<SEC-DOCUMENT>0001193125-24-263505.txt : 20250203
<SEC-HEADER>0001193125-24-263505.hdr.sgml : 20250203
<ACCEPTANCE-DATETIME>20241121172317
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-263505
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTIN MIDSTREAM PARTNERS L.P.
		CENTRAL INDEX KEY:			0001176334
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				050527861
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4200 STONE ROAD
		CITY:			KILGORE
		STATE:			TX
		ZIP:			75662
		BUSINESS PHONE:		9039836252

	MAIL ADDRESS:	
		STREET 1:		PO BOX 191
		CITY:			KILGORE
		STATE:			TX
		ZIP:			75663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARTIN MIDSTREAM PARTNERS LP
		DATE OF NAME CHANGE:	20020626
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Martin Midstream Partners L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4200 B Stone Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kilgore, Texas 75662 </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;21,
2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: &#8195;Brian
Soares, Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8194;&#8199;&#8201;Perry Hindin, Special Counsel </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Martin Midstream Partners L.P. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> filed October&nbsp;25, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;005-80397</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Preliminary Proxy Statement on Schedule 14A filed October&nbsp;25, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-50056</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Soares and Mr.&nbsp;Hindin: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
letter sets forth the responses of Martin Midstream Partners L.P. (the &#147;<B><I>Partnership</I></B>,&#148; &#147;<B><I>we</I></B>,&#148; &#147;<B><I>our</I></B>&#148; and &#147;<B><I>us</I></B>&#148;) and the other filing persons named in the
above-referenced Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> (the &#147;<B><I>Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT></I></B>&#148;) to the comments set forth in the comment letter of the Staff of the Division of
Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) dated November&nbsp;19, 2024 (the &#147;<B><I>Comment Letter</I></B>&#148;) relating to the Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT> and the preliminary proxy statement on Schedule 14A incorporated by reference thereto as Exhibit (a)(1) (the &#147;<B><I>Preliminary Proxy Statement</I></B>&#148;). We have revised the Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT> and the Preliminary Proxy Statement in response to the Staff&#146;s comments and, concurrently with delivery of this letter, we are publicly filing with the Commission an Amendment No.&nbsp;1 to the Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT> (the &#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;), attaching as Exhibit (a)(1) the amended proxy statement (the &#147;<B><I>Amended Proxy Statement</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To assist your review, set forth below in bold are the comments of the Staff contained in the Comment Letter and immediately below each
comment is the response of the Partnership with respect thereto or a statement identifying the location in the Amended Proxy Statement of the requested disclosure or revised disclosure. Please note that all references to page numbers in our
responses refer to the page numbers of the Amended Proxy Statement. Capitalized terms used but not defined herein have the meanings ascribed to such terms in Amended Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> and Preliminary Proxy Statement on Schedule 14A, each filed October&nbsp;25, 2024 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background of the Merger, page 28 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refer to the following disclosure throughout this section indicating that:</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>in the fall of 2023, &#147;Parent began considering a potential transaction to acquire the Partnership, and in
November 2023, Parent engaged [...] counsel in connection with a potential transaction;&#148; </B></P></TD></TR></TABLE>
 <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" ALIGN="center">1 </P>

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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>on January&nbsp;3, 2024, the Chief Legal Officer and General Counsel of Parent and the General
Partner&nbsp;contacted the Chairman of the Conflicts Committee &#147;to discuss the possibility of the Proposed Transaction and to suggest that the Conflicts Committee commence the process to interview and engage independent financial and legal
advisors with respect thereto;&#148; </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>in February and March 2024, representatives of Parent engaged in discussions with financial
advisors&nbsp;regarding the potential to provide financing for the Proposed Transaction; and </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>in April and May 2024, representatives of Parent continued discussions with financial advisors regarding the
Proposed Transaction. </B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Please tell us why the Parent Group Support Entities, Mr.&nbsp;Martin, and Senterfitt did
not file an amendment to their respective Schedules 13D until May&nbsp;24, 2024, the day Parent submitted a <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal to acquire all of the outstanding Common Units. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and respectfully submits that the amendments to the Schedules 13D, filed
on May&nbsp;24, 2024, were timely made in accordance with <FONT STYLE="white-space:nowrap">Rule&nbsp;13d-2(a).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As Schedule 13D
filers, the obligations of the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt related to their respective Schedules 13D were to file an amendment within two business days &#147;[i]f any material change occurs in the facts set forth in
