SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

AQUAMARINE FUND INC

(Last)

(First)

(Middle)

Citco Building Wickhams Cay

P.O. Box 662, Road Town

(Street)

Tortola, B. Virgin Islands

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
EVCI CAREER COLLEGES INC [ EVCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2003

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/10/2003		P		206,737	A	$2.2	678,435	I	By Whitney Tilson⁽¹⁾
Common Stock	10/10/2003		P		181,517	A	$2.2	596,611	I	By Tilson Growth Fund, LP⁽²⁾
Common Stock	10/10/2003		P		181,517	A	$2.2	596,611	I	By Tilson Capital Partners, LLC ⁽³⁾
Common Stock	10/10/2003		P		25,220	A	$2.2	81,824	I	By Tilson Offshore Fund, Ltd.⁽⁴⁾
Common Stock	10/10/2003		P		25,220	A	$2.2	81,824	I	By Tilson Offshore Partners, LLC⁽⁵⁾

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

AQUAMARINE FUND INC

(Last)

(First)

(Middle)

Citco Building Wickhams Cay

P.O. Box 662, Road Town

(Street)

Tortola, B. Virgin Islands

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TILSON GROWTH FUND LP

(Last)

(First)

(Middle)

1165 FIFTH AVENUE

SUITE 4C

(Street)

NEW YORK

10029

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Whitney Tilson 1165 Fifth Avenue, Suite 4C New York, NY 10029

2. Tilson Growth Fund, LP 1165 Fifth Avenue, Suite 4C New York, NY 10029

3. Tilson Capital Partners, LLC 1165 Fifth Avenue, Suite 4C New York, NY 10029

4. Tilson Offshore Fund Ltd. c/o Walkers SPV Ltd. P.O. Box 908 GT Walkers House Mary Street, George Town Cayman Islands

5. Tilson Offshore Partners, LLC 1165 Fifth Avenue, Suite 4C New York, NY 10029

Remarks:

(6) The reporting persons listed below, including Aquamarine Fund, Inc., are filing this form jointly. The reporting persons are no longer part of a group and are no longer subject to Section 16.

	Simon Gustav Spier, Director, for Aquamarine Fund, Inc.	10/15/2003
	Simon Gustav Spier, President, for Aquamarine Investment Management Corp.	10/15/2003
	Guy Spier, Managing Member, for Aquamarine, LLC	10/15/2003
	Whitney Tilson, for Aquamarine, LLC	10/15/2003
	Whitney Tilson, Managing Member, for Tilson Growth Fund, LP by Tilson Capital Partners, LLC	10/15/2003
	Whitney Tilson, Managing Member, for Tilson Capital Partners, LLC	10/15/2003
	Whitney Tilson, Director, for Tilson Offshore Fund Ltd.	10/15/2003
	Whitney Tilson, Managing Member, for Tilson Offshore Partners, LLC	10/15/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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