<SEC-DOCUMENT>0001104659-18-072243.txt : 20190709
<SEC-HEADER>0001104659-18-072243.hdr.sgml : 20190709
<ACCEPTANCE-DATETIME>20181211090229
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-072243
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20181211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Legacy Housing Corp
		CENTRAL INDEX KEY:			0001436208
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				202897516
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1600 AIRPORT FREEWAY,  #100
		CITY:			BEDFORD
		STATE:			TX
		ZIP:			76022
		BUSINESS PHONE:		(817) 799-4900

	MAIL ADDRESS:	
		STREET 1:		1600 AIRPORT FREEWAY,  #100
		CITY:			BEDFORD
		STATE:			TX
		ZIP:			76022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Legacy Housing, LTD.
		DATE OF NAME CHANGE:	20080528
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="720" height="54" src="g276499dci001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMAIL:&#160; SFELDMAN@OLSHANLAW.COM</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIRECT DIAL:&#160; 212.451.2234</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;11, 2018</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND EMAIL</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mail Stop 4631</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn.:&#160; Jay Ingram,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt .4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Branch Chief</font></p>
<p style="margin:0in 0in .0001pt .4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office of Manufacturing and Construction</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Legacy Housing Corporation</b></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment No.&nbsp;2 to Registration Statement on Form&nbsp;S-1</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;333-228288</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of Legacy Housing Corporation, a Delaware corporation (the &#147;Company&#148;), we are hereby filing in electronic format through EDGAR with the U.S. Securities and Exchange Commission, pursuant to the Securities Act of 1933, as amended, one complete copy of Amendment No.&nbsp;2 (the &#147;Amendment&#148;) to the above-captioned Registration Statement on Form&nbsp;S-1 (the &#147;Registration Statement&#148;), for the registration of shares of the Company&#146;s common stock, including one complete copy of the exhibits listed as having been filed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registration Statement responds to the comments received from the staff of the SEC in its comment letter dated December&nbsp;10, 2018, with respect to the Registration Statement filed by the Company on November&nbsp;9, 2018, as amended on November&nbsp;30, 2018 as discussed below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A courtesy copy of this letter and the Amendment (as marked to reflect changes), together with all exhibits, are being provided directly to the staff for its convenience (attention: Edward M. Kelly,&nbsp;Esq., Senior Counsel) in the review of the foregoing documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To facilitate the staff&#146;s review, the SEC&#146;s comments are reproduced before each of the Company&#146;s responses thereto. All page&nbsp;numbers referred to in the responses to the staff&#146;s comments correspond to the page&nbsp;numbers of the Amendment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="720" height="36" src="g276499dci002.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109952\17-27649-9\task9149574\27649-9-dc.htm',USER='109952',CD='Dec 11 18:44 2018' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;11, 2018</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page </font>2<a name="PB_2_005944_7056"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concentration of ownership of our common stock&#133;may limit new investors from influencing significant corporate decisions, page&nbsp;30</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Revised disclosure that your executive officers, directors, and current beneficial owners of 5% or more of your common stock and their affiliates will beneficially own all of your outstanding shares of common stock upon completion of this offering is inconsistent with disclosure on page&nbsp;37 and elsewhere in the registration statement that existing stockholders will own 85.1% of your outstanding shares of common stock upon completion of this offering. Please reconcile the disclosures.