<SEC-DOCUMENT>0001019687-14-001256.txt : 20140722
<SEC-HEADER>0001019687-14-001256.hdr.sgml : 20140722
<ACCEPTANCE-DATETIME>20140403162535
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019687-14-001256
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACACIA RESEARCH CORP
		CENTRAL INDEX KEY:			0000934549
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				954405754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 NEWPORT CENTER DRIVE
		STREET 2:		7TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9494808300

	MAIL ADDRESS:	
		STREET 1:		500 NEWPORT CENTER DRIVE
		STREET 2:		#
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Acacia
Research Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>500 Newport Center Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Newport Beach, CA 92660</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 3, 2014</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Patrick Gilmore, Accounting Branch Chief</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><B>Re:</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Acacia Research Corporation<BR>
</B>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Form 10-K for the Fiscal Year Ended December
31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Filed February 28, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Form 10-K for the Fiscal Year Ended December
31, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Filed March 3, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>File No. 000-26068</B></P>

<B></B></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Set forth below are the responses of Acacia
Research Corporation (&ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo;) to Staff comments made by letter dated March 20,
2014 (the &ldquo;Comment Letter&rdquo;), in connection with the Form 10-K for the Fiscal Year Ended December 31, 2012 Filed February
28, 2013 and the Form 10-K for the Fiscal Year Ended December 31, 2013 File March 3, 2014. The Company&rsquo;s responses are preceded
by a reproduction of the corresponding Staff comments as set forth in the Comment Letter, and each response contains a reference
to the page number(s), as applicable, where the responsive information may be found in the applicable Form 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form 10-K for the Fiscal Year Ended December 31, 2012 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Valuation of Long-lived and Intangible Assets, page 33 </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><I>Your response to prior comment 1 states that you generally utilize the &ldquo;Income
Approach&rdquo; focusing on the future income producing capability of the patent portfolios over the remaining economic life of
the patent portfolios. Please clarify whether you evaluate the potential impairment of your patents on a patent by patent basis
or based on grouping certain patents together. Please also tell us any other valuation approaches considered.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">We respectfully submit that we evaluate potential impairment of
our patents at the patent portfolio level. Patent portfolios can be comprised of one patent or several related patents. We acquire
patent portfolios with the intent to license, enforce and generate cash flows at the patent portfolio level. The patent portfolio
unit of account represents the highest and best use of the assets at the point of acquisition, and it is unlikely that a licensee
would license one patent in a patent portfolio comprised of several patents and not also obtain a license for the other related
patents in the portfolio.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt">For purposes of estimating fair value, we also considered the &ldquo;Market
Approach,&rdquo; which measures value based on what other purchasers in the market have paid for similar assets and the &ldquo;Cost
Approach,&rdquo; which is based on the premise that a prudent investor would pay no more for an asset than its replacement or reproduction
cost. The &ldquo;Income Approach&rdquo; was ultimately selected as the best approach given our own set of facts and circumstances,
as this approach attempts to capture the future cash flow benefits resulting from the licensing of the patent portfolio being evaluated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><I>Your response to prior comment 1 indicates that you utilize estimated license fees
in determining the estimated cash flows, and that the estimated license fees are based on estimated reasonable royalty rates applied
to estimated market share data for potential future licensees. Please tell us how you determine the estimated market share data
and your basis and reasons for using the estimated market share in determining the estimated license fees.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">We respectfully submit that the &ldquo;market share data&rdquo;
referred to and used consists of available data regarding unit counts and / or sales revenue data for products produced or sold
by potential licensees, that the patented technology covers. In our prior response, the reference to &ldquo;market share data&rdquo;
was intended to refer to infringing product unit count or sales data. Market data for applicable potential licensees for our patent
portfolios is typically obtained from publicly available data or purchased from industry sources, including product and financial
information obtained from licensee public filings, licensee corporate website data, historical market data and forecasts, technology
research reports and specific industry reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">The standard practice in the licensing industry is to base contractual
license fees on an agreed upon royalty rate applied to unit counts or sales data related to infringing products, which provides
the basis for our use of the estimated market share data described above, in determining estimated license fees in our analysis.
As such, estimated revenues used in our analysis of fair value are determined by multiplying an estimated expected royalty rate
by estimated infringing product unit counts or product related sales data.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Comparisons of the Results of Operations for Fiscal Years 2012,
