<SEC-DOCUMENT>0001144204-14-047999.txt : 20150227
<SEC-HEADER>0001144204-14-047999.hdr.sgml : 20150227
<ACCEPTANCE-DATETIME>20140808134106
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-14-047999
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quartet Holdco Ltd.
		CENTRAL INDEX KEY:			0001606909
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840
		BUSINESS PHONE:		401 846 7790

	MAIL ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quartet Holdco Ltd.
		DATE OF NAME CHANGE:	20140430
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 59%; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 18pt">Graubard Miller </FONT><BR>
<FONT STYLE="font-size: 10pt">The Chrysler Building </FONT><BR>
<FONT STYLE="font-size: 10pt">405 Lexington Avenue </FONT><BR>
<FONT STYLE="font-size: 10pt; font-variant: small-caps">New York, N.Y. 10174-1901 </FONT><BR>
<FONT STYLE="font-size: 10pt">(212) 818-8800</FONT></TD>
    <TD STYLE="width: 22%; text-align: center; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(212) 818-8881</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(212) 818-8638</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">email address</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">jgallant@graubard.com</FONT></TD></TR>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 8, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA FEDERAL EXPRESS AND EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Susan Block, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attorney-Advisor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Re:</TD>
    <TD STYLE="width: 90%">Quartet Holdco Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Amendment No. 2 to Registration Statement on Form S-4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Filed July 15, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>File No. 333-195910</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Quartet Merger Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Amendment No. 2 to Preliminary Proxy Statement on Schedule 14A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Filed July 15, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">File No. 001-36139</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Block:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Quartet Holdco Ltd. (&ldquo;Holdco&rdquo;),
we respond as follows to the Staff&rsquo;s comment letter, dated July 30, 2014, relating to the above-captioned Registration Statement
on Form S-4 (&ldquo;Registration Statement&rdquo;). Captions and page references herein correspond to those set forth in Amendment
No. 3 to the Registration Statement, a copy of which has been marked with the changes from Amendment No. 2 to the Registration
Statement. We are also delivering three (3) courtesy copies of such marked Amendment No. 3 to Ryan Adams.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please note that for the Staff&rsquo;s convenience,
we have recited each of the Staff&rsquo;s comments and provided Holdco&rsquo;s response to each comment immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 8, 2014</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><I><U>Summary</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B><I>For each Quartet right to be exchanged for 1/10th of one share of Holdco, please explain in the summary if there will
be any rounding of shares.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">We have revised the disclosure
on page 1 of the Registration Statement as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I><U>Exhibit 5.1 </U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left"><B><I>We note that the opinion addresses &ldquo;common shares of par value US$0.0001 each in the capital of the Company to
be issued pursuant to the Prospectus constituting part of the Registration Statement . . . .&rdquo; Please have counsel revise
to opine on all securities that are being registered, including the purchase options. Please also have counsel state the number
amount of each type of security being registered.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have included an opinion of Graubard
Miller as Exhibit 5.2 to the Registration Statement to cover the purchase options being registered as such securities are governed
by New York law. As a result, the legal opinion filed by Cox Hallet Wilkinson Limited relates solely to the common shares of Holdco,
including the common shares issuable upon exercise of the purchase options. Both legal opinions state clearly the number amount
of each type of security being registered as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>3.</I></B></TD><TD STYLE="text-align: left"><B><I>In this regard, we note that the registration fee table refers to the Representative&rsquo;s purchase options and Representative&rsquo;s
unit purchase options, but the purchase options do not appear to be called or defined as Representative&rsquo;s unit purchase options
throughout the prospectus. Please revise throughout for consistency and clearly explain what is meant by purchase options and unit
purchase options, if there is a difference, or advise.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have revised the disclosure throughout
the Registration Statement to consistently refer to the above-referenced securities as &ldquo;purchase options.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Supplementally, we advise the Staff
that when initially issued, the purchase options entitled the holder to purchase a unit identical to the units sold in Quartet
Merger Corp.&rsquo;s initial public offering, which consisted of one share of common stock of Quartet Merger Corp. and one right
entitling the holder to automatically receive one-tenth (1/10) of a share of common stock of Quartet Merger Corp. Because the rights
automatically convert into one-tenth of a share upon consummation of the transactions contemplated by the Registration Statement
and the purchase options are not exercisable before then, there is no reason to refer to them as &ldquo;unit&rdquo; purchase options
since they now are simply options to purchase shares. We respectfully do not believe it is material to investors to explain this
difference which relates solely to nomenclature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>4.</I></B></TD><TD><B><I>Please also clearly address each security being registered in the opinion, as asked for in the above comment.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The legal opinions now clearly address each security
being registered as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 8, 2014</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>5.</I></B></TD><TD><B><I>Counsel may examine such documents as it deems
                                         appropriate to render its opinion, but may not limit its opinion to certain documents.
