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SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
SCHEDULE 13D |
Under the Securities Exchange Act of 1934 |
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(Amendment No. 5)* |
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LL&E Royalty Trust |
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(Name of Issuer) |
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Units of Beneficial Interest |
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(Title of Class of Securities) |
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502003 10 6 |
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(CUSIP Number) |
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Robert Robotti c/o Robotti & Company, Incorporated |
110 East 42nd Street, Suite 1100 |
New York, New York 10017 |
212-986-4800 |
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(Name, Address and Telephone Number of Person |
Authorized to Receive Notices and Communications) |
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April 30, 2010 |
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(Date of Event Which Requires Filing of this Statement) |
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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. [ ] |
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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. |
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(Page 1 of 17 Pages) |
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*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. |
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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). |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 2 of 17 Pages |
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1. | | Names of Reporting Persons Robert E. Robotti |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF, OO |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | United States |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 1,918,821 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 1,918,821 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 1,918,821 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 10.1% |
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14. | | Type of Reporting Person (See Instructions) |
| | IN, HC |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 3 of 17 Pages |
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1. | | Names of Reporting Persons Robotti & Company, Incorporated |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | OO |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 64,800 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 64,800 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 64,800 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | Less than 1% |
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14. | | Type of Reporting Person (See Instructions) |
| | CO, HC |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 4 of 17 Pages |
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1. | | Names of Reporting Persons Robotti & Company, LLC |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | OO |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 63,500 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 63,500 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 63,500 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | Less than 1% |
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14. | | Type of Reporting Person (See Instructions) |
| | OO, BD |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 5 of 17 Pages |
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1. | | Names of Reporting Persons Robotti & Company Advisors, LLC |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | OO |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 1,300 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 1,300 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 1,300 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | Less than 1% |
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14. | | Type of Reporting Person (See Instructions) |
| | OO, IA |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 6 of 17 Pages |
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1. | | Names of Reporting Persons Kenneth R. Wasiak |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | United States |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 1,854,021 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 1,854,021 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 1,854,021 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 9.8% |
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14. | | Type of Reporting Person (See Instructions) |
| | IN, HC |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 7 of 17 Pages |
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1. | | Names of Reporting Persons Ravenswood Management Company, L.L.C. |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 1,854,021 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 1,854,021 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 1,854,021 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 9.8% |
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14. | | Type of Reporting Person (See Instructions) |
| | OO |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 8 of 17 Pages |
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1. | | Names of Reporting Persons The Ravenswood Investment Company, L.P. |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | WC |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 1,308,517 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 1,308,517 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 1,308,517 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 6.9% |
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14. | | Type of Reporting Person (See Instructions) |
| | PN |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 9 of 17 Pages |
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1. | | Names of Reporting Persons Ravenswood Investments III, L.P. |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | WC |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | New York |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 545,504 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 545,504 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 545,504 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 2.9% |
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14. | | Type of Reporting Person (See Instructions) |
| | PN |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 10 of 17 Pages |
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1. | | Names of Reporting Persons Benjamin Stein |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | United States |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 293,564 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 293,564 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 293,564 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 1.6% |
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14. | | Type of Reporting Person (See Instructions) |