2011 and 2010 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Revenues and Other Operating Income </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Revenues, page 35 </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><I>Your response to prior comment 2 indicates that the majority of your revenue agreements
pertain to intellectual property rights are granted on a perpetual basis. However, your disclosures on page 35 and F-10 state
that the intellectual property rights granted &ldquo;may be&rdquo; perpetual in nature. In future filings, please disclose that
majority of intellectual property granted are perpetual in nature.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">In future filings, to the extent applicable, we will clarify that
the majority of intellectual property rights granted are perpetual in nature. For example, on page 33 of our Form 10-K for the
Fiscal Year Ended December 31, 2013 we disclose the following:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">&ldquo;&hellip;For fiscal years 2013, 2012 and 2011, the majority
of our revenue agreements provided for the payment to us of one-time, paid-up license fees in consideration for the grant of certain
intellectual property rights for patented technology rights owned by our operating subsidiaries. These rights were primarily granted
on a perpetual basis, extending until the expiration of the underlying patents&hellip;&hellip;&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form 10-K for the Fiscal Year Ended December 31, 2013 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Valuation of Long-lived and Intangible Assets, page 33</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><I>We note from your disclosure on page 29 that you have shifted the focus of the
company to increasingly serve smaller number of customers with higher quality patent portfolios. Please provide us with the list
of all the patents included in the higher quality patent portfolios and the acquisition dates and costs of those patents. Please
also provide annual revenues generated from each of the patents for each of the three years ended December 31, 2013.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">We respectfully submit that the shift in focus referred to on page
29 as referenced in the Staff&rsquo;s comment above, was intended to refer to our patent acquisition efforts and focus in future
periods. This shift in focus occurred in late 2013. The shift did not impact patent portfolios owned by our operating subsidiaries
as of late 2013, and did not specifically impact patent portfolio acquisitions in late 2013. The disclosure was meant to provide
trend information about the focus of our future patent portfolio acquisitions and the characteristics of patent portfolios that
we expect to evaluate for acquisition in future periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Consolidated Results of Operations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Comparison of the Results of Operations for Fiscal Years 2013,
2012, and 2011 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Revenues and Other Operating Income, page 35</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><I>We note your disclosure regarding the close correlation between the existence of
trial dates and to potential future revenue events. We also note that you had three such trial dates in 2013. Please tell us your
consideration for disclosing this information for 2012 and 2011, as this could be considered material information in understanding
of the company&rsquo;s results of operations. Refer to Section I. of SEC Release No. 33-8350.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt">We respectfully submit that we considered disclosure of information
regarding trial dates in 2012 and 2011. Disclosure of the information for 2012 and 2011 was not made due to the lack of accurate
data regarding number of trial dates in 2012 and 2011, as the information was not tracked or maintained as closely in prior periods.
In 2012 and 2011, we were able to execute licensing agreements generating reported revenues earlier in the enforcement process,
and in many cases prior to the scheduling of trial dates. In 2013, based on our experiences and feedback gained from negotiations
with prospective licensees, prospective licensees proved to be less willing to execute deals without the determinative impact of
pending trial dates. The disclosures regarding 2013 were meant to provide management&rsquo;s thoughts regarding factors contributing
to the decrease in revenues in 2013, and the belief that in 2013 and in future periods near term trial dates had and are expected
to have a stronger correlation with potential revenue events. In management&rsquo;s estimation, the correlation was a factor applicable
in 2013, and will be applicable in future periods, but was not a significant factor in 2012 or 2011.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 40pt">We acknowledge that:</P>

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

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<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">we are responsible for the adequacy and accuracy of the disclosure in the filing;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Symbol; margin: 0; text-indent: -0.5in"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

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<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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</TD>
</TR></TABLE>



<P STYLE="font: 10pt Symbol; margin: 0; text-indent: -0.5in"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">we 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Should you have any questions regarding the
responses set forth herein, or require any additional information, please do not hesitate to contact me at (949) 480-8300, or Mark
Skaist, the Company&rsquo;s outside legal counsel, at (949) 725-4117.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ACACIA RESEARCH CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">/s/ Clayton J. Haynes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Clayton J. Haynes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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