<SEC-DOCUMENT>0001193125-15-127992.txt : 20150915
<SEC-HEADER>0001193125-15-127992.hdr.sgml : 20150915
<ACCEPTANCE-DATETIME>20150413215229
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-127992
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				061385548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6100 OAK TREE BOULEVARD
		STREET 2:		SUITE 300 PARK CENTER I
		CITY:			INDEPENDENCE
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		6100 OAK TREE BOULEVARD
		STREET 2:		SUITE 300 PARK CENTER I
		CITY:			INDEPENDENCE
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;13, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR and EMAIL</U> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil, Esq.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and Acquisitions
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>GrafTech International Ltd.</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>PRE 14A filed March&nbsp;31, 2015</B> <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><U><B>File No.&nbsp;001-13888</B></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Piland Posil: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted in response to the comments of the staff (the &#147;Staff&#148;) of the Office of Mergers
and Acquisitions of the Division of Corporation Finance of the United States Securities and Exchange Commission (the &#147;Commission&#148;) set forth in your letter dated April&nbsp;9, 2015, with respect to the above-referenced preliminary proxy
statement (the &#147;Proxy Statement&#148;) filed by GrafTech International Ltd. (the &#147;Company&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, I have
set forth each comment from your letter in bold typeface and included the Company&#146;s response below it. References to page numbers mean page numbers of the amended Proxy Statement filed concurrently herewith. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B>In order to use a
universal ballot, Mr.&nbsp;Milikowsky&#146;s nominees must have consented to being named in the company&#146;s proxy statement and to serve, if elected. See Rule 14a-4(d)(1). Please supplementally advise us whether Mr.&nbsp;Milikowsky&#146;s
nominees have provided such consent. If not, please revise to eliminate any reference to a universal ballot.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges
the Staff&#146;s comment and confirms that Mr.&nbsp;Milikowsky&#146;s nominees have consented to being named in the Company&#146;s proxy statement and to serve, if elected. The Company will supplementally provide the Staff with a copy of such
consent. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B>File your form of proxy, which must be filed at least 10 calendar days prior to the
date definitive copies of the proxy statement and form of proxy are first sent or given to security holders. See Rule 14a-6(a).</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company acknowledges the Staff&#146;s comment and filed a preliminary form of the proxy card on April&nbsp;10, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B>Please clearly
mark your proxy statement and form of proxy, when filed, as &#147;Preliminary Copy.&#148; See Rule 14a-6(e)(1).</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company
acknowledges the Staff&#146;s comment and will add &#147;SUBJECT TO COMPLETION &#150; PRELIMINARY COPY&#148; on the header of the Proxy Statement for each subsequent Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B>Please provide all the disclosure required by Item&nbsp;5(b)(1) of Schedule 14A.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment. Item&nbsp;5(b)(1) calls for the disclosure of any substantial interest, direct or indirect,
by security holdings or otherwise, of each participant as defined in paragraphs (a)&nbsp;(ii), (iii), (iv), (v)&nbsp;and (vi)&nbsp;of Instruction 3 to Item&nbsp;4 of Schedule 14A. The persons constituting participants as so defined are: three
incumbent nominees, Randy Carson, Thomas Danjczek and Joel Hawthorne; M. Catherine Morris, a current director and member of the Special Committee of the Board described in the Proxy Statement; and nominees Robert Conrad, James Egan, James Spencer
and Robert Weber. As indicated below, the Company has disclosed in the Proxy Statement or will modify the Proxy Statement to disclose the participants&#146; interests in any matter to be acted upon at the meeting and include the following
information, to the extent applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) Name and business address of the participant. &#150; The business address of each participant
is 6100 Oak Tree Blvd., Independence, Ohio 44131, which will be added to the Proxy Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(ii) The participant&#146;s present
principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is carried on. &#150; See the biographical information for each nominee beginning on page 17.
