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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CzIdlIR/2ZWTfd3CmkXJXZ6YOCGsfK6u8L1EKv+XGXQkO7JqOT7qdV6THUhERabl
 5lomxmruqlbpAOTyKlwZeA==

<SEC-DOCUMENT>0001209191-03-010254.txt : 20030702
<SEC-HEADER>0001209191-03-010254.hdr.sgml : 20030702
<ACCEPTANCE-DATETIME>20030702170139
ACCESSION NUMBER:		0001209191-03-010254
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20030702

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EDWARDS DONALD J
		CENTRAL INDEX KEY:			0001021463

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12117
		FILM NUMBER:		03772681

	BUSINESS ADDRESS:	
		STREET 1:		4400 POST OAK PARKWAY
		STREET 2:		STE 1130
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		7139613633

	MAIL ADDRESS:	
		STREET 2:		4400 POST OAK PKWY SUITE 1130
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTE INVESTORS INC
		CENTRAL INDEX KEY:			0001017907
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		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>bod07159_bod1dje.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0101</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-06-30</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0001017907</issuerCik><issuerName>LIBERTE INVESTORS INC</issuerName>        <issuerTradingSymbol>LBI</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001021463</rptOwnerCik><rptOwnerName>EDWARDS DONALD J</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>  </rptOwnerStreet1><rptOwnerStreet2>  </rptOwnerStreet2><rptOwnerCity>  </rptOwnerCity><rptOwnerState>  </rptOwnerState><rptOwnerZipCode>  </rptOwnerZipCode></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>President and CEO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Stock, par value $0.01 per share<
/value></securityTitle><transactionDate><value>2003-06-30</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>P</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>166666</value><footnoteId id="F1" /></transactionShares><transactionValue><value>3.00</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>333333</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Employee Stock Option (Right to Buy Common Stock)</value><footnoteId id="F2" /></securityTitle><conversionOrExercisePrice><value>3.00</value></conversionOrExercisePrice><transactionDate><value>2002-11-08</val
ue><footnoteId id="F2" /></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2573678</value></transactionShares><transactionValue><value>3.00</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-08-01</value><footnoteId id="F2" /></exerciseDate><expirationDate><value>2012-07-09</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2573678</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2573678</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></deri
vativeSecurity><footnotes><footnote id="F1">In accordance with the terms and conditions of Section 4(h) of that certain Employment Agreement dated as of July 1, 2002, by and between Edwards and Libert?? Investors Inc. (the ???Company???) (the ???Employment Agreement???), the Company agreed to sell to Edwards up to 333,333 shares of its common stock, par value $0.01 per share (the ???Purchased Shares???), at a purchase price of $3.00 per share.  Edwards previously purchased 166,667 shares of the Purchased Shares pursuant to his Employment Agreement, as evidenced by that certain Stock Purchase Agreement dated as of July 9, 2002, by and between Edwards and the Company. This report reflects that Edwards is now purchasing the remaining 166,666 shares of the Purchased Shares at a purchase price of $3.00 per share, in accordance with the terms of the Employment Agreement, as evidenced by that certain Stock Purchase Agreement dated as of June 30, 2003.</footnote><footnote id="F2">A portion of the option will vest an
d become exercisable as of the first day of each month following the grant date of the option, July 9, 2002.  For all periods of time prior to the Company???s first acquisition transaction, the portion of the option that will vest and become exercisable each month will be equal to the product of the total number of shares granted under the option multiplied by 1/60.  For all periods of time after the Company???s first acquisition transaction, the portion of the option that will vest and become exercisable each month will be equal to the product of the total number of shares granted multiplied by 1/40.</footnote></footnotes><ownerSignature><signatureName>/s/ Ellen V. Billings, Attorney-in-fact for Donald J. Edwards</signatureName><signatureDate>2003-07-01</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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