<SEC-DOCUMENT>0001019687-13-004933.txt : 20140131
<SEC-HEADER>0001019687-13-004933.hdr.sgml : 20140131
<ACCEPTANCE-DATETIME>20131220185752
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019687-13-004933
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131220

FILER:

	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

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>[TROUTMAN SANDERS LLP LETTERHEAD]</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">December 20, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>VIA EDGAR CORRESPONDENCE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Ms. Melissa N. Rocha<BR>
Senior Assistant Chief Accountant<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
Mail Stop 3628<BR>
100 F Street, NE<BR>
Washington, D.C.&nbsp;&nbsp;20549-3628</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; text-align: justify; text-indent: 0in; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 92%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Pacific
        Ethanol, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Form 10-K for the Fiscal
        Year Ended December 31, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Filed April 1, 2013</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">File No. 000-21467</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0">Dear Ms. Rocha:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">This letter responds to the
comments of your letter dated December 16, 2013 relating to Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">We have reproduced below in
bold font each of your comments set forth in your letter, together with the Company&rsquo;s responses in regular font immediately
following each reproduced comment. The Company&rsquo;s responses in this letter correspond to the numbers you placed adjacent to
the comments in your letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Form 10-Q for the period ended September 30, 2013</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Note 12. Subsequent Events, page 22</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">We note your disclosure regarding conversions of Series B notes through November 8, 2013, however
no specific statement was made regarding the date through which you evaluated your subsequent events. Please confirm that November
8, 2013 was the date through which you evaluated your subsequent events.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Company&rsquo;s September 30, 2013 Form 10-Q was filed with the Securities and Exchange Commission on November 12, 2013. As an
accounting policy, the Company evaluates subsequent events through the date of each filing. The Company evaluated its subsequent
events through November 12, 2013. No conversion notices with respect to the Series B Notes were received or processed by the Company
after November 8, 2013 and through November 12, 2013. Therefore, no subsequent event disclosure was required with respect to conversions
of Series B Notes after November 8, 2013.</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Regarding your sugar feedstock purchase on October 1, 2013, tell us if this purchase was a nonrecognized
subsequent event or a recognized subsequent event and how your accounting and/or disclosure complies with ASC 855. In this regard,
it appears as if you have recognized this purchase in your September 30, 2013 financial statements resulting in an increase in
prepaid inventory and borrowings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Company&rsquo;s sugar feedstock purchase agreement was treated as a nonrecognized subsequent event resulting in no adjustments
to the Company&rsquo;s financial statements in accordance with ASC 855. The Company entered into its feedstock agreement on October
1, 2013, and on such date recorded in its financial statements the related inventory purchase, cash payment and liability. No such
amounts were recorded as of September 30, 2013. The increase in prepaid inventory and borrowings were unrelated to the sugar feedstock
purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">We
trust that the foregoing is responsive to the comments contained in your letter of comments dated December 16, 2013. If you have
any questions, please call me at (949) 622-2710.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt">Sincerely yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">TROUTMAN SANDERS LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">/s/ Larry A. Cerutti</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Larry A. Cerutti</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Enclosures</P>

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<TD STYLE="width: 15pt; text-align: left">cc:</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Ms. Jenn Do (via Edgar correspondence)<BR>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Mr. Neil M. Koehler (via email)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Mr. Bryon T. McGregor (via email)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Christopher W. Wright, Esq. (via email)</P>

</TD>
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