-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MNfTK6VZRJyXFqG+/48faSikCkmfLwGt8Nal+s7Agz+VR3RmO4TsWzzVG3IOuQaT oPG00RJKsIOyxdYayIdaKg== 0001105838-10-000017.txt : 20100723 0001105838-10-000017.hdr.sgml : 20100723 20100723172426 ACCESSION NUMBER: 0001105838-10-000017 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20100723 DATE AS OF CHANGE: 20100723 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LL&E ROYALTY TRUST CENTRAL INDEX KEY: 0000721765 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 766007940 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-34437 FILM NUMBER: 10968073 BUSINESS ADDRESS: STREET 1: BANK OF NEW YORK MELLON TRUST COMPANY STREET 2: 919 CONGRESS AVENUE, 5TH FLOOR CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: 800-852-1422 MAIL ADDRESS: STREET 1: BANK OF NEW YORK MELLON TRUST COMPANY STREET 2: 919 CONGRESS AVENUE, 5TH FLOOR CITY: AUSTIN STATE: TX ZIP: 78701 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ROBOTTI ROBERT CENTRAL INDEX KEY: 0001105838 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 52 VANDERBILT AVENUE STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 lrtr13da7_robotti07222010.htm LL&E ROYALTY TRUST SC 13D/A NO. 7 - R. ROBOTTI 07/22/2010 LL&E Royalty Trust SC13D/A #7 - R. Robotti 07/22/2010

 

 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

 

(Amendment No. 7)*

 

LL&E Royalty Trust

 

(Name of Issuer)

 

Units of Beneficial Interest

 

(Title of Class of Securities)

 

502003 10 6

 

 

 

(CUSIP Number)

 

Robert Robotti
c/o Robotti & Company, Incorporated

110 East 42nd Street, Suite 1100

New York, New York 10017

212-986-4800

 

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

July 22, 2010

 

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [  ]

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.

 

  (Page 1 of 16 Pages)

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 2 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Robert E. Robotti

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF, OO

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

United States 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 1,918,821

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 1,918,821

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

  1,918,821

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

10.1%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  IN, HC

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 3 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Robotti & Company, Incorporated

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

OO

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[   ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 64,800

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 64,800

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

 64,800

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 Less than 1%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  CO, HC

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 4 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Robotti & Company, LLC

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

OO

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 63,500

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 63,500

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

  63,500

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 Less than 1%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  OO, BD

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 5 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Robotti & Company Advisors, LLC

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

OO

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 1,300

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 1,300

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

 1,300

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 Less than 1%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

OO, IA

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 6 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Kenneth R. Wasiak

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

United States

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 1,854,021

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 1,854,021

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

1,854,021

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 9.8%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  IN, HC

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 7 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Ravenswood Management Company, L.L.C.

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 1,854,021

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 1,854,021

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

  1,854,021

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 9.8%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  OO

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 8 of 16 Pages

 

 

1.

 

Names of Reporting Persons
The Ravenswood Investment Company, L.P.

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

WC

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 1,308,517

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 1,308,517

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

  1,308,517

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 6.9%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  PN

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 9 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Ravenswood Investments III, L.P.

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

WC

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

New York 

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 545,504

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 545,504

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

  545,504

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 2.9%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  PN

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 10 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Benjamin Stein

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

United States

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 293,564

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 293,564

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

293,564

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 1.6%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  IN, HC

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 11 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Zachary Sternberg

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

United States

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 293,564

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 293,564

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

293,564

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 1.6%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  IN, HC

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 12 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Spruce House Capital LLC

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

AF

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

Delaware

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 293,564

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 293,564

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

293,564

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 1.6%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  OO

 

 

 

 

 


 

 

 

Schedule 13D

CUSIP No. 502003 10 6

 

Page 13 of 16 Pages

 

 

1.

 

Names of Reporting Persons
Spruce House Partners LP

 

 

2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

[X]

 

(b)

[   ]

 

 

 

3.

 

SEC Use Only

 

 

4.

 

Source of Funds (See Instructions)

 

 

WC

 

 

 

 

5.

 

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

 

 

 

 

 

 

 

6.

 

Citizenship or Place of Organization

 

 

Delaware

 

 

 

 

 

 

Number of

 

7.

Sole Voting Power: -0-

 

 

 

Shares

 

 

Beneficially

 

8.

Shared Voting Power: 293,564

 

 

 

Owned by

 

 

Each

 

9.

Sole Dispositive Power: -0-

 

 

 

Reporting

 

 

Person With

 

10.

Shared Dispositive Power: 293,564

 

 

11.

 

Aggregate Amount Beneficially Owned by Each Reporting Person

 

 

293,564

 

 

12.

 

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

 

 

 

 

 

13.

 

Percent of Class Represented by Amount in Row (11)

 

 

 1.6%

 

 

14.

