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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
 
 
XML Data rendering:  Statement of Changes in Beneficial Ownership of Securities by an Insider
 
                                                                                                                                                                                
<?xml version="1.0" encoding="windows-1252"?>
<ownershipDocument>
<schemaVersion> X0303 </schemaVersion>
<documentType> 4 </documentType>
<periodOfReport> 2008-05-23 </periodOfReport>
<notSubjectToSection16> 0 </notSubjectToSection16>
<issuer>
<issuerCik> 0001139683 </issuerCik>
<issuerName> BLUE HOLDINGS, INC. </issuerName>
<issuerTradingSymbol> BLHI.PK </issuerTradingSymbol>
</issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik> 0001325213 </rptOwnerCik>
<rptOwnerName> Guez Elizabeth </rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerStreet1> C/O BLUE HOLDINGS, INC. </rptOwnerStreet1>
<rptOwnerStreet2> 5804 E. SLAUSON AVENUE </rptOwnerStreet2>
<rptOwnerCity> COMMERCE </rptOwnerCity>
<rptOwnerState> CA </rptOwnerState>
<rptOwnerZipCode> 90040 </rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector> 0 </isDirector>
<isOfficer> 0 </isOfficer>
<isTenPercentOwner> 1 </isTenPercentOwner>
<isOther> 0 </isOther>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable>
<nonDerivativeTransaction>
<securityTitle>
<value> Common Stock </value>
</securityTitle>
<transactionDate>
<value> 2008-09-23 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> J </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
<footnoteId id="F1"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 1750000 </value>
</transactionShares>
<transactionPricePerShare>
<value> 0.8 </value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> D </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 2008500 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> D </value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction>
<securityTitle>
<value> Common Stock </value>
</securityTitle>
<transactionDate>
<value> 2008-09-23 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> J </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
<footnoteId id="F1"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 1750000 </value>
</transactionShares>
<transactionPricePerShare>
<value> 0.8 </value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> D </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 16028757 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> I </value>
<footnoteId id="F2"/>
</directOrIndirectOwnership>
<natureOfOwnership>
<value> By Paul Guez, Spouse </value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction>
<securityTitle>
<value> Common Stock </value>
</securityTitle>
<transactionDate>
<value> 2008-11-26 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> P </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 40000 </value>
</transactionShares>
<transactionPricePerShare>
<value> 0.1325 </value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> A </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 16068757 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> I </value>
<footnoteId id="F2"/>
</directOrIndirectOwnership>
<natureOfOwnership>
<value> By Paul Guez, Spouse </value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction>
<securityTitle>
<value> Common Stock </value>
</securityTitle>
<transactionDate>
<value> 2008-12-01 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> C </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 4623589 </value>
</transactionShares>
<transactionPricePerShare>
<value> 0.58 </value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> A </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 20692346 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> I </value>
<footnoteId id="F2"/>
</directOrIndirectOwnership>
<natureOfOwnership>
<value> By Paul Guez, Spouse </value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeHolding>
<securityTitle>
<value> Common Stock </value>
</securityTitle>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 117382 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> I </value>
<footnoteId id="F3"/>
</directOrIndirectOwnership>
<natureOfOwnership>
<value> By Paul and Beth Guez Living Trust </value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable>
<derivativeTransaction>
<securityTitle>
<value> 8% Senior Secured Convertible Note </value>
</securityTitle>
<conversionOrExercisePrice>
<value> 0.4 </value>
</conversionOrExercisePrice>
<transactionDate>
<value> 2008-09-23 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> J </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
<footnoteId id="F1"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 1618093 </value>
</transactionShares>
<transactionPricePerShare>
<footnoteId id="F1"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> A </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value> 2008-09-23 </value>
</exerciseDate>
<expirationDate>
<value> 2011-03-01 </value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value> Common Stock </value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value> 4045233 </value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 1618093 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> D </value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction>
<securityTitle>
<value> Common Stock Purchase Warrant </value>
</securityTitle>
<conversionOrExercisePrice>
<value> 0.4 </value>
</conversionOrExercisePrice>
<transactionDate>
<value> 2008-09-23 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> J </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
<footnoteId id="F1"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 1415832 </value>
</transactionShares>
<transactionPricePerShare>
<footnoteId id="F1"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> A </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value> 2008-09-23 </value>
</exerciseDate>
<expirationDate>
<value> 2013-09-23 </value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value> Common Stock </value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value> 1415832 </value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 1415832 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> D </value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction>
<securityTitle>
<value> Series A Convertible Preferred Stock </value>
</securityTitle>
<conversionOrExercisePrice>
<value> 0.58 </value>
</conversionOrExercisePrice>
<transactionDate>
<value> 2008-12-01 </value>
</transactionDate>
<transactionCoding>
<transactionFormType> 4 </transactionFormType>
<transactionCode> C </transactionCode>
<equitySwapInvolved> 0 </equitySwapInvolved>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value> 1000000 </value>
</transactionShares>
<transactionPricePerShare>
<value> 2.6816 </value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value> D </value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value> 2007-11-28 </value>
</exerciseDate>
<expirationDate>
<footnoteId id="F4"/>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value> Common Stock </value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value> 4623589 </value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value> 0 </value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value> I </value>
<footnoteId id="F2"/>
</directOrIndirectOwnership>
<natureOfOwnership>
<value> By Paul Guez, Spouse </value>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes>
<footnote id="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>
<footnote id="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>
<footnote id="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>
<footnote id="F4"> The Series A Convertible Preferred Stock has no expiration date. </footnote>
</footnotes>
<ownerSignature>
<signatureName> /s/ Elizabeth Guez </signatureName>
<signatureDate> 2008-12-01 </signatureDate>
</ownerSignature>
</ownershipDocument>


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