Biographical information for Ms.&nbsp;Morris, the only other participant, shall be included or incorporated by reference in the Proxy Statement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iii) Whether or not, during the past ten years, the participant has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) and, if so, give dates, nature of conviction, name and location of court, and penalty imposed or other disposition of the case. &#150; There is no information that is
required to be disclosed that has not already been disclosed in the Proxy Statement. See the affirmation of the same on page 23. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iv) The
amount of each class of securities of the registrant which the participant owns beneficially, directly or indirectly. &#150; See the beneficial ownership of the incumbent directors on page 72. The Company will modify the Proxy Statement to provide
such information for nominees Robert Conrad, James Egan, James Spencer and Robert Weber, the only other participants. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(v) The amount of
each class of securities of the registrant which the participant owns of record but not beneficially. &#150; There is no information that is required to be disclosed that has not already been disclosed in the Proxy Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(vi) All securities of the registrant purchased or sold within the past two years, the dates on which they were purchased or sold and the
amount purchased or sold on each such date. - The Company will modify the Proxy Statement to provide such information for each participant. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(vii) Funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities. &#150; There is no information that is
required to be disclosed that has not already been disclosed in the Proxy Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(viii) Whether or not the participant is, or was
within the past year, a party to any contract, arrangements or understandings with any person with respect to any securities of the registrant, including, but not limited to joint ventures, loan or option arrangements, puts or calls, guarantees
against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies. &#150; There is no information that is required to be disclosed that has not already been disclosed in the Proxy Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(ix) The amount of securities of the registrant owned beneficially, directly or indirectly, by each of the participant&#146;s associates and
the name and address of each such associate. &#150; There is no information that is required to be disclosed that has not already been disclosed in the Proxy Statement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(x) The amount of each class of securities of any parent or subsidiary of the registrant
which the participant owns beneficially, directly or indirectly. &#150; There is no information that is required to be disclosed that has not already been disclosed in the Proxy Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(xi) Information required by Item&nbsp;404(a) of Regulation S-K (&#167; 229.404(a) of this chapter). &#150; There is no information that is
required to be disclosed that has not already been disclosed in the Proxy Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(xii) Whether or not the participant or any
associates of the participant have any arrangement or understanding with any person&#151;(A) with respect to any future employment by the registrant or its affiliates; or (B)&nbsp;with respect to any future transactions to which the registrant or
any of its affiliates will or may be a party. &#150; There is no information that is required to be disclosed that has not already been disclosed in the Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>5. <B>We note your disclosure throughout that Mr.&nbsp;Milikowsky is seeking control of GrafTech without paying stockholders a control
premium. Please revise to qualify all such statements by noting that control premiums are not commonly associated with exercising a right to nominate directors, but rather are referred to in connection with purchases of a controlling interest in the
capital stock of a company. Please note that we do not believe it would be appropriate to instead refer to any impact on the potential to receive a control premium in future transactions, given that new directors should not be presumed to act
inconsistently with their fiduciary duties. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will add such qualifying statements
in the Proxy Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About the Annual Meeting, page 1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>6. <B>Disclosure indicates that &#147;[i]f any of the nominees nominated by the Board are not available for election at the time of the
meeting, discretionary authority will be exercised by the proxyholders &#133; to vote for substitutes designated by the Board &#133;.&#148; Please revise this disclosure and similar disclosure on page 7 to conform to the standard set forth in Rule
14a-4(c)(5) with respect to the scope of the discretionary authority granted with the proxy. </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will clarify that the discretionary
authority to vote for substitutes shall be limited to the election of bona fide nominee(s) named in the Proxy Statement unless such nominee(s) is unable to serve. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>7. <B>Please confirm to us that in the event the board of directors identifies or nominates a substitute nominee prior to the annual