 

Type of Reporting Person (See Instructions)

 

 

  PN

 

 

 

 

 


 

 

 

SCHEDULE 13D

CUSIP No. 502003 10 6

 

Page 14 of 16 Pages

 

                 This Statement on Schedule 13D Amendment No. 7 (this "Statement") is filed on behalf of the Reporting Persons with the Securities and Exchange Commission (the "Commission").  This Statement amends the Initial Statement of Beneficial Ownership on Schedule 13D relating to Units of Beneficial Interest (the "Units") of LL&E Royalty Trust (the "Issuer"), filed on October 23, 2008 with the Commission as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, and Amendment No. 6 thereto, filed with the Commission on February 9, 2009, June 10, 2009, September 2, 2009, December 28, 2009, May 5, 2010 and July 1, 2010, respectively (as so amended, the "Amended Statement"), as specifically set forth herein.  Capitalized terms used herein and not otherwise defined herein shall have the same meanings ascribed to them in the Amended Statement.

 

 

Item 4.

Purpose of Transaction

 

 

Item 4 of the Amended Statement is hereby amended to add the following:

 

                Robotti & Company, on behalf of the Reporting Persons, sent to The Bank of New York Mellon Trust Company, N.A., as Trustee ("Trustee") for LL&E Royalty Trust ("Trust"), a letter dated July 22, 2010 ("July 22 Letter") in which it stated that:

 

Robotti & Company received a letter from the Trustee ("Trustee Letter") in which the Trustee stated that the Trustee "does not believe that it would be in the best interests of the unitholders for the Trust to enter into an exchange agreement that would be likely to adversely affect the Trust's ability to market the [Trust's] assets."

 

as a consequence of the response in the Trustee's Letter, the Reporting Persons do not believe it is feasible for them to continue to pursue the proposed transaction set forth in Robotti & Company's letter dated June 29, 2010 to the Trustee.

 

such a transaction would not be possible without current financial statements and the Trust's most recently filed financial statements are as of and for the period ended December 31, 2008.

 

the Reporting Persons may bid for some or all of the Trust's assets, either individually or in conjunction with others, or take other actions to preserve the value of their units.

 

A copy of the July 22 Letter including the Trustee's Letter attached thereto, is attached hereto as Exhibit 7 and incorporated herein by reference.

 

Item 7.

Materials To Be Filed As Exhibits

 

Item 7 of the Amended Statement has been amended and restated to read as follows:

 

                The following documents are filed herewith or have been previously filed:

 

1.             Joint Filing Agreement dated as of October 23, 2008 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P.

 

2.             Letter dated October 21, 2008, from Robotti & Company, LLC, The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P. to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

 

3.             Letter dated February 5, 2009, from Robotti & Company, LLC, The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P. to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

 

 


 

 

 

SCHEDULE 13D

CUSIP No. 502003 10 6

 

Page 15 of 16 Pages

 

4.             Amended and Restated Joint Filing Agreement dated as of  September 2, 2009 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Robotti & Company Advisors, LLC, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., The Ravenswood Investment Company, L.P., Ravenswood Investments III, L.P., Benjamin Stein, Zachary Sternberg, Spruce House Capital LLC, and Spruce House Partners LP.

 

5.             Letter dated April 30, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

 

6.             Letter dated June 29, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

 

7.             Letter dated July 22, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

 

 

 

 

 

 

 

 

 

 

 

(The remainder of this page was intentionally left blank)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

SCHEDULE 13D

CUSIP No. 502003 10 6

 

Page 16 of 16 Pages

 

 

 

SIGNATURE

 

After reasonable inquiry and to the best of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Date:

July 23, 2010

 

 

 

 

 

 

Robotti & Company, Incorporated

 

 

 

 

 

/s/ Robert E. Robotti

 

By:

/s/ Robert E. Robotti

 

 

 

 

 

 

Robert E. Robotti

 

 

Name: Robert E. Robotti

 

 

 

Title: President and Treasurer

 

 

 

 

Robotti & Company, LLC

 

Robotti & Company Advisors, LLC

 

By:

/s/ Robert E. Robotti

 

By:

/s/ Robert E. Robotti

 

 

 

 

 

 

Name: Robert E. Robotti

 

 

Name: Robert E. Robotti

 

Title: President and Treasurer

 

 

Title: President and Treasurer

 

 

 

 

 

Ravenswood Management Company, L.L.C.

 

 

 

 

 

 

 

 

By:

/s/ Robert E. Robotti

 

 

/s/ Kenneth R. Wasiak

 

 

 

 

 

 

Name: Robert E. Robotti

 

 

Kenneth R. Wasiak

 

Title: Managing Member

 

 

 

 

 

 

 

 

Ravenswood Investments III, L.P.

 

 

Ravenswood Investment Company, L.P.

 

 

 

 

 

By:

Ravenswood Management Company, L.L.C.

 

By:

Ravenswood Management Company, L.L.C.

