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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* ICM ASSET MANAGEMENT INC/WA (Last) (First) (Middle) 601 W MAIN AVE STE 600 (Street) SPOKANE WA 99201 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ISLAND PACIFIC INC [ IPI ]	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) 08/07/2003
	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	08/07/2003		S		44,000	D	$2.2789	2,635,050	I(1)	See Footnotes(2)(3)(4)

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* ICM ASSET MANAGEMENT INC/WA (Last) (First) (Middle) 601 W MAIN AVE STE 600 (Street) SPOKANE WA 99201 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* KOYAH LEVERAGE PARTNERS L P (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* KOYAH VENTURES LLC (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SIMMONS JAMES M (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. D&I

2. These securities are owned directly by investment limited partnerships of which Koyah Ventures, LLC ("Koyah") is the general partner and ICM Asset Management, Inc. ("ICM") is the investment adviser, including Koyah Leverage Partners, L.P. Mr. James Simmons, ICM and Koyah each indirectly owns only a prorata interest in the securities and disclaims benefical ownership in such securities except to the extent of each such Reporting Person's pecuniary interest therein.

3. The reporting persons (the "Reporting Persons") consists of (i) James M. Simmons, Manager of Koyah Ventures, LLC ("Koyah"), and President and majority shareholders of ICM Asset Management, Inc. ("ICM"); (ii) ICM a registered investment adviser; (iii) Koyah a general partner of investment limited partnerships of which ICM serves as investment adviser; and (iv) Koyah Leverage Partners, L.P., a Delaware Limited partnership of which ICM serves as investment adviser and of which Koyah serves as general partner. Mr. Simmons, ICM and Koyah are filing this Form 4 jointly as a group. Koyah Leverage Partners, L.P. is filing this report jointly with the other reporting persons, but not as a member of a group, and expressly disclaims membership in a group.

4. No client account of ICM other than Koyah Leverage Partners, L.P. owns more than ten percent of the outstanding stock of the Issuer. Mr. James M. Simmons, ICM and Koyah disclaim membership in a group with any non-Reporting Persons within the meaning of Rule 13d-d(b)(i) and Rule 16a-1(a)(1) under the Exchange Act.

	Robert J. Law	08/11/2003
	** 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.