Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PAR INVESTMENT PARTNERS LP
   2. Issuer Name and Ticker or Trading Symbol
PURE CYCLE CORP [PCYO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE INTERNATIONAL PLACE, SUITE 2400, 		 3. Date of Earliest Transaction (Month/Day/Year)
09/28/2010
(Street)

BOSTON, MA 02110		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 09/29/2010   P   930,633 A $ 3 4,000,871 D (1)  
Common Stock 09/29/2010   P   930,633 A $ 3 4,000,871 I footnote (2)
Common Stock 09/29/2010   P   930,633 A $ 3 4,000,871 I footnote (3)

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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 Underlying Securities
(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 of Derivative Security: 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
10% Convertible Promissory Note $ 2.7 09/28/2010   P   $ 5,200,000   01/15/2011(4) 01/15/2012 Common Stock 1,925,925 $ 2.7 4,000,871 D (1)  
10% Convertible Promissory Note $ 2.7 09/28/2010   P   $ 5,200,000   01/15/2011(4) 01/15/2012 Common Stock 1,925,925 $ 2.7 4,000,871 I footnote (2)
10% Convertible Promissory Note $ 2.7 09/28/2010   P   $ 5,200,000   01/15/2011(4) 01/15/2012 Common Stock 1,925,925 $ 2.7 4,000,871 I footnote (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PAR INVESTMENT PARTNERS LP
ONE INTERNATIONAL PLACE, SUITE 2400
BOSTON, MA 02110		   X   X    
PAR Group, L.P.
ONE INTERNATIONAL PLACE
SUITE 2401
BOSTON, MA 02110		     X    
PAR CAPITAL MANAGEMENT INC
ONE INTERNATIONAL PLACE SUITE 2401
BOSTON, MA 02110		     X    

Signatures

 Gina DiMento, General Counsel   09/30/2010
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) These securities are held directly by PAR Investment Partners, L.P. ("PIP").
(2) These securities are held directly by PIP. PAR Group, L.P. ("PAR Group") is the general partner of PIP. PAR Group disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PAR Group's general partnership interest in PIP and contingent right to a performance based advisory fee.
(3) These securities are held directly by PIP. PAR Capital Management, Inc. ("PCM") is the general partner of PAR Group which is the general partner of PIP. PCM disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PCM's general partner interest in PAR Group.
(4) The 10% Convertible Promissory Note (the "Note") shall automatically convert in the event of shareholder approve at a special shareholder meeting to be held in January 2011.

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