 

Its General Partner

 

 

Its General Partner

 

 

 

 

 

By:

/s/ Robert E. Robotti

 

By:

/s/ Robert E. Robotti

 

 

 

 

 

 

Name: Robert E. Robotti

 

 

Name: Robert E. Robotti

 

Title: Managing Member

 

 

Title: Managing Member

 

 

 

 

 

 

 

 

 

 

Spruce House Capital LLC

 

 

/s/ Benjamin Stein

 

 

 

 

 

 

 

 

 

Benjamin Stein

By:

/s/ Benjamin Stein

 

 

 

 

 

 

:

 

 

Name: Benjamin Stein

 

 

/s/ Zachary Sternberg

 

 

 

 

 

 

Title: Managing Member

 

 

Zachary Sternberg

 

 

 

 

 

Spruce House Partners LP

 

 

 

 

 

 

 

 

By:

Spruce House Capital LLC

 

 

 

 

Its General Partner

 

 

 

 

 

 

 

 

By:

/s/ Benjamin Stein

 

 

 

 

 

 

 

 

 

Name: Benjamin Stein

 

 

 

 

Title: Managing Member

 

 

 

 

 

 

 

 

 

 

EX-7 2 lrtr13da7_robotti07222010ex7.htm LL&E ROYALTY TRUST SC 13D/A NO. 7 EXHIBIT 7 - R. ROBOTTI 07/22/2010 LL&E Royalty Trust SC13D/A #7 Exhibit 7- R. Robotti 07/22/2010

 

 

 

SCHEDULE 13D

CUSIP No. 502003 10 6

 

Page 1 of 2 Pages

 

Exhibit 7

 

 

 

Robotti & Company, LLC
110 East 42nd Street, Suite 1100
New York, NY 10017

 

 

VIA FAX TO (512) 236-9275

 

June 22, 2010

 

The Bank of New York Mellon Trust Company, N.A.,

as Trustee for LL&E Royalty Trust

919 Congress Avenue

Austin, Texas 78701

Attn: Mike Ulrich

 

Dear Mike:

 

We are in receipt of your letter stating that The Bank of New York Mellon Trust Company, N.A. ("Trustee"), as Trustee for LL&E Royalty Trust ("Trust"), "does not believe that it would be in the best interests of the unitholders for the Trust to enter into an exchange agreement that would be likely to adversely affect the Trust's ability to market the [Trust's] assets," a copy of which letter is attached.  Accordingly, we do not believe it is feasible for us to continue to pursue the proposed transaction set forth in our letter dated June 29, 2010 to the Trustee.  As you know, such a transaction would not be possible without current financial statements and the Trust's most recently filed financial statements are as of and for the period ended December 31, 2008.

 

We may bid for some or all of the Trust's assets, either individually or in conjunction with others, or take other actions to preserve the value of our units.

 

Very truly yours,

 

/s/ Robert E. Robotti

 

Robert E. Robotti

President and Treasurer of Robotti & Company, LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

SCHEDULE 13D

CUSIP No. 502003 10 6

 

Page 2 of 2 Pages

 

 

Exhibits 7 (continued)

 

 

LL&E Royalty Trust

THE BANK OF NEW YORK TRUST COMPANY, N.A., CORPORATE

TRUSTEE

919 CONGRESS AVENUE / (512) 236-6599 / AUSTIN, TEXAS 78701

 

Robotti & Company, LLC                                                                                                                   July 2, 2010

110 East 42nd Street                                                                                                By Facsimile: 212-986-0816

New York, NY 10017

                Attention:              Mr. Robert E. Robotti

                                                President and Treasurer

 

July 2, 2010

 

Dear Mr. Robotti:

 

Thank you for your letter dated June 29, 2010.

 

As we discussed previously, the Trustee agree that any holder if 10% or more of the outstanding units has the right under the Trust Agreement to call a meeting of the unitholders.

 

The Trustee also agrees that Section 9.02 of the Trust Agreement authorizes the Trustee to sell the assets of the Trust for non-cash consideration consisting of personal property if authorized to do so by the holders of a majority of the units, upon such terms of the Trustee, in its sole discretion, deems to be in the best interest of the unitholders.

 

The Trustee intends to consider any offer to purchase the assets of the Trust, whether for cash or non-cash.  However, the Trustee believes that it is in the best interests of the unitholders for the Trustee to proceed with its previously announced efforts to actively market the assets to a range of potential buyers, and does not believe that it would be in the best interests of the unitholders for the Trust to enter into an exchange agreement that would be likely to adversely affect the Trust's ability to market the assets.

 

I will be happy to discuss this with you.

 

Very truly yours,

 

The Bank of New York Mellon Trust Company, N.A.

Trustee of LL&E Royalty Trust

 

By: /s/ Mike Ulrich

      Mike Ulrich

      Vice President

 

 

 

 

 

 

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-----END PRIVACY-ENHANCED MESSAGE-----