<SEC-DOCUMENT>0001193125-13-213764.txt : 20130716
<SEC-HEADER>0001193125-13-213764.hdr.sgml : 20130716
<ACCEPTANCE-DATETIME>20130510150103
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ACCESSION NUMBER:		0001193125-13-213764
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DDR CORP
		CENTRAL INDEX KEY:			0000894315
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				341723097
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122
		BUSINESS PHONE:		2167555500

	MAIL ADDRESS:	
		STREET 1:		3300 ENTERPRISE PARKWAY
		CITY:			BEACHWOOD
		STATE:			OH
		ZIP:			44122

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVELOPERS DIVERSIFIED REALTY CORP
		DATE OF NAME CHANGE:	19940218
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;10, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>CORRESPONDENCE FILING VIA EDGAR </U></FONT></P> <P STYLE="margin-top:6px;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">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100
F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tom&nbsp;Kluck, Branch Chief</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Beth&nbsp;Frohlichstein</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wilson Lee</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kevin Woody</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:&nbsp;&nbsp;&nbsp;DDR Corp.</B></FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2012</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed March&nbsp;1, 2013</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;001-11690</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">DDR Corp., an Ohio corporation (the &#147;Company&#148; or &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), is submitting this letter in response to the comment letter from the staff (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;), dated April&nbsp;29, 2013 (the&nbsp;&#147;Comment Letter&#148;), with respect to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2012 (the &#147;2012 Form 10-K&#148;), filed March&nbsp;1, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Below are the Company&#146;s responses.
For the convenience of the Staff, the Company has repeated each of the Staff&#146;s comments before the corresponding response. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K
for the year ended December&nbsp;31, 2012 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition . . . , page 49
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Executive Summary, page 49 </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"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note your response to comment 3 of our comment letter dated April&nbsp;13, 2011 in your letter dated April&nbsp;28, 2011. We note that per your
disclosure on page 18 under the &#147;Tenant Lease Expirations and Renewals&#148; section you continue to have significant lease expirations in the next year. Please explain to us, with a view to disclosure, where you included disclosure regarding
the relationship of market rents and leases expected to </FONT></P></TD></TR></TABLE>

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 <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">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
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expire in the next period as well as the relationship between rents on leases that expired in the current reporting period and rents on renewed leases or advise. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response: </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, the Company disclosed in Item&nbsp;1 of its Annual Report on Form 10-K for the year ended December&nbsp;31,
2011 that it had 585 and 1,037 leases expiring in 2012 with an average base rent per occupied square foot of $12.16 and $24.76 for the wholly-owned and joint venture shopping center portfolios, respectively. The approximate gross leaseable area
(&#147;GLA&#148;) of the aggregate leases expiring in 2012 was 7.0&nbsp;million square feet for both wholly-owned and joint venture shopping centers. The Company disclosed in the 2012 Form 10-K on page 51 of Management&#146;s Discussion and Analysis
(&#147;MD&amp;A&#148;) that during 2012 it had executed a combined 1,958 new leases and renewals for 11.3&nbsp;million square feet of GLA. The Company further disclosed in the table on page 58 of the MD&amp;A the increase in the average annualized
base rent per occupied square foot in 2012 as compared to 2011 within the wholly-owned shopping center portfolio. The average annualized base rent per occupied square foot within the joint venture portfolio decreased in 2012 as compared to 2011
primarily due to the impact of exchange rate fluctuations with the Brazilian Real, the sale of assets in Brazil as well as the inclusion of a new joint venture formed in 2012. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition to the above, the Company&#146;s leasing spread calculation provides a good benchmark to compare the average annualized base rent of expiring leases with the comparable executed average market
rental rates as it only includes deals that were executed within one year of the date the prior tenant vacated. For comparable leases executed in 2012 (1,443 transactions), the Company generated positive leasing spreads on a pro rata basis of 13.6%
for new leases and 6.0% for renewals, which supports that the Company continues to sign new leases and renewals at or above the previously expiring average rental rates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On page 31 of our Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 2013 (the &#147;2013 Form 10-Q&#148;) we have expanded our disclosure to include a discussion of the leasing
spreads and their relationship to the average annualized base rent per occupied square foot of expiring leases. We will continue to include the expanded disclosure in future periodic reports. </FONT></P>

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 <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">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;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"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Operational Accomplishments, page 51 </U></FONT></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">We note your disclosure of the weighted-average cost per rentable square foot over the lease term of tenant improvements and lease commissions for new leases. In future
periodic reports, please expand this disclosure to also provide this information for renewals. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response:
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company does not generally incur a significant amount of capital to execute renewals. On page 32 of our 2013 Form 10-Q
we have expanded our disclosure to include this statement. We will continue to include the expanded disclosure in future periodic reports. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Comparison of 2012, 2011 and 2010 Results of Operations, page 57 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Revenues from Operations (in thousands), page 58 </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">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note your disclosure on page 58 providing a comparative analysis of your occupancy rate and average annualized base rent per occupied square foot for your shopping
center portfolio. In future periodic reports, please provide this analysis for your &#147;Comparable Portfolio Properties.&#148; <U> </U></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Response: </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On page 33 of our 2013 Form 10-Q we have expanded our disclosure
to provide the occupancy rate and average annualized base rent per occupied square foot analysis for the &#147;Comparable Portfolio Properties.&#148; We will continue to include the expanded disclosure in future periodic reports. </FONT></P>

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 <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">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;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"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Sources and Uses of Capital, page 72 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>2012 Strategic Transaction Activity, page 72 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Developments and Redevelopments, page 74
</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">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note your disclosure regarding your development and redevelopment projects and the development projects of your unconsolidated joint ventures. In future periodic
reports, please disclose each material ongoing development and redevelopment project, including data regarding costs incurred to date, budgeted costs, and anticipated completion dates. Also, for any material development projects that have been
completed during the period, please disclose the development costs per square foot. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response: </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On pages 46-47 of our 2013 Form 10-Q we have expanded our disclosure concerning the material ongoing development and redevelopment
projects. We also disclosed the development costs per square foot of any material development and redevelopment projects completed during the period. We will continue to include the expanded disclosure in future periodic reports. </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note that you hold a significant amount of land based on your balance sheet on page F-3. In future periodic reports, please include a discussion regarding the amount
of development your land could support. <U> </U></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response: </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On page 46 of our 2013 Form 10-Q we have expanded our disclosure to include a discussion regarding the amount of development we believe
our current land inventory could support. We will continue to include the expanded disclosure in future periodic reports. </FONT></P>
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 <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">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;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:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the above response, the Company acknowledges that: </FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in its filing; </FONT></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any questions regarding these matters, please do not hesitate to contact the
undersigned at 216-755-6453. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David J. Oakes </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">David J. Oakes </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">President&nbsp;&amp; Chief Financial Officer
</FONT></P> <P STYLE="font-size:24px;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">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Christa A. Vesy, Executive Vice President </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">and Chief Accounting Officer </FONT></P>
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