meeting, the company will file an amended proxy statement that (1)&nbsp;identifies the substitute nominee, (2)&nbsp;discloses whether the nominee has consented to being named in the revised proxy statement and to serve, if elected, and
(3)&nbsp;includes disclosure required by Items 5(b) and 7 of Schedule 14A with respect to the nominee. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s comment and confirms that it will file an amended Proxy Statement with such disclosure under such circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Voting Mechanics,
page 3 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>8. <B>Disclosure on page 3 indicates that broker non-votes will not be included in determining the presence of
quorum. Please reconcile this disclosure with disclosure on page 87 that &#147;broker non-votes will count toward the presence of a quorum.&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will correct the disclosure on page 87. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>9. <B>If you retain the disclosure on page 3 indicating that broker non-votes will not be included in determining the presence of
quorum, provide us with a detailed legal analysis, including a discussion of applicable state law and NYSE regulations, supporting this statement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Section&nbsp;216 of the General Corporation Law of the State of Delaware (the &#147;DGCL&#148;) provides in part that, &#147;[s]ubject
to this chapter in respect of the vote that shall be required for a specified action, the certificate of incorporation or bylaws of any corporation authorized to issue stock may specify the number of shares and/or the amount of other securities
having <I>voting power</I> the holders of which shall be present or represented by proxy at any meeting in order to constitute a quorum for, and the votes that shall be necessary for, the transaction of any business, but in no event shall a quorum
consist of less than 1/3 of the shares <I>entitled to vote</I> at the meeting&#133;&#148; <I>(emphasis added) </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Six </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consistent therewith, Article I, Section&nbsp;7(a) of the Company&#146;s Amended and Restated
By-Laws (the &#147;By-Laws&#148;) provides that, &#147;[e]xcept as otherwise required by the [DGCL] or the Certificate of Incorporation [of the Company] or as provided with respect to meetings consisting solely of holders of shares of Preferred
Stock [of the Company] in the resolution or resolutions providing for the issuance of such shares, the presence, at the commencement of such meeting, in person or by proxy, of holders of a majority of the issued and outstanding shares of capital
stock of the [Company] <I>entitled to vote at a meeting</I> of stockholders shall be required in order to constitute a quorum for the transaction of business thereat.&#148; <I>(emphasis added)</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NYSE Rule 452.11 provides in part that &#147;[a] member organization&#133; may give or authorize the giving of a proxy to vote such stock,
provided the person in the member organization giving or authorizing the giving of the proxy <I>has no knowledge of any contest as to the action to be taken at the meeting</I> and provided such action is adequately disclosed to stockholders and does
not include authorization for a merger, consolidation or any other matter which may affect substantially the rights or privileges of such stock.&#148; It further provides that &#147;[g]enerally speaking, a member organization may not give or
authorize a proxy to vote without instructions from beneficial owners when the matter to be voted upon: &#133; (2)&nbsp;is the subject of a counter-solicitation, or is part of a proposal made by a stockholder which is being opposed by management
(i.e., a contest); &#133; (12)&nbsp;authorizes the implementation of any equity compensation plan, or any material revision to the terms of any existing equity compensation plan (whether or not stockholder approval of such plan is required by
subsection 8 of Section&nbsp;303A of the NYSE&#146;s Listed Company Manual); &#133;(19)&nbsp;is the election of directors &#133;; &#133; (21)&nbsp;relates to executive compensation. &#133;Commentary to Item&nbsp;21 - A matter relating to executive
compensation would include, among other things, the items referred to in Section&nbsp;14A of the Exchange Act (added by Section&nbsp;951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), including (i)&nbsp;an advisory vote to
approve the compensation of executives, [and] (ii)&nbsp;a vote on whether to hold such an advisory vote every one, two or three years.&#148; It is our understanding that if a third party solicits proxies in opposition to the Company with respect to
one or more proposals at an election, the vote on all proposals will be deemed to be part of a contested solicitation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, as
disclosed on page 4 of the Proxy Statement, there are no items on the agenda for the Annual Meeting for which a member organization may give or authorize the giving of a proxy since all of the items on the agenda are covered by one of the
prohibitions under NYSE Rule 452.11. The Company will clarify the disclosure in the Proxy Statement. Given that brokers will not be entitled to vote shares for which they have not received instructions pursuant to NYSE Rule 452, such brokers (with
