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<SEC-DOCUMENT>0000950144-09-003579.txt : 20091001
<SEC-HEADER>0000950144-09-003579.hdr.sgml : 20091001
<ACCEPTANCE-DATETIME>20090427193102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-09-003579
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL BEVERAGE CORP
		CENTRAL INDEX KEY:			0000069891
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				592605822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8100 SW 10TH STREET
		STREET 2:		SUITE 4000
		CITY:			FT. LAUDERDALE
		STATE:			FL
		ZIP:			33324
		BUSINESS PHONE:		9545810922

	MAIL ADDRESS:	
		STREET 1:		8100 SW 10TH STREET
		STREET 2:		SUITE 4000
		CITY:			FT. LAUDERDALE
		STATE:			FL
		ZIP:			33324
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">April&nbsp;27, 2009
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;John Reynolds<BR>
Assistant Director<BR>
Division of Corporate Finance<BR>
United States Securities and Exchange Commission<BR>
Washington, DC 20549-7010

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>National Beverage Corp.</B><BR>
<B>Form&nbsp;10-K</B><BR>
<B>Filed July&nbsp;17, 2008</B><BR>
<B>File No.&nbsp;001-14170</B><BR>
<B>Schedule&nbsp;14A</B><BR>
<B>Supplementary Comment Letter Dated March&nbsp;27, 2009</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Reynolds:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your February&nbsp;9, 2009 comment letter and March&nbsp;27, 2009 supplementary comment letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Set forth below are the responses of National Beverage Corp. (the &#147;Company&#148;) to the Staff&#146;s
supplementary comment letter with respect to Schedule&nbsp;14A filed with the SEC on August&nbsp;29, 2008.
In responding to the Staff&#146;s comments, we have, for convenience, set forth your inquiries in full,
followed by our responses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Executive Compensation and Other Information, page 6</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to prior comment one from our letter dated February&nbsp;9, 2009 and reissue
that comment. We note the disclosure on page 6 that Messrs.&nbsp;Nick Caporella and Bracken do not
receive compensation directly from the company, but instead they receive compensation through
a management company owned by Mr.&nbsp;Nick Caporella. Please amend the </B><B>Form 10-K</B><B> to present any
compensation awarded to, earned by, or paid to, your named executive officers including any
compensation that is paid to them indirectly through third parties, in the Executive
Compensation section, including but not limited to the Summary Compensation table. See Item
4</B><B>02(a)(2)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company respectfully advises the Staff that, in its next Summary Compensation Table, the
Company intends to include a presentation for Mr.&nbsp;Nick Caporella and Mr.&nbsp;Bracken in
substantially the following format:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B><I>SUMMARY COMPENSATION TABLE</I></B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Option</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>All Other</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B><I>Name and Principal Position</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Year</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Salary ($)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Bonus ($)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Awards ($)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Compensation ($)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Total ($)</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nick A. Caporella (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chairman of the Board and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George R. Bracken (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">x,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">x,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Vice President &#151;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">x,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xx,xxx</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">x,xxx</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">xxx,xxx</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Nick A. Caporella, our Chairman of the Board and Chief Executive Officer, does not
receive compensation directly from us. Mr.&nbsp;Nick Caporella&#146;s services are provided to the
Company through Corporate Management Advisors Inc. (the &#147;Management Company&#148;), an entity
owned by Mr.&nbsp;Nick Caporella. As described above in &#147;Compensation Discussion and Analysis&#148; and
below in &#147;Certain Relationships and Related Party Transactions,&#148; we paid the Management
Company an annual management fee equal to one percent of our consolidated net sales for the
services that the Management Company provided to us, which included the services of Mr.&nbsp;Nick
Caporella as our Chief Executive Officer, and Mr.&nbsp;Bracken as our SVP-Finance. We paid the
Management Company fees of $x,xxx,xxx, $5,660,063 and $5,391,257 for fiscal years 2009,
2008 and 2007, respectively. See &#147;Compensation Discussion and Analysis&#148; and &#147;Certain
Relationships and Related Party Transactions&#148; for a more detailed description of our
management agreement with the Management Company.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>As discussed in footnote 1 above, Mr.&nbsp;Bracken does not receive compensation directly from us.
The salary and bonus amounts set forth represent the estimated portion of the compensation
paid by the Management Company to Mr.&nbsp;Bracken attributable to his services to us. See
&#147;Compensation Discussion and Analysis&#148; and &#147;Certain Relationships and Related Party
Transactions&#148; for a more detailed description of our management agreement with the Management
Company.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">In addition to the Summary Compensation Table presentation above, the Company advises the
Staff that it intends to supplement the first paragraph in its &#147;Compensation Discussion and
Analysis&#148; with the following in future disclosures:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><U><I>Compensation Discussion and Analysis</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The following discussion and analysis is intended to provide an understanding of the actual
compensation earned by each of our named executive officers (&#147;Executive Officers&#148;) from the
Company. In 1992, the Company entered into a management agreement (&#147;Management Agreement&#148;)
with Corporate Management Advisors, Inc. (the &#147;Management Company&#148;), a company owned
