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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-04-002933.txt : 20040115
<SEC-HEADER>0001181431-04-002933.hdr.sgml : 20040115
<ACCEPTANCE-DATETIME>20040115202802
ACCESSION NUMBER:		0001181431-04-002933
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040115
FILED AS OF DATE:		20040115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ROSE EDWARD R III
		CENTRAL INDEX KEY:			0001059270

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12117
		FILM NUMBER:		04528423

	BUSINESS ADDRESS:	
		STREET 1:		500 CRESCENT COURT SUITE 250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	MAIL ADDRESS:	
		STREET 1:		500 CRESCENT COURT
		STREET 2:		SUITE 250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTE INVESTORS INC
		CENTRAL INDEX KEY:			0001017907
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				751328153
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2148715935

	MAIL ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 1365
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd29189.xml
<DESCRIPTION>FORM 4/ 1-15-2004
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-15</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001017907</issuerCik>
        <issuerName>LIBERTE INVESTORS INC</issuerName>
        <issuerTradingSymbol>LBI</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001059270</rptOwnerCik>
            <rptOwnerName>ROSE EDWARD R III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 CRESCENT COURT, SUITE 250</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-15</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>476082</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>476032</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Willowwood Par
tners, L.P.</value><footnoteId id="F2"/><footnoteId id="F3"/></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F4"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Indirect Ownership</value><footnoteId id="F5"/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F6"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Indirect Ownership</value><footnoteId id="F7"/></natureOfOwnership></ownershipNature></nonDeriv
ativeHolding></nonDerivativeTable><footnotes><footnote id="F1">The reporting person is the sole shareholder of Cardinal Investment Company, Inc. (f k a Cardinal Holding Corporation), the general partner of Willowwood Partners, L.P., a Texas limited partnership (the Partnership).  The reporting person is also a limited  partner in the Partnership.  The Partnership distributed the shares of Common Stock of  Liberte Investors, Inc. to one of its limited partners on January 15, 2004.</footnote><footnote id="F2">The reported securities are owned directly by the Partnership and indirectly by Cardinal Investment Company, Inc., as general partner of the Partnership, and the reporting person, as the sole shareholder of Cardinal Investment Company, Inc.  The reporting person disclaims beneficial ownership of the securities reported in Table I, Column 5, except to the extent of his pecuniary interest therein, and this report shall not be deemed  an admission that the reporting person is the beneficial owner of the disc
laimed securities for purposes of Section 16 or for any other purpose.</footnote><footnote id="F3">The reporting person is the sole shareholder of the general partner of the Partnership.  The reporting person disclaims beneficial ownership of the securities reported in Table I,Column 5, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the disclaimed securities for purposes of Section 16 or for any other purpose.</footnote><footnote id="F4">The reporting person no longer has a reportable beneficial interest in 10,000 shares of common stock of Liberte Investors, Inc. formerly owned by a trust established for the benefit of the reporting person and his descendants and included the reporting person's prior ownership reports.  Such shares were previously distributed to beneficiaries of the trust other than the reporting person.</footnote><footnote id="F5">The reporting person no longer has a reportable ben
eficial interest in 10,000 shares of common stock of Liberte Investors, Inc. formerly owned by a trust established for the benefit of the reporting person and his descendants and included the reporting person's prior ownership reports. Such shares were previously distributed to beneficiaries of the trust other than the reporting person.</footnote><footnote id="F6">The reporting person no longer has a reportable beneficial interest in 10,000 shares of common stock of Liberte Investors, Inc. owned by his adult son and included in the reporting person's prior ownership reports.</footnote><footnote id="F7">The reporting person no longer has a reportable beneficial interest in 10,000 shares of common stock of Liberte Investors, Inc. owned by his adult son and included in the reporting person's prior ownership reports.</footnote></footnotes><ownerSignature><signatureName>/s/ Edward W. Rose III</signatureName><signatureDate>2004-01-15</signatureDate></ownerSignature></ownershipDocument>



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