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 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 *
Epker Arthur G III
   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 _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PURE CYCLE CORPORATION, 500 E. 8TH AVE, SUITE 201		 3. Date of Earliest Transaction (Month/Day/Year)
09/28/2010
(Street)

DENVER, CO 80203		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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 09/30/2010   P   930,633 A $ 3 4,000,871 I footnote 1 (1)

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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
Convertible Negotiable Promissory Note (common stock) $ 2.70 09/28/2010   P   $ 5,200,000     (2) 01/15/2012 Common stock 1,925,925 (2) $ 2.70 1,925,925 I Footnote 1 (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Epker Arthur G III
C/O PURE CYCLE CORPORATION
500 E. 8TH AVE, SUITE 201
DENVER, CO 80203		   X      

Signatures

 /s/ Arthur G. Epker, III, by Mark W. Harding as Attorney in Fact (see Remarks)   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) All the shares noted in this Form 4 are held directly by PAR Investment Partners L.P. ("PIP"). PAR Capital Management, Inc. ("PCM"), as the general partner of PAR Group, L.P., which is the general partner of PIP, has investment discretion and voting control over shares held by PIP. No shareholder, director, officer or employee of PCM has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of any shares held by PIP. The shares held by PIP are part of a portfolio managed by Mr. Epker. As an employee of PCM, Mr. Epker has the authority to trade the securities held by PIP.
(2) The Issuer issued PIP a $5.2 million Convertible Negotiable Promissory Note (the "Note") on September 28, 2010. The terms of the Note are described in a Form 8-K filed with the Commission on September 29, 2010. Upon approval by the Issuer's shareholders, which the Issuer plans to seek at its January 2011 annual meeting of shareholders, the Note, plus interest, will convert to unregistered common stock of the Issuer at a conversion price of $2.70 per share. The 1,925,925 noted in this Form 4 does not include the conversion of the interest which will be determined at the date of conversion, if so approved by the Issuer's shareholders. If the Issuer's shareholders do not approve the conversion to common stock, the Note will mature on January 15, 2012.
 
Remarks:
Pursuant to a Power of Attorney filed as Exhibit 24 to a Form 4 filed with the Commission on August 8, 2007.

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