respect to such shares) do not </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Seven </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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qualify to be included among those counted to determine the presence of a quorum in accordance with the DGCL or the By-Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>10. <B>Disclosure indicates that &#147;there are not expected to be any broker non-votes.&#148; We understand that NYSE rules do not
permit discretionary voting by brokers or other nominees on any matters in a contested solicitation, and that this could result in a broker non-vote with respect to any proposal if a beneficial owner does not give instructions to the broker or other
nominee with respect to that proposal. Given these factors, please describe in greater detail how you concluded that there will not be any broker non-votes in your contested solicitation</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will remove this statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>11. <B>Disclosure indicates that abstentions will have no effect on the outcome of the votes on Proposals 2 through 6. Given that the
voting standard for Proposal 5 is not less than 67% of the outstanding shares, please advise us how abstentions will have no effect on the outcome of the vote on Proposal 5. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will remove this statement regarding Proposal 5 from the Proxy Statement and add
disclosure to clarify that abstentions on Proposal 5 are effectively the same as votes against Proposal 5. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal Two: Non-Binding Advisory Vote
on Executive Compensation, page 74 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>12. <B>Please disclose that you are providing this vote as required pursuant to
Section&nbsp;14A of the Exchange Act. Also disclose the current frequency of shareholder advisory votes on executive compensation and when the next such shareholder advisory vote will occur. See Item&nbsp;24 of Schedule 14A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will modify the Proxy Statement to disclose that the non-binding advisory vote on
executive compensation is required pursuant to Section&nbsp;14A of the Exchange Act and to disclose that non-binding advisory votes on executive compensation presently occur annually, unless the Company elects to modify the frequency of such votes
based on the results of the next stockholder vote on the frequency of non-binding advisory votes on executive compensation, which is expected to occur in 2017. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Eight </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal Six: Reimbursement of Milikowsky Expenses &#133;, page 86 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>13. <B>Since Proposal 6 is not required to be submitted to a vote of stockholders, disclose what action is intended to be taken by the
company in the event stockholders approve Proposal 6. See Item&nbsp;18 of Schedule 14A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s
comment and will modify the Proxy Statement to disclose the current intentions of the Disinterested Directors (as defined in the Proxy Statement) with respect to the reimbursement of the expenses as to which the Reimbursement Request has been
submitted in the event that stockholders approve Proposal 6. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proxy Solicitation, page 89 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>14. <B>Disclose the cost or anticipated cost of retaining MacKenzie Partners, Inc. and the number of employees of MacKenzie Partners,
Inc. who will solicit stockholders. See Item&nbsp;4(b)(3)(ii) and (iii)&nbsp;of Schedule 14A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s comment and will disclose in the Proxy Statement the anticipated cost of retaining MacKenzie Partners, Inc. and the number of its employees who will solicit stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15. Disclose the total expenditures to date for, in furtherance of, or in connection with the solicitation of stockholders. See
Item&nbsp;4(b)(4) of Schedule 14A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will disclose in the Proxy Statement the
expenditures through March&nbsp;31, 2015, the latest date through which such information is reasonably available, in connection with the solicitation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>When are Stockholder Proposals for the 2016 Annual Meeting Due, page 90 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>16. Please disclose the dates required to be disclosed pursuant to Item&nbsp;1(c) of Schedule 14A and Rule 14a-5(e). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and, when the mailing date of the definitive proxy statement is certain, will disclose in
the Proxy Statement the date that stockholder proposals are required to be submitted in connection with the 2016 annual meeting of stockholders. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Nine </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, I hereby acknowledge that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the Proxy Statement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Proxy Statement; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you very much for your attention to our response. I would welcome the opportunity to discuss further any of the points discussed in this
letter or to provide supplementary materials that will assist in your review. If you have any questions, please call me at (216)&nbsp;676-2397. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ John D. Moran</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">John D. Moran</P></TD></TR>
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