-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001052192-08-000002.txt : 20080423
<SEC-HEADER>0001052192-08-000002.hdr.sgml : 20080423
<ACCEPTANCE-DATETIME>20080423185816
ACCESSION NUMBER:		0001052192-08-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080421
FILED AS OF DATE:		20080423
DATE AS OF CHANGE:		20080423

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GATES WILLIAM H III
		CENTRAL INDEX KEY:			0000902012

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		08772736

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		4258828080

	MAIL ADDRESS:	
		STREET 1:		ONE MICROSOFT WAY
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CASCADE INVESTMENT LLC
		CENTRAL INDEX KEY:			0001052192
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		08772737

	BUSINESS ADDRESS:	
		STREET 1:		2365 CARILLON POINT
		CITY:			KIRKLAND
		STATE:			WA
		ZIP:			98033
		BUSINESS PHONE:		4258030720

	MAIL ADDRESS:	
		STREET 1:		2365 CARILLON POINT
		CITY:			KIRKLAND
		STATE:			WA
		ZIP:			98033
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                    <value>65625</value>
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                    <footnoteId id="F1"/>
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    <footnotes>
        <footnote id="F1">Each Series A Cumulative Redeemable Convertible Preferred Stock, (&quot;Series A Preferred Stock&quot;)  is convertible into two shares of Pacific Ethanol, Inc. (&quot;Pacific Ethanol&quot;) common stock at a price per share of $8.  On April 21, 2008,  Cascade Investment, L.L.C. (&quot;Cascade&quot;) converted 65,625 shares of Series A  Preferred Stock at a conversion price of $8 a share, resulting in the issuance to Cascade of 131,250 shares of Pacific Ethanol common stock.</footnote>
        <footnote id="F2">The Series A Preferred Stock is convertible at any time at Cascade's option and there is no expiration date.</footnote>
        <footnote id="F3">On December 31, 2007, Pacific Ethanol issued Cascade an aggregate of 65,625 shares of Series A Preferred Stock in satisfaction of Pacific Ethanol's dividend obligations in respect of its outstanding shares of Series A Preferred Stock for the quarterly period ended December 31, 2007.  Pacific Ethanol's quarterly dividend obligation was payable in cash in the amount of $1,050,000 or, at the option of Pacific Ethanol, in shares of Series A Preferred Stock based on a price of $16.00 per share.</footnote>
    </footnotes>

    <remarks>* Duly authorized under Special Power of Attorney appointing Michael Larson attorney-in-fact, dated February 3, 2006, by and on behalf of William H. Gates III, filed as Exhibit 99.1 to Cascade Investment, L.L.C.'s Amendment No. 2 to Schedule 13G with respect to Arch Capital Group Ltd. on March 7, 2006, SEC File No. 005-45257, and incorporated by reference herein.</remarks>

    <ownerSignature>
        <signatureName>Cascade Investment, L.L.C. By: /s/ Michael Larson, Business Manager</signatureName>
        <signatureDate>2008-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>William H. Gates III By: /s/ Michael Larson*, Attorney-In-Fact</signatureName>
        <signatureDate>2008-04-23</signatureDate>
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-----END PRIVACY-ENHANCED MESSAGE-----