| | IN, HC |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 11 of 17 Pages |
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1. | | Names of Reporting Persons Zachary Sternberg |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | United States |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 293,564 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 293,564 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 293,564 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 1.6% |
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14. | | Type of Reporting Person (See Instructions) |
| | IN, HC |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 12 of 17 Pages |
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1. | | Names of Reporting Persons Spruce House Capital LLC |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | AF |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | Delaware |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 293,564 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 293,564 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 293,564 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 1.6% |
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14. | | Type of Reporting Person (See Instructions) |
| | OO |
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Schedule 13D |
CUSIP No. 502003 10 6 | | Page 13 of 17 Pages |
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1. | | Names of Reporting Persons Spruce House Partners LP |
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2. | | Check the Appropriate Box if a Member of a Group (See Instructions) |
| | (a) | [X] | | (b) | [ ] | |
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3. | | SEC Use Only |
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4. | | Source of Funds (See Instructions) |
| | WC |
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5. | | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | [ ] | |
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6. | | Citizenship or Place of Organization |
| | Delaware |
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Number of | | 7. | Sole Voting Power: -0- |
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Shares | | |
Beneficially | | 8. | Shared Voting Power: 293,564 |
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Owned by | | |
Each | | 9. | Sole Dispositive Power: -0- |
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Reporting | | |
Person With | | 10. | Shared Dispositive Power: 293,564 |
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11. | | Aggregate Amount Beneficially Owned by Each Reporting Person |
| | 293,564 |
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12. | | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] |
| | |
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13. | | Percent of Class Represented by Amount in Row (11) |
| | 1.6% |
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14. | | Type of Reporting Person (See Instructions) |
| | PN |
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SCHEDULE 13D |
CUSIP No. 502003 10 6 | | Page 14 of 17 Pages |
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This Statement on Schedule 13D Amendment No. 5 (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, and Amendment No. 4 thereto, filed with the Commission on February 9, 2009, June 10, 2009, September 2, 2009 and December 28, 2009, 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. |
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Item 3. | Source and Amount of Funds or Other Consideration |
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Item 3 of the Amended Statement is hereby amended and restated to read as follows: |
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The aggregate purchase price of the 63,500 Units held by Robotti & Company is $147,623.13 (including brokerage fees and expenses, but does not include the purchase price for 3,000 units that were transferred into an existing discretionary customer’s account). All of the Units beneficially held by Robotti & Company were paid for using the personal funds of its discretionary customers. |
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The aggregate purchase price of the 1,300 Units held by Robotti Advisors is $3,138.25 (including brokerage fees and expenses). All of the Units beneficially held by Robotti Advisors were paid for using the personal funds of its discretionary customers. |
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The aggregate purchase price of the 1,308,517 Units held by RIC is $1,832,879.50 (including brokerage fees and expenses). All of the Units beneficially held by RIC were paid for using its working capital. |
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The aggregate purchase price of the 545,504 Units held by RI is $810,905.53 (including brokerage fees and expenses). All of the Units beneficially held by RI were paid for using its working capital. |
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The aggregate purchase price of the 293,564 Units held by SHP is $170,954.73 (including brokerage fees and expenses). All of the Units beneficially held by SHP were paid for using its working capital. |
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Item 4. | Purpose of Transaction |
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Item 4 of the Amended Statement is hereby amended to add the following: |
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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 April 30, 2010 ("April 30 Letter") in which it proposed a conceptual plan to preserve Unit holder value: |
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- The Reporting Persons believe that it is highly unlikely that Unit holders will receive fair value if the sale of the Trust's assets were to take place in 2010 or early 2011 as currently required by the Trust Agreement due to lack of relevant production data on the Jay Field to properly evaluate the Trust's recoverable economic reserves.
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- The Reporting Persons believe the transfer of the Trust's assets into a newly-formed publicly-traded pass through entity ("Newco") is the most prudent method to remove the 2010/2011 deadline on the sale of the Trust's assets. The Reporting Persons believe this transaction would require a majority of the Unit holders outstanding to vote in favor of such a plan and that a majority of the Unit holders would be interested in it.
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- The Reporting Persons believe it is necessary to raise an estimated $3-5 million additional capital to implement such a plan and for Newco to pursue the various other sources of value such as a full audit of past allocation of expenses, pursuit of insurance claims, and an analysis of current reserves for plugging and abandonment costs. The Reporting Persons believe a rights offering would be the most prudent method to raise additional capital because each Unit holder would have an opportunity to participate and maintain its proportional interest in Newco. The Reporting Persons are prepared to act as standby purchasers to exercise unexercised rights in a rights offering on reasonable commercial terms.
