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 *
LAZARUS INVESTMENT PARTNERS LLLP
  2. Issuer Name and Ticker or Trading Symbol
AeroGrow International, Inc. [AERO.OB]
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)
3200 CHERRY CREEK SOUTH DRIVE, SUITE 670
3. Date of Earliest Transaction (Month/Day/Year)
05/31/2012
(Street)

DENVER, CO 80209
4. If Amendment, Date 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
(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 05/31/2012   L   157,500 A $ 0.0134 69,678,353 D  
Common Stock 06/01/2012   J(1)   18,107,854 A $ 0.01 69,835,853 D  
Common Stock 06/01/2012   J(1)   14,736,781 A $ 0.01 87,943,707 D  
Common Stock 06/13/2012   L   100,000 A $ 0.016 88,043,707 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Warrants $ 0.07 (1) 06/01/2012   J(1)     7,166,667 04/11/2012 04/11/2017 Common Stock 7,166,667 $ 0 (1) 0 D  
Common Stock Warrants $ 0.2 (1) 06/01/2012   J(1)     666,667 01/05/2010 10/28/2015 Common Stock 666,667 $ 0 (1) 0 D  
Common Stock Warrants $ 0.2 (1) 06/01/2012   J(1)     5,000,000 06/24/2010 05/06/2015 Common Stock 5,000,000 $ 0 (1) 0 D  
Common Stock Warrants $ 0.2 06/01/2012   J(1)     4,824,521 05/06/2010 05/06/2015 Common Stock 4,824,521 $ 0 (1) 0 D  
Common Stock Warrants $ 0.25 06/01/2012   J(1)     250,000 09/01/2009 08/31/2014 Common Stock 250,000 $ 0 (1) 0 D  
Common Stock Warrants $ 0.25 06/01/2012   J(1)     200,000 11/09/2009 11/08/2014 Common Stock 200,000 $ 0 (1) 0 D  
Common Stock Warrants $ 0.01 06/01/2012   J(2)   14,736,781   05/31/2012 05/31/2012 Common Stock 14,736,781 $ 0 (2) 14,736,781 D  
Common Stock Warrants $ 0.01 06/01/2012   J(2)     14,736,781 05/31/2012 05/31/2012 Common Stock 14,736,781 $ 0 (2) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LAZARUS INVESTMENT PARTNERS LLLP
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209
    X    
BORUS JUSTIN B
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209
    X    
Lazarus Management Co LLC
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209
    X    

Signatures

 /s/ Justin Borus, individually, and as managing member of Lazarus Management Company LLC for itself and as general partner of Lazarus Investment Partners LLLP   06/15/2012
**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) Issuer made a public announcement and notified its shareholders that it was temporarily reducing the exercise price on all outstanding warrants to purchase Common Stock to $.01 per share and Lazarus Investment Partners LLLP ("Lazarus") exercised all of its outstanding common stock warrants for Common Stock at this reduced exercise price.
(2) In connection with its offer to allow warrants to be exercised at a $.01 per share exercise price, the Issuer issued new Warrants to Lazarus as an inducement for its exercising its existing Warrants and Lazarus exercised these new Warrants contemporaneously with their issuance at the exercise price of $.01 per share.
 
Remarks:
The reported securities are owned directly by Lazarus Investment Partners LLLP, and indirectly by Lazarus Management Company LLC, as investment adviser and general partner of Lazarus Investment Partners LLLP, and Justin B. Borus, as managing member of Lazarus Management Company LLC. Lazarus Management Company LLC and Justin B. Borus disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.

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