SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ROBOTTI ROBERT (Last) (First) (Middle) 6 EAST 43RD STREET 23RD FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LL&E ROYALTY TRUST [ LRTR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Not subject to Section 16
	3. Date of Earliest Transaction (Month/Day/Year) 07/12/2010
	4. If Amendment, Date of 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

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
Units of Beneficial Interest	07/12/2010		S	V	2,500(1)	D	$1.1744	1,916,321	I	See Footnotes(4)(5)
Units of Beneficial Interest	09/08/2010		S	V	1,000(1)	D	$2.22	1,915,321	I	See Footnotes(4)(5)
Units of Beneficial Interest	11/12/2010		S	V	2,500(1)	D	$1.05	1,912,821	I	See Footnotes(4)(5)
Units of Beneficial Interest	12/21/2010		S	V	1,000(2)	D	$0.75	1,911,821	I	See Footnotes(4)(5)
Units of Beneficial Interest	12/22/2010		S	V	300(2)	D	$0.75	1,911,521	I	See Footnotes(4)(5)
Units of Beneficial Interest	12/23/2010		S		1,901,521(3)	D	$0.75	10,000	I	See Footnotes(4)(5)

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 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: 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. Name and Address of Reporting Person* ROBOTTI ROBERT (Last) (First) (Middle) 6 EAST 43RD STREET 23RD FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Not subject to Section 16

1. Name and Address of Reporting Person* WASIAK KENNETH R (Last) (First) (Middle) C/O PUSTORINO PUGLISI & CO LLP 515 MADISON AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Not subject to Section 16

Explanation of Responses:

1. These Units of Beneficial Ownership ("Units") were owned directly and beneficially by a discretionary brokerage customer of Robotti & Company, LLC ("Robotti & Company") and were sold as directed by the discretionary customer.

2. These Units were owned directly and beneficially by an advisory client of Robotti & Company Advisors, LLC ("Robotti & Company Advisors").

3. This number includes 57,500 Units owned directly and beneficially by the discretionary brokerage customers of Robotti & Company, 1,301,217 Units directly owned by the Ravenswood Investment Company, LP ("RIC") and 542,804 Units directly owned by Ravenswood Investments III, LP ("RI"). Each party hereto disclaims beneficial ownership of Units held by another party hereto except to the extent of his or its respective pecuniary interest therein, if any.

4. Each of Robotti & Company, a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), Robotti & Company Advisors, an investment adviser registered under the Investment Advisers Act of 1940, as amended, Robotti & Company, Incorporated ("ROBT"), the parent holding company for Robotti & Company and Robotti & Company Advisors, RIC, RI, Ravenswood Management Company, L.L.C. ("RMC"), the general partner of RIC and RI, Robert E. Robotti, President and an owner of ROBT, President of Robotti & Company and Robotti & Company Advisors and a Managing Member of RMC, and Kenneth R. Wasiak (together with Robotti & Company, Robotti & Company Advisors, ROBT, RIC, RI, RMC and Mr. Robotti, the "Robotti Parties"), a Managing Member of RMC, may be deemed to be a group (for the purpose of Rule 16a-1(a)(1) under the Exchange Act),

5. Due to 1000 character limit, Footnote 5 is a continuation of Footnote 4: with the Spruce House Partnership LP (f/k/a Spruce House Partners, LP) ("SHP"), Spruce House Capital LLC ("SHC"), the general partner of SHP, and Benjamin Stein and Zachary Sternberg (together with SHP, SHC and Mr. Stein, the "Spruce House Parties"), each Managing Members of SHC, due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Robotti Parties disclaims beneficial ownership of any Units owned by any of the Spruce House Parties.

Remarks:

ADDITIONAL JOINT FILERS: Robotti & Company, Incorporated ("ROBT") Robotti & Company, LLC ("Robotti & Company") Robotti & Company Advisors, LLC ("Robotti & Company Advisors") Ravenswood Management Company, L.L.C. ("RMC") The Ravenswood Investment Company, L.P. ("RIC") Ravenswood Investments III, L.P. ("RI") Address for ROBT, Robotti & Company and Robotti & Company Advisors is: 6 East 43rd Street 23rd Floor New York NY 10017 Address for RMC, RIC and RI is: 104 Gloucester Road Massapequa, New York 11758 Date of Event Requiring Statement: December 23, 2010

	/s/ Robert E. Robotti	12/28/2010
	/s/ Robert E. Robotti, President and Treasurer of Robotti & Company, Incorporated	12/28/2010
	/s/ Robert E. Robotti, President and Treasurer of Robotti & Company, LLC	12/28/2010
	/s/ Robert E. Robotti, President and Treasurer of Robotti & Company Advisors, LLC	12/28/2010
	/s/ Robert E. Robotti, Managing Member of Ravenswood Management Company, L.L.C.	12/28/2010
	/s/ Robert E. Robotti, Managing Member of RMC, general partner of The Ravenswood Investment Company, L.P.	12/28/2010
	/s/ Robert E. Robotti, Managing Member of RMC, general partner of Ravenswood Investments III, L.P.	12/28/2010
	/s/ Kenneth R. Wasiak	12/28/2010
	** 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).
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