<SEC-DOCUMENT>0001019687-14-002116.txt : 20140722
<SEC-HEADER>0001019687-14-002116.hdr.sgml : 20140722
<ACCEPTANCE-DATETIME>20140523160217
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019687-14-002116
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140523

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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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">May 23, 2014</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>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">&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: 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, 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>
</TR></TABLE>



<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: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 May 1, 2014
(the &ldquo;Comment Letter&rdquo;), in connection with the Form 10-K for the Fiscal Year Ended December 31, 2013 Filed 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt; text-align: left">1.</TD><TD STYLE="text-align: justify"><I>Please provide us with the list of your largest patent
portfolios acquired prior to 2011, representing more than 20% of your total patents carrying value as of December 31, 2013. Please
also provide us with the acquisition dates, acquisition costs, and annual revenues generated from each of the patents for each
of the three years ended December 31, 2013.</I></TD>
</TR></TABLE>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44pt"><B>Company Response</B>. We respectfully submit that no patent
portfolios acquired prior to 2011, represented more than 20% of our total patents carrying value as of December 31, 2013. Patent
portfolios acquired prior to 2011 (including acquisition costs incurred during fiscal year 2011) represented approximately 3% of
our total patents carrying value as of December 31, 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt; text-align: left">2.</TD><TD STYLE="text-align: justify"><I>Please tell us what percentage of the total patent carrying
value as of December 31, 2013 represents patent portfolios that have not generated revenue to date. Please provide us with total
acquisition costs for these portfolios by year.</I></TD>
</TR></TABLE>





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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44pt"><B>Company Response</B>. We respectfully submit that approximately
32 percent of the total patent carrying value as of December 31, 2013 represents patent portfolios that have not generated revenue
to date. Acquisition costs by year for these portfolios are as follows:</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: 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif; margin-left: 44pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">Acquisition <BR>Costs by Year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 25%; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Fiscal 2013</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">18,589,568</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Fiscal 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,084,028</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Fiscal 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,376</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Fiscal 2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">74,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">91,225,275</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44pt"><I>Your response to comment 1 indicates
that you use the &ldquo;Income Approach&rdquo; in estimating the fair value of the patent portfolios. Please tell us the events
or changes in circumstances which have affected the assumptions you used in the Income Approach. For those that you have recorded
impairment charges, please tell us the average time period between the occurrence of an event (or change in circumstances) and
the recording of an impairment charge. </I></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 0pt 44pt"><B>Company Response</B>. Events or changes in circumstances
which have affected the assumptions used in the Income Approach include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 66pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Potential infringers have increased or decreased product offerings that increase or
decrease, respectively, estimates of future potential revenues.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 66pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">New market participants may have entered the market, or existing market participants
may have exited the market, potentially increasing or decreasing, respectively, estimates of future potential revenues.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 66pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Decisions by management to terminate a patent portfolio licensing program and return
the patents back to the previous patent owner.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 66pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">A decision by management to no longer pursue a patent portfolio licensing program
due to unfavorable developments in the litigation and enforcement program.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 66pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Changes in estimates of the cost / benefit of continuing to pursue a licensing program
due to:</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 88pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Changes in addressable market arising from narrowing or widening of the scope of the
patent claims occurring during the litigation process (ie. Markman rulings, interim rulings on motions in the case etc.)</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 88pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Information that arises during the litigation fact discovery process that impacts
exposed products or potential revenues that amends previous estimates of potential cash inflows.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 88pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Difficulties relating to technical issues arising in the litigation and enforcement
process impacting estimates of the probability of success.</TD>
</TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44pt">For patent portfolios that we have recorded impairment charges,
on average the time period between the occurrence of an event (or change in circumstances) and the recording of an impairment charge
has been relatively short, in that impairment charges have been recorded at the time that it is determined that circumstances have
changed and estimated expected net cash flows are not sufficient to recover the remaining carrying value of patent assets. For
example, impairment charges recorded due to unfavorable developments in the litigation process are recorded in the period that
the determination is made that, based on estimates of probability, the development or change in circumstance reduces estimated
net future cash flows for the patent portfolio below its carrying value. Impairment charges due to a decision to terminate a program
and return the patents or a decision to no longer pursue the program due to cost benefit considerations are recorded in the period
that management makes the determination.</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">&nbsp;</P>

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

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;<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">Very truly yours,</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">ACACIA RESEARCH CORPORATION</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Clayton J. Haynes</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer and Treasurer</P>

</TD></TR>
</TABLE>

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

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



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</SEC-DOCUMENT>