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SCHEDULE 13D |
CUSIP No. 502003 10 6 | | Page 15 of 17 Pages |
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A copy of the April 30 Letter is attached hereto as Exhibit 5 and incorporated herein by reference. |
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Item 5. | Interest in Securities of the Issuer |
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Item 5 of the Amended Statement is hereby amended and restated to read as follows: |
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(a)-(b) | As of May 5, 2010, the aggregate number of Units and percentage of the outstanding Units of the Issuer beneficially owned (i) by each of the Reporting Persons, and (ii) to the knowledge of the Reporting Persons, by each other person who may be deemed to be a member of a group, is as follows: |
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Reporting Person
|
Aggregate Number of Units
| Number of Units: Sole Power to Vote or Dispose
| Number of Units: Shared Power to Vote or Dispose
|
Approximate Percentage*
|
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| | | | |
Robotti (1)(2)(3)(4)(5) | 1,918,821 | 0 | 1,918,821 | 10.10% |
ROBT (1)(2)(3) | 64,800 | 0 | 64,800 | ** |
Robotti & Company (1)(2) | 63,500 | 0 | 63,500 | ** |
Robotti Advisors(1)(3) | 1,300 | 0 | 1,300 | ** |
Wasiak (1)(4)(5) | 1,854,021 | 0 | 1,854,021 | 9.76% |
RMC (1)(4)(5) | 1,854,021 | 0 | 1,854,021 | 9.76% |
RIC (1)(4) | 1,308,517 | 0 | 1,308,517 | 6.89% |
RI (1)(5) | 545,504 | 0 | 545,504 | 2.87% |
Stein (1)(6) | 293,564 | 0 | 293,564 | 1.55% |
Sternberg (1)(6) | 293,564 | 0 | 293,564 | 1.55% |
SHC (1)(6) | 293,564 | 0 | 293,564 | 1.55% |
SHP (1)(6) | 293,564 | 0 | 293,564 | 1.55% |
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*Based on 18,991,304 Units of Beneficial Interest outstanding as of August 25, 2009 as disclosed in the Issuer's Annual Report on Form 10-K, for the year ended December 31, 2008. ** Lessthan one percent. |
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(1) Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Reporting Persons except to the extent of such Reporting Person's pecuniary interest therein, if any. (2) Each of Mr. Robotti and ROBT share with Robotti & Company the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 63,500 Units owned by the discretionary customers of Robotti & Company. (3) Each of Mr. Robotti and ROBT share with Robotti Advisors the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 1,300 Units owned by the discretionary customers of Robotti Advisors. (4) Each of Messrs. Robotti and Wasiak and RMC share with RIC the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 1,308,517 Units owned by RIC. (5) Each of Messrs. Robotti and Wasiak and RMC share with RI the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 545,504 Units owned by RI. (6) Each of Messrs. Stein and Sternberg and SHC share with SHP the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 293,564 Units owned by SHP. |
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(c) | None of the Reporting Persons effected any transactions in the Units during the past sixty days. |
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SCHEDULE 13D |
CUSIP No. 502003 10 6 | | Page 16 of 17 Pages |
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(d) | Robotti & Company's discretionary customers and Robotti Advisors' clients have the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, Units owned by them. Except as set forth in the immediately preceding sentence, no Person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Units beneficially owned by the Reporting Persons. |
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(e) | Not Applicable. |
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Item 7. | Materials To Be Filed As Exhibits |
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Item 7 of the Amended Statement has been amended and restated to read as follows: |
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The following documents are filed herewith or have been previously filed: |
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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. |
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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. |
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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. |
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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. |
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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. |
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SCHEDULE 13D |
CUSIP No. 502003 10 6 | | Page 17 of 17 Pages |
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SIGNATURE |
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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. |
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Date: | May 5, 2010 | | |
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| | | Robotti & Company, Incorporated |
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| /s/ Robert E. Robotti | | By: | /s/ Robert E. Robotti |
| | | | |
| Robert E. Robotti | | | Name: Robert E. Robotti |
| | | Title: President and Treasurer |
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Robotti & Company, LLC | | Robotti & Company Advisors, LLC |
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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 | | | |
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Ravenswood Investments III, L.P. | | | Ravenswood Investment Company, L.P. |
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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 |
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| | | | |
Spruce House Capital LLC | | | /s/ Benjamin Stein |
| | | | |
| | | | Benjamin Stein |
By: | /s/ Benjamin Stein | | | |
| | | : | |
| Name: Benjamin Stein | | | /s/ Zachary Sternberg |
| | | | |
| Title: Managing Member | | | Zachary Sternberg |
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Spruce House Partners LP | | | |
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By: | Spruce House Capital LLC | | | |
| Its General Partner | | | |
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By: | /s/ Benjamin Stein | | | |
| | | | |
| Name: Benjamin Stein | | | |
| Title: Managing Member | | | |
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