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 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Lazarus Management Co LLC 		2. Issuer Name and Ticker or Trading Symbol

BLUE SPHERE CORP. [ BLSP ] 		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 (MM/DD/YYYY)

8/5/2016
(Street)

DENVER, CO 80209
(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
Common Stock   8/5/2016     L    10000   (1) A $0.072   63364895   I   See Footnotes   (9) (10)
Common Stock   8/9/2016     L    5000   (1) A $0.0729   (2) 63369895   I   See Footnotes   (9) (10)
Common Stock   8/10/2016     L    15000   (1) A $0.0737   (3) 63384895   I   See Footnotes   (9) (10)
Common Stock   8/11/2016     L    5000   (1) A $0.072   63389895   I   See Footnotes   (9) (10)
Common Stock   8/12/2016     L    15000   (1) A $0.0703   (4) 63404895   I   See Footnotes   (9) (10)
Common Stock   8/30/2016     L    25000   (1) A $0.0676   (5) 63429895   I   See Footnotes   (9) (10)
Common Stock   8/31/2016     L    15000   (1) A $0.0698   63444895   I   See Footnotes   (9) (10)
Common Stock   9/1/2016     L    10000   (1) A $0.0685   (6) 63454895   I   See Footnotes   (9) (10)
Common Stock   9/2/2016     L    10000   (1) A $0.0689   63464895   I   See Footnotes   (9) (10)
Common Stock   9/15/2016     L    20100   (1) A $0.0678   (7) 63484995   I   See Footnotes   (9) (10)
Common Stock   9/19/2016     L    5000   (1) A $0.0677   63489995   I   See Footnotes   (9) (10)
Common Stock   9/20/2016     P    10000   (1) A $0.0673   (8) 63499995   I   See Footnotes   (9) (10)

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

Explanation of Responses:
( 1)  Shares of common stock were purchased directly by Lazarus Israel Opportunities Fund II LLLP ("Lazarus Israel II").
( 2)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0727 to $0.0731, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 3)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0731 to $0.0739, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 4)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.07 to $0.0719, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 5)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.067 to $0.0699, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 6)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.068 to $0.0689, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 7)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0675 to $0.0679, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 8)  The Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.067 to $0.0676, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
( 9)  This form is filed jointly by Lazarus Management Company LLC ("Lazarus Management"), Justin B. Borus, Lazarus Israel Opportunities Fund LLLP ("Lazarus Israel I"), Lazarus Israel II and Lazarus Investment Partners LLLP ("Lazarus Partners" and together with Lazarus Israel I and Lazarus Israel II, the "Funds"). The securities reported herein are owned directly by the Funds as follows: (i) Lazarus Israel I owns 42,218,018 shares of common stock and 12,500,000 warrants; (ii) Lazarus Israel II owns 12,481,501 shares of common stock and 2,727,273 warrants; and (iii) Lazarus Partners owns 8,800,476 shares of common stock and 2,272,728 warrants. Lazarus Management is the investment adviser and general partner of the Funds and Mr. Borus is the manager of Lazarus Management.
( 10)  Each of Lazarus Management and Mr. Borus expressly disclaims beneficial ownership of the securities held by the Funds except to the extent of his or its pecuniary interest therein. Each of the Funds expressly disclaims beneficial ownership of the shares held by the other Funds. The filing of this Form 4 shall not be construed as an admission that either Lazarus Management or Mr. Borus, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, is the beneficial owner of any of the securities reported herein.

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

Lazarus Israel Opportunities Fund LLLP
3200 CHERRY CREEK DRIVE, SUITE 670
DENVER, CO 80209
X

Lazarus Israel Opportunities Fund II LLLP
3200 CHERRY CREEK SOUTH DRIVE
SUITE 670
DENVER, CO 80209
X


Signatures
Lazarus Management Company LLC By: /s/ Justin B. Borus, manager 9/22/2016
** Signature of Reporting Person Date

/s/ Justin B. Borus 9/22/2016
** Signature of Reporting Person Date

Lazarus Israel Opportunities Fund LLLP By: Lazarus Management Company LLC, its general partner By: /s/ Justin B. Borus, manager 9/22/2016
** Signature of Reporting Person Date

Lazarus Israel Opportunities Fund II LLLP By: Lazarus Management Company LLC, its general partner By: /s/ Justin B. Borus, manager 9/22/2016
** Signature of Reporting Person Date

Lazarus Investment Partners LLLP By: Lazarus Management Company LLC, its general partner By: /s/ Justin B. Borus, manager 9/22/2016
** 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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