                                         Please have counsel revise the second paragraph on page 1 or the Schedule by clarifying
                                         that it has examined all other documents as it has deemed necessary to render its opinion.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The legal opinion has been revised as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>6.</I></B></TD><TD><B><I>Please revise the fifth paragraph on page 2.
                                         Counsel may not attempt to limit reliance by purchasers on the legality opinion. As such,
                                         please remove any limitation on reliance. Purchasers of the securities in the offering
                                         are entitled to rely on the opinion. Refer to Section II.B.3.d. in Staff Legal Bulletin,
                                         No. 19, available on our website, <U>www.sec.gov</U>.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">The legal opinion has been
revised as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>7.</I></B></TD><TD><B><I>We note reservation &ldquo;(c)&rdquo; on page
                                         2 that non-assessable &ldquo;shall mean . . . and subject to any contrary provision in
                                         any agreement in writing between the Company and the holder of shares.&rdquo; Please
                                         delete the language &ldquo;subject to any contrary provision in any agreement in writing
                                         between the Company and the holder of shares.&rdquo; Any possibility of future payments
                                         would need to be described in the prospectus. Refer to Sections II.B.1.a. and c. in Staff
                                         Legal Bulletin, No. 19 available on our website, <U>www.sec.gov</U>.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The legal opinion has been revised as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I><U>Exhibit 8.1 (found
in Appendix D) </U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD><B><I>We note your revision and response to our prior comments 6 and 7. We further note that your response to our prior comment
45 in your response letter date June 24, 2014 indicated that the exhibit 8.1 opinion (found in Appendix D) is intended to be a
&ldquo;long-form&rdquo; opinion. However, there appears to more opined on in the prospectus, such as the status as a passive foreign
investment company, than is opined on in the full tax opinion. Please revise to have the entire tax opinion covered in your exhibit
8.1 opinion, if you intend to file a &ldquo;long-form&rdquo; opinion. In the alternative, please file a &ldquo;short-form&rdquo;
opinion and confirm that the prospectus discussion is the opinion. Refer to Section III.B. of Staff Legal Bulletin, No. 19.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As discussed with the Staff, we have updated the
disclosure in the prospectus with respect to status as a passive foreign investment company. We have also included an opinion of
Willkie Farr &amp; Gallagher LLP as Exhibit 8.2 to the Registration Statement confirming that the information contained in the
Registration Statement under the captions &ldquo;Risk Factors &ndash; United States tax authorities could treat us as a &ldquo;passive
foreign investment company,&rdquo; which could have adverse United States federal income tax consequences to U.S. holders&rdquo;
and &ldquo;Business of Pangaea &ndash; Tax Considerations &mdash; Passive Foreign Investment Company Status and Significant Tax
Consequences&rdquo;, insofar as such information describes the provisions of the federal tax laws of the United States, constitutes
a fair summary of such laws. In addition, as discussed with the Staff, we have included "short-form" tax opinions of Graubard &amp; Miller LLP as Exhibit
8.1 to the Registration Statement and Appleby as Exhibit 8.2 to the Registration Statement with respect to the tax disclosure
in the prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 8, 2014</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>9.</I></B></TD><TD><B><I>Please file a signed tax opinion prior to effectiveness.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As indicated above in response to Comment
8, a signed tax opinion has been filed with Amendment No. 3 as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions, please do not
hesitate to contact me at the above telephone and facsimile numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Jeffrey M. Gallant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Jeffrey M. Gallant</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Mr. Eric S. Rosenfeld</TD></TR></TABLE>

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