09/16/2010		S		1,300	D	$0.76	714,657	D
Common Stock	09/16/2010		S		900	D	$0.7601	713,757	D
Common Stock	09/16/2010		S		1,100	D	$0.7604	712,657	D
Common Stock	09/16/2010		S		1,400	D	$0.761	711,257	D
Common Stock	09/16/2010		S		900	D	$0.7618	710,357	D
Common Stock	09/16/2010		S		300	D	$0.7619	710,057	D
Common Stock	09/16/2010		S		800	D	$0.763	709,257	D

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:

Remarks:

This is Part 2 of 4. There were more than 30 transactions to report.

	/s/ William L. Jones	09/17/2010
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.