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)
11/18/2010

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	11/18/2010		S		400	D	$0.7559	558,859	D
Common Stock	11/18/2010		S		600	D	$0.7562	558,259	D
Common Stock	11/18/2010		S		500	D	$0.7563	557,759	D
Common Stock	11/18/2010		S		600	D	$0.7565	557,159	D
Common Stock	11/18/2010		S		400	D	$0.7567	556,759	D
Common Stock	11/18/2010		S		300	D	$0.7572	556,459	D
Common Stock	11/18/2010		S		400	D	$0.7575	556,059	D
Common Stock	11/18/2010		S		200	D	$0.7577	555,859	D
Common Stock	11/18/2010		S		300	D	$0.758	555,559	D
Common Stock	11/18/2010		S		1,600	D	$0.7588	553,959	D
Common Stock	11/18/2010		S		1,300	D	$0.7589	552,659	D
Common Stock	11/18/2010		S		100	D	$0.759	552,559	D
Common Stock	11/18/2010		S		200	D	$0.7592	552,359	D
Common Stock	11/18/2010		S		200	D	$0.7593	552,159	D
Common Stock	11/18/2010		S		700	D	$0.7595	551,459	D
Common Stock	11/18/2010		S		600	D	$0.76	550,859	D
Common Stock	11/18/2010		S		300	D	$0.7611	550,559	D
Common Stock	11/18/2010		S		100	D	$0.762	550,459	D
Common Stock	11/18/2010		S		1,100	D	$0.7623	549,359	D
Common Stock	11/18/2010		S		1,700	D	$0.7625	547,659	D
Common Stock	11/18/2010		S		800	D	$0.763	546,859	D
Common Stock	11/18/2010		S		200	D	$0.7645	546,659	D
Common Stock	11/18/2010		S		100	D	$0.7652	546,559	D
Common Stock	11/18/2010		S		400	D	$0.7658	546,159	D
Common Stock	11/18/2010		S		400	D	$0.766	545,759	D
Common Stock	11/18/2010		S		400	D	$0.768	545,359	D
Common Stock	11/18/2010		S		34	D	$0.769	545,325	D
Common Stock	11/18/2010		S		400	D	$0.7696	544,925	D
Common Stock	11/18/2010		S		400	D	$0.7698	544,525	D
Common Stock	11/18/2010		S		1,100	D	$0.7701	543,425	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 3 of 4. There were more than 30 transactions to report.

	/s/ William L. Jones	11/18/2010
	** 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.