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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GREENWOOD INVESTMENTS, INC. 		2. Issuer Name and Ticker or Trading Symbol

PHOENIX FOOTWEAR GROUP INC [ PXG ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

222 BERKELEY STREET, 17TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/21/2011
(Street)

BOSTON, MA 02116
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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
1% Convertible Note due 2014   $0.334   7/21/2011     P      $1000000         (1) 7/21/2014   Common Stock   $1000000   $1000000   $1000000   I   See Footnote   (2)

Explanation of Responses:
( 1)  The 1% Convertible Notes due 2014 are convertible into common stock at any time at the option of the holder.
( 2)  This represents a $500,000 1% Convertible Note due 2014 held by Greenwood Capital Limited Partnership ("Capital") and a $500,000 1% Convertible Note due 2014 held by Greenwood Investors Limited Partnership ("Investors"). Greenwood Investments, Inc. (the "General Partner") is the general partner of Capital and Investors, and Steven Tannenbaum is the President of the General Partner. Each of the Reporting Persons disclaims his or its beneficial ownership of any shares of the above named Issuer reported herein, except to the extent of his or its pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GREENWOOD INVESTMENTS, INC.
222 BERKELEY STREET
17TH FLOOR
BOSTON, MA 02116
X

TANNENBAUM STEVEN
222 BERKELEY STREET
17TH FLOOR
BOSTON, MA 02116
X

Greenwood Investors Limited Partnership
222 BERKELEY STREET
17TH FLOOR
BOSTON, MA 02116
X

GREENWOOD CAPITAL LIMITED PARTNERSHIP
222 BERKELEY STREET
17TH FLOOR
BOSTON, MA 02116
X


Signatures
Steven Tannenbaum 7/25/2011
** Signature of Reporting Person Date

Steven Tannenbaum, President of Greenwood Investments, Inc. 7/25/2011
** Signature of Reporting Person Date

Steven Tannenbaum, President of Greenwood Investments, Inc., the General Partner of Greenwood Capital Limited Partnership 7/25/2011
** Signature of Reporting Person Date

Steven Tannenbaum, President of Greenwood Investments, Inc., the General Partner of Greenwood Investors Limited Partnership 7/25/2011
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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