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Filing Details

Accession Number:: 0001389653-10-000002
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-01-08 12:00:00
Reporting Period:: 2010-01-07

Filing Date:: 2010-01-08
Accepted Time:: 2010-01-08 16:33:01
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
721765	Ll&E Royalty Trust	LRTR	Oil Royalty Traders (6792)	766007940

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1389653	Spruce House Partners Lp	110 East 42Nd Street Suite 1100 New York NY 10017		No	No	Yes	No
1472167	Spruce House Capital Llc	110 East 42Nd Street, Suite 1100 New York NY 10017		No	No	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Units Of Beneficial Interest	Acquisiton	2010-01-07	5,300	$0.62	286,064	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Footnotes

These Units of Beneficial Interest (the "Units") are directly owned by Spruce House Partners LP and beneficially owned by its partners. Each of Messrs. Benjamin Stein and Zachary Sternberg and Spruce House Capital LLC disclaims beneficial ownership of these Units except to the extent of his or its respective pecuniary interests therein, if any.
Each of Spruce House Partners LP ("SHP"), Spruce House Capital LLC ("SHC," and together with SHP, Benjamin Stein and Zachary Sternberg, the "Spruce House Parties"), general partner of SHP, Mr. Stein and Mr. Sternberg, each Managing Members of SHC, may be deemed to be a group (for the purpose of Rule 16a-1(a)(1) under the Exchange Act) with Robotti & Company, LLC ("Robotti & Company"), a broker-dealer registered under Section 15 of the Securities Exchange of 1934, as amended ("Exchange Act"), Robotti & Company Advisors, LLC ("Robotti & Company Advisors"), an investment adviser registered under the Investment Advisers Act of 1940, as amended,
Due to a 1000 character limit, Footnotes 3 is a continuation of Footnote 2:Robotti & Company, Incorporated ("ROBT"), the parent holding company for Robotti & Company and Robotti & Company Advisors, The Ravenswood Investment Company, L.P. ("RIC"), Ravenswood Investments III, L.P. ("RI"), Ravenswood Management Company, L.L.C. ("RMC," and together with ROBT, Robotti & Company, Robotti & Company Advisors, RIC, RI, Robert Robotti and Kenneth R. Wasiak, the "Robotti Parties"), the general partner of RIC and RI, Mr. Robotti, President and an owner of ROBT, President of Robotti & Company and Robotti & Company Advisors and a Managing Member of RMC, and Mr. Wasiak, a Managing Member of RMC, due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Spruce House Parties disclaims beneficial ownership of any Units owned by any of the Robotti Parties.