Edgar Filing: HOVDE ERIC D

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 ^*

HOVDE ERIC D

2. Issuer Name and Ticker or Trading Symbol
Great Wolf Resorts, Inc. [WOLF]

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)

1826 JEFFERSON PLACE NW

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2008

(Street)

WASHINGTON, DC 20036

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	06/30/2008		P		4,319	A	⁽¹⁾	2,008,129 ⁽²⁾	I	See Footnote 3 ⁽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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
HOVDE ERIC D 1826 JEFFERSON PLACE NW WASHINGTON, DC 20036	X

Signatures

Eric Hovde		07/03/2008
^**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)	Mr. Hovde, a director of Great Wolf Resorts, Inc. (the "Company"), was granted 4,319 shares of common stock of the Company (the "Shares"), in lieu of receiving directors fees in cash. The Company calculated the number of shares granted using the closing per share value of $4.37 on June 30, 2008.
(2)	After accounting for the 4,319 Shares granted on June 30, 2008, Mr. Hovde may be deemed to beneficially own 2,008,129 Shares as follows: LP, 724,036 Shares; LTD, 386,840 Shares; III, 380,475 Shares; IV, 79,557 Shares; SMA, 338,024 Shares; Found, 19,315 Shares; and PSP, 8,825 Shares; as well as 71,057 Shares owned directly by Mr. Hovde (a portion of which are restricted).
(3)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor ("HCA"). HCA serves as the investment manager to Financial Institution Partners, L.P. ("LP"); Financial Institution Partners, Ltd. ("LTD"); Financial Institution Partners III, L.P. ("III"); Financial Institution Partners IV, L.P. ("IV"); and a separately managed account ("SMA"; together with LP, LTD, III, and IV, the "Funds"). Additionally, Mr. Hovde serves as a trustee of The Eric D. and Steven D. Hovde Foundation ("Found") and the Hovde Financial, Inc. Profit Sharing Plan and Trust ("PSP"; together with the Found, the "Trusts"). Accordingly, Mr. Hovde may be deemed to beneficially own shares of common stock of Great Wolf Resorts, Inc. ("Shares") directly owned by the Funds and the Trusts.

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