by Mr.&nbsp;Nick Caporella, our Chairman of the Board and Chief Executive Officer and the
beneficial owner of approximately 74% of our Common Stock. Under the Management Agreement,
the Management Company provides the Company (i)&nbsp;senior corporate functions (including
supervision of the Company&#146;s financial, legal, executive recruitment, internal audit and
management information systems departments) as well as the services of Mr.&nbsp;Caporella and Mr.
Bracken, our Senior Vice President &#151; Finance, and (ii)&nbsp;services in connection with
acquisitions, dispositions and financings by the Company, including identifying and
profiling acquisition candidates, negotiating and structuring potential transactions and
structuring potential transactions and arranging financing for any such transaction. For
its services, the Company pays the Management Company an annual base fee equal to one
percent of the consolidated net sales of the Company, plus incentive compensation based upon
certain factors to be determined by the Compensation and Stock Option Committee of the Board
of Directors. No incentive compensation has been incurred or approved under the Management
Agreement since its inception. We do not separately provide any cash compensation to Messrs.&nbsp;Nick
Caporella or Bracken. See also &#147;Certain Relationships and Related Party Transactions.&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Company will continue to provide consistent disclosure relating to the Management
Agreement and the fees paid to the Management Company in its &#147;Certain Relationships and
Related Party Transaction&#148; disclosure so as to avoid any shareholder &#147;double counting&#148; of
(1)&nbsp;the fees paid to the Management Company and disclosed in the &#147;Certain Relationships and
Related Party Transaction&#148; section and (2)&nbsp;the amount of &#147;deemed&#148; compensation to Messrs.
Caporella and Bracken reflected in the Summary Compensation Table and notes thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Company believes that it should be permitted to incorporate the Staff&#146;s comments in future
filings, and that an amendment to its Form 10-K is not required or appropriate under these
circumstances. The Company has followed the practice of cross referencing the Summary
Compensation Table column for Mr.&nbsp;Caporella to the management fee disclosure in its
&#147;Certain Relationships and Related Party Transaction&#148; section since the inception of the
Management Agreement in January 1992. When he became an executive officer in 1997, the
Company included Mr.&nbsp;Bracken&#146;s salary and bonus in its Summary Compensation Table until
November&nbsp;2004 when the Company received a Staff comment letter that instructed the Company
to remove such compensation disclosure from the Summary Compensation Table because Mr.
Bracken&#146;s compensation was paid by the Management Company and not the Company. <SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
In addition, the Company is aware of a Staff interpretation, now codified in C&#038;DI 217.08 and
updated as recently as July&nbsp;3, 2008, that specifically provides that if payments are made as
part of a management contract, disclosure of the structure of the management agreement and
the fees would have to be reported under Item&nbsp;404 (i.e. as related party transactions). We
are aware of several publicly traded companies<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> with external management
structures that do not provide Item&nbsp;402 executive compensation disclosure, but instead,
based on the Staff&#146;s
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>See Letter from Michael Moran, Branch Chief, dated
November&nbsp;15, 2004 and the response letter of the Company dated December&nbsp;1, 2004
the relevant portion of which reads:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 14A &#150; DEFINITIVE PROXY STATEMENT</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive Compensation and Other Information, page 11</U></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.You disclose in footnote (1)&nbsp;that the services of your Chairman and CEO as
well as your SVP-Finance are provided to you through the Management Company.
According to your disclosure in Note 6 to your financial statements in Form
10-K, you pay the management company approximately $5&nbsp;million annually for
various services. Supplementally, please explain to us why the summary
compensation table also includes compensation information for the SVP-Finance
if the management company pays these expenses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SVP-Finance was added to the summary compensation table in fiscal
1997 when he was appointed Vice President and Treasurer. His compensation,
which is paid solely by the Management Company, has been mistakenly included
since that time. We shall delete compensation for the SVP-Finance from the
summary compensation table in future filings.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP> &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Compass Diversified Holdings, Hines Real Estate
Investment Trust and Alesco Financial.</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">guidance, provide disclosure under Item&nbsp;404. Lastly, the amounts received by Mr.&nbsp;Caporella
and Mr.&nbsp;Bracken during the last fiscal year which the Staff has asked the Company to reflect
as compensation from the Company in the Summary Compensation Table were fully and accurately
disclosed in the &#147;Certain Relationships and Related Party Transactions&#148; disclosure section
of the Company&#146;s annual proxy statement as part of the disclosure relating to the Management
Agreement, which disclosure was incorporated into Part&nbsp;III of the Company&#146;s Form 10-K by
reference. In addition, similar disclosure was included as Footnote 5 to the Company&#146;s Form
10-K. As a result, we believe the Form 10-K for the fiscal year ended May&nbsp;3, 2008 substantially
complied as to form and was not materially deficient and, as such, an amendment would not be
appropriate.</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Again, we respectfully request that the Company be permitted to reflect the proposed
disclosure changes in future filings.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions with respect to the foregoing responses, please feel free to call me at
(954)&nbsp;581-0922.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 36pt"><U>/s/ George R. Bracken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
George R. Bracken<BR>
Senior Vice President &#151; Finance</DIV>



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