<SEC-DOCUMENT>0001193125-12-121827.txt : 20180406
<SEC-HEADER>0001193125-12-121827.hdr.sgml : 20180406
<ACCEPTANCE-DATETIME>20120319172527
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-121827
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVR ENERGY INC
		CENTRAL INDEX KEY:			0001376139
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
		BUSINESS PHONE:		(281) 207-7711

	MAIL ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Response Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;19, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Daniel&nbsp;F.
Duchovny, Special Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office of Mergers and Acquisitions </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549-3628 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RE:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;Amended Schedule 14D-9 filed March&nbsp;9, 2012 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;SEC File No.&nbsp;005-83522 </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;Soliciting Materials filed pursuant to Rule 14a-12 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;Filed on March&nbsp;9, 2012 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;001-33492 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Duchovny: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are in receipt of the comments of the staff
(&#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) set forth in your letter dated March&nbsp;13, 2012 (the &#147;<U>SEC Comment Letter</U>&#148;) regarding the above referenced Amendment to CVR
Energy, Inc.&#146;s (the &#147;<U>Company</U>&#148;) Solicitation/Recommendation Statement on Schedule 14D-9 (the &#147;<U>Schedule 14D-9</U>&#148;) and Soliciting Materials filed pursuant to Rule 14a-12 on March&nbsp;9, 2012 (the
&#147;<U>Soliciting Materials</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have responded to each of the Staff&#146;s comments below. For the Staff&#146;s
convenience, the numbered responses set forth below contain the Staff&#146;s comments and correspond to the numbered comments contained in the SEC Comment Letter. Note that all defined terms used in this letter have the same meaning as in the
Schedule 14D-9, unless otherwise indicated. Concurrently with this letter, the Company is filing Amendment No.&nbsp;5 to the Schedule 14D-9 (&#147;<U>Amendment No.&nbsp;5</U>&#148;) and is filing revised language with respect to the Soliciting
Materials pursuant to Rule 14a-12 (the &#147;<U>Revised Soliciting Materials</U>&#148;) in response to the Staff&#146;s comments. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Amended Schedule 14D-9 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>The
Solicitation or Recommendation </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Reasons for Recommendation, page 19 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Staff&#146;s Comment:</B> We are continuing to consider your response to prior comment 1. In the meantime, please provide us supplementally with any presentation
materials the financial advisors provided to you. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company has given serious consideration
to the Staff&#146;s </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Daniel F. Duchovny </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 19, 2012 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%;margin-right:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
comment. While the Company does not believe that review of the presentation materials provided to the Company by the financial advisors is necessary to support the statements made in the Schedule
14D-9 due primarily to the fact that the full text of the opinions rendered by each financial advisor are reproduced in their entirety in the Schedule&nbsp;14D-9, the Company will provide to the Staff materials presented by the financial advisors to
the Board on February 28, 2012 in response to the Staff&#146;s request, on a supplemental and confidential basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Soliciting Materials
</U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Staff&#146;s Comment:</B> Each statement or assertion of opinion or belief must be clearly characterized as such, and a reasonable factual basis must exist for each
such opinion or belief. Support for opinions or beliefs should be self-evident, disclosed in the proxy solicitation materials or provided to the staff on a supplemental basis. We note your disclosure that your board and management &#147;have
delivered strong stock performance, increased shareholder value...are far more capable of guiding the Company through a sale process that the Icahn Group&#146;s nominees...&#148; Provide the support described above. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment and is of the view that all assertions in the Schedule
14D-9 regarding the Company&#146;s performance are amply supported by disclosure included in the Schedule 14D-9. In particular, the Company notes the disclosure on page 13 of the Schedule 14D-9, demonstrating the Company&#146;s cumulative
stockholder return compared to its peers and the S&amp;P 500 over the period from October&nbsp;22, 2007 to February&nbsp;24, 2012. With respect to the Company&#146;s disclosure that the Company&#146;s board and management &#147;are far more capable
of guiding the Company through a sale process than the Icahn Group&#146;s nominees&#133;&#148; the Company is also of the view that this comparison is justified based on the disclosure in the Schedule 14D-9 and other information contained in Company
filings and generally publicly available. However, in response to the Staff&#146;s comment, the Company will specify in Amendment No.&nbsp;5 that the disclosure on page 30 of the Schedule 14D-9 and in the Revised Soliciting Materials constitutes the
Board&#146;s belief. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Staff&#146;s Comment:</B> Your disclosure that your board and management &#147;have the interests of all of stockholders, not just Mr.&nbsp;Icahn&#148; and that
&#147;[p]ermitting the representatives of the Icahn Group to lead a sale process will put. Mr.&nbsp;Icahn&#146;s interests above those of all other stockholders&#148; imply that the Icahn Group&#146;s nominees would carry out their board duties in
violation of their fiduciary duties. You must avoid statements that directly or indirectly impugn the character, integrity, or personal reputation or make charges of illegal or immoral conduct without factual foundation. Note that the factual
foundation for such assertions must be reasonable and the factual basis must be disclosed in the document or provided to the staff on a supplemental basis. Refer to Rule 14a-9. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;* </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Daniel F. Duchovny </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 19, 2012 </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hope that the foregoing has been responsive to the Staff&#146;s comments. If you have
any questions regarding our responses, please contact the undersigned at (212)&nbsp;403-1378 or BMRoth@wlrk.com, or Andrew R. Brownstein at (212)&nbsp;403-1233 or ARBrownstein@wlrk.com. </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Benjamin M.
Roth</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wachtell, Lipton, Rosen&nbsp;&amp; Katz</FONT></P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Edmund S. Gross </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice
President, General Counsel and Secretary </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVR Energy, Inc. </FONT></P>
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