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Guez Elizabeth – ‘4’ for 5/23/08 re: Blue Holdings, Inc.

On:  Monday, 12/1/08, at 9:47pm ET   ·   For:  5/23/08   ·   As:  10% Owner   ·   Accession #:  1144204-8-67351   ·   File #:  0-33297

Previous ‘4’:  ‘4’ on 5/28/08 for 5/23/08   ·   Latest ‘4’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/01/08  Guez Elizabeth                    4          10% Owner   1:13K  Blue Holdings, Inc.               Toppan Merrill/FA

Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of     HTML     13K 
                Securities by an Insider -- v133903_ex.xml/3.3


        

This ‘4’ Document is an XML Data File that may be rendered in various formats:

  Form 4    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
Plain Text rendering:  Statement of Changes in Beneficial Ownership of Securities by an Insider
 
                                                                                                                                                                                
Ownership Document
 
Schema Version:  X0303
Document Type:  4
Period of Report:  5/23/08
Not Subject to Section 16:  0
Issuer:
Issuer CIK:  1139683
Issuer Name:  BLUE HOLDINGS, INC.
Issuer Trading Symbol:  BLHI.PK
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1325213
Owner Name:  Guez Elizabeth
Reporting Owner Address:
Owner Street 1:  C/O BLUE HOLDINGS, INC.
Owner Street 2:  5804 E. SLAUSON AVENUE
Owner City:  COMMERCE
Owner State:  CA
Owner ZIP Code:  90040
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  Yes
Is Other?  No
Non-Derivative Table:
Non-Derivative Transaction:
Security Title:
Value:  Common Stock
Transaction Date:
Value:  9/23/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  J
Equity Swap Involved?  No
Footnote ID:  F1
Transaction Amounts:
Transaction Shares:
Value:  1,750,000
Transaction Price Per Share:
Value:  0.8
Transaction Acquired-Disposed Code:
Value:  D
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  2,008,500
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Non-Derivative Transaction:
Security Title:
Value:  Common Stock
Transaction Date:
Value:  9/23/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  J
Equity Swap Involved?  No
Footnote ID:  F1
Transaction Amounts:
Transaction Shares:
Value:  1,750,000
Transaction Price Per Share:
Value:  0.8
Transaction Acquired-Disposed Code:
Value:  D
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  16,028,757
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F2
Nature of Ownership:
Value:  By Paul Guez, Spouse
Non-Derivative Transaction:
Security Title:
Value:  Common Stock
Transaction Date:
Value:  11/26/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  P
Equity Swap Involved?  No
Transaction Amounts:
Transaction Shares:
Value:  40,000
Transaction Price Per Share:
Value:  0.1325
Transaction Acquired-Disposed Code:
Value:  A
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  16,068,757
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F2
Nature of Ownership:
Value:  By Paul Guez, Spouse
Non-Derivative Transaction:
Security Title:
Value:  Common Stock
Transaction Date:
Value:  12/1/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  C
Equity Swap Involved?  No
Transaction Amounts:
Transaction Shares:
Value:  4,623,589
Transaction Price Per Share:
Value:  0.58
Transaction Acquired-Disposed Code:
Value:  A
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  20,692,346
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F2
Nature of Ownership:
Value:  By Paul Guez, Spouse
Non-Derivative Holding:
Security Title:
Value:  Common Stock
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  117,382
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F3
Nature of Ownership:
Value:  By Paul and Beth Guez Living Trust
Derivative Table:
Derivative Transaction:
Security Title:
Value:  8% Senior Secured Convertible Note
Conversion or Exercise Price:
Value:  0.4
Transaction Date:
Value:  9/23/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  J
Equity Swap Involved?  No
Footnote ID:  F1
Transaction Amounts:
Transaction Shares:
Value:  1,618,093
Transaction Price Per Share:
Footnote ID:  F1
Transaction Acquired-Disposed Code:
Value:  A
Exercise Date:
Value:  9/23/08
Expiration Date:
Value:  3/1/11
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  4,045,233
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  1,618,093
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Derivative Transaction:
Security Title:
Value:  Common Stock Purchase Warrant
Conversion or Exercise Price:
Value:  0.4
Transaction Date:
Value:  9/23/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  J
Equity Swap Involved?  No
Footnote ID:  F1
Transaction Amounts:
Transaction Shares:
Value:  1,415,832
Transaction Price Per Share:
Footnote ID:  F1
Transaction Acquired-Disposed Code:
Value:  A
Exercise Date:
Value:  9/23/08
Expiration Date:
Value:  9/23/13
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  1,415,832
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  1,415,832
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Derivative Transaction:
Security Title:
Value:  Series A Convertible Preferred Stock
Conversion or Exercise Price:
Value:  0.58
Transaction Date:
Value:  12/1/08
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  C
Equity Swap Involved?  No
Transaction Amounts:
Transaction Shares:
Value:  1,000,000
Transaction Price Per Share:
Value:  2.6816
Transaction Acquired-Disposed Code:
Value:  D
Exercise Date:
Value:  11/28/07
Expiration Date:
Footnote ID:  F4
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  4,623,589
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  0
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F2
Nature of Ownership:
Value:  By Paul Guez, Spouse
Footnotes:
Footnote - F1:  On September 23, 2008, pursuant to a Settlement Agreement and Mutual Release with the Registrant, the Reporting Person and her spouse rescinded the conversion on March 5, 2008 of $1,400,000 of indebtedness under a line of credit agreement with the Reporting Person's spouse into 1,750,000 shares of the Registrant's common stock, the Reporting Person's spouse forgave $700,000 of indebtedness under the line of credit, the Registrant issued the 8% Senior Secured Convertible Note and the Warrant jointly to the Reporting Person and her spouse in settlement of all amounts owed to the Reporting Person, her spouse and their affiliates as of September 23, 2008 (other than certain amounts outside of the line of credit accrued during fiscal 2008 and set forth in the Settlement Agreement and Mutual Release), and the Registrant, the Reporting Person and her spouse mutually released each other from existing claims.
Footnote - F2:  The Reporting Person may be deemed to beneficially own the shares directly held by the Reporting Person's spouse, but disclaims beneficial ownership in such securities, except to the extent of the Reporting Person's pecuniary interest therein.
Footnote - F3:  Each of the Reporting Person and Paul Guez are Co-Trustees of the Living Trust and have voting and dispositive control of the securities held by the Trust and accordingly may be deemed to beneficially own such securities. The Reporting Person disclaims beneficial ownership of such securities, except to the extent of the Reporting Person's pecuniary interest therein.
Footnote - F4:  The Series A Convertible Preferred Stock has no expiration date.
Owner Signature:
Signature Name:  /s/ Elizabeth Guez
Signature Date:  12/1/08


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