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response 1</font></u>:</b>&#160; As requested by the staff, the Company has revised its disclosure with respect to concentration of ownership of our common stock. See page&nbsp;30 of the Registration Statement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Choice of Forum, page&nbsp;90</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Notwithstanding your response to comment 3 in our November&nbsp;20, 2018 letter, you have not refiled Exhibit&nbsp;3.1 to reflect revision of your amended and restated certificate of incorporation relating to the sole and exclusive forum provision. Please refile the exhibit.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response 2</font></u>:</b>&#160; The exclusive forum provision of the Company&#146;s Amended and Restated Certificate of Incorporation (the &#147;Charter&#148;) would not apply, nor would any other provision thereof, if it conflicted with any federal law requiring exclusive federal jurisdiction, including such provisions under the Securities Act or the Exchange Act. As requested by the staff, the Company has revised the Charter to clarify this point. See Exhibit&nbsp;3.1, which has been re-filed.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed with Edward M. Kelly of the SEC staff, both the Company and B. Riley FBR,&nbsp;Inc. intend to file requests with the staff for acceleration of effectiveness of the Registration Statement to 4:30 p.m.&nbsp;on Thursday, December&nbsp;13, 2018, or as soon thereafter as practicable, pursuant to Rule&nbsp;461 of Regulation C of the Securities Act of 1933.&#160; We enclose in an email directly to Mr.&nbsp;Kelly a copy of the letter from FINRA approving the underwriting compensation arrangements for the offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Should any member of the SEC&#146;s staff have any questions concerning the enclosed materials or desire any further information or clarification in respect of the Amendment or the Registration Statement, please do not hesitate to contact </font>Neal J. Suit, General Counsel of the Company (tel.: (817) 799-4906), or me (tel.: (212) 451-2234).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Spencer G. Feldman</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spencer G. Feldman</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Edward M. Kelly,&nbsp;Esq.</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Curtis D. Hodgson</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Jeffrey V. Burt</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neal Suit,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kenneth L. Betts,&nbsp;Esq.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='Page 2',FILE='C:\JMS\109952\17-27649-9\task9149574\27649-9-dc.htm',USER='109952',CD='Dec 11 18:44 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g276499dci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g276499dci001.gif
M1TE&.#=AT (V '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
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MZMN^UWN^X0N_Z8N^\UN_[$N_]VN_[AN^V^N]\/N_Z O \1O !#S !BS "%S
M"7S "MS #/S "QS!#BS!$#S!%ES!#&R]&DR]'+S!'MS!(/S!_GO!"2S"(2R^
MYTO!*HS")YS"+?R^),S")OS!&/NX-GS#.)S#.KS#/-S#/OS#0!S$0CS$1+P4
$ 0$ .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g276499dci002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g276499dci002.gif
M1TE&.#=AT (D '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
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M8HO0]/4/21SKJ&4)L"I(]M:@]QB +%F[5QG*<)WV'"^[LCL0HB)N=@91'.<
M8#R/Z97)S(UJY7X7@.XRT9ON%1G"F(PHC4$78-S"JT.6:E2[&H]:/9KE,J'+
M9'95K/^H4^(1,X-:5_B.5ZX6^0>_OKCG,!;$ -0-,%C8X*@ [)$@,!NPX%@%
M4 /@PU>:765D[W*]FZHM '7A'Z43^;3@%$!_2<,;79+U2 #HX[1/J\N*FY2J
M73U-C9[,:+, L%M5*4L?, .51%O%A@.P#%(\ W#'P'DO'XUKBX#:77R1]#FK
M^NE@X52=+A\B3\0]2'%VZIB/[%HK) &.=LX&U+,OHNQIZ^D @-JVD=#=;'DA
M"MQ]$_=^JZ3N\0*8(;7R$[Q5J.]K^EG07M'5*OEFJ>#$MB"K:I6O0$87$I14
M64G;8&Q'!0NQT45]LO[4P:\VK%GK2> !R.Q=$HFJ3^X*6 N.WU6G4J6/'[6*
M!&PPP; B56.!5V;,^Y7F0G).$9ZOA.<^UZ*Y58(Z?_B<R4.]-Y.';A)%33MU
M %>+K$!XST ^R;(6M%76?95U4MKJ'K[&.JN&.*E6!,ED-[PZC)%V7%:A'$D@
M#%+4YT[WNMO][GC/N][WSO>^^_WO@ ^\X =/^,(;_O"(3[SB%\_XQE,D(  [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