the Schedule 13D.&#148; Rule <FONT STYLE="white-space:nowrap">13d-2(a).</FONT> The term &#147;material&#148; is not defined in Regulation 13D or elsewhere in the U.S. securities laws. Based on relevant case law, including the U.S. Supreme Court
decision in Basic Inc. v. Levinson, 485 U.S. 224 (1988), whether merger discussions and negotiations are material, and therefore ripe for disclosure, requires an assessment of the probability that the transaction will be completed and the magnitude
of the potential transaction. Accordingly, whether a change is material requires an assessment of all the facts and circumstances related to the matter, including the probability the matter will proceed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We are aware of the Staff&#146;s guidance regarding the need to amend Schedule&nbsp;13D disclosures when the facts materially change. In light
of the relevant Staff guidance, however, we believe that the facts contemplated by the respective Schedule 13D disclosures of the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt remained materially unchanged prior to the submission of
Parent&#146;s initial proposal on May&nbsp;24, 2024. Additionally, until Parent&#146;s requisite board approvals were adopted on May&nbsp;24, 2024, the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt<B> </B>could not specifically make
a plan or submit a proposal that would result in any of the transactions enumerated in Item&nbsp;4 of Schedule&nbsp;13D. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As further noted
throughout the Background of the Merger, all of the discussions between representatives of Parent and its respective advisors prior to the submission of a proposal on May&nbsp;24, 2024 were of an exploratory and preliminary nature, and were designed
to assess the potential viability of a transaction. The discussions Parent had with the respective advisors were to evaluate on a preliminary basis, among other things, the sufficiency and likelihood of successful financing options and whether the
Proposed Transaction was advisable in light of various factors discussed and considered throughout the Background of the Merger and the Proxy Statement itself. </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" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Furthermore, even throughout April and May, Parent met with its advisors to discuss the
practicability and feasibility of the Proposed Transaction, including a summary of the legal considerations associated with a potential transaction presented by Baker Botts and additional information about Parent with Wells Fargo Lending. On
May&nbsp;24, 2024, before its initial proposal was submitted, Parent and Wells Fargo continued to have discussions regarding the potential to provide financing for the Proposed Transaction. Up until Parent&#146;s initial proposal was approved by the
Parent Board of Directors and submitted, Parent did not consider the Proposed Transaction to be a material change to the facts set forth in the Schedules 13D. In view of the Schedule 13D requirements and the foregoing circumstances, the Parent Group
Support Entities, Mr.&nbsp;Martin, and Senterfitt believe they amended their respective Schedules 13D timely following the material change to the information required by Item 4 of Schedule 13D. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Parent Group Support Entities, Mr.&nbsp;Martin, and Senterfitt respectfully submit that their view regarding the propriety of the timing of
their respective Schedule&nbsp;13D amendments is supported by case law addressing Schedule&nbsp;13D disclosure obligations. In<I>&nbsp;Azurite Corp. v. Amster</I><I></I><I>&nbsp;&amp; Co.</I>, 52 F.3d 15, 18 (2d Cir. 1995), the Second Circuit
affirmed the lower court decision of then Judge Sotomayor in which she stated that &#167; 13(d) of the Securities Exchange Act of 1934, as amended, does not require a party filing a Schedule&nbsp;13D statement to disclose preliminary considerations,
exploratory work or tentative plans to wage a proxy battle and that it only requires disclosure of definite plans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Parent and its
financial advisor were still discussing the potential financing for the Proposed Transaction the day Parent submitted its initial proposal, therefore, the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt did not have specific, definite
plans with respect to the Proposed Transaction before May&nbsp;24, 2024, when Parent&#146;s initial proposal was submitted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In light of
these facts, the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt believe that they were not obligated under Schedule&nbsp;13D <FONT STYLE="white-space:nowrap">or&nbsp;Rule&nbsp;13d-2(a)&nbsp;to</FONT> amend their respective
Schedules&nbsp;13D prior to May&nbsp;24, 2024, and the Parent Group Support Entities, Mr.&nbsp;Martin and Senterfitt complied with their obligations under Regulation&nbsp;13D and timely amended their respective Schedules&nbsp;13D as required <FONT
STYLE="white-space:nowrap">by&nbsp;Rule&nbsp;13d-2(a).</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Reasons for the GP Board&#146;s Recommendation, page 56 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The factors listed in Instruction 2 to Item 1014 of Regulation <FONT STYLE="white-space:nowrap">M-A</FONT>
and paragraphs (c), (d) and (e)</B><B></B><B>&nbsp;of Item 1014 are generally relevant to each filing person&#146;s fairness determination and should be discussed in reasonable detail. See paragraph (b)</B><B></B><B>&nbsp;of Item 1014 of Regulation <FONT
STYLE="white-space:nowrap">M-A</FONT> and Questions 20 and 21 of Exchange Act Release No.</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;34-17719</FONT> (April 13, 1981). Please revise this section to include the factors described in paragraphs
(c)</B><B></B><B>&nbsp;of Item 1014, as well as clauses (iv)</B><B></B><B>&nbsp;and (vi) of Instruction 2 to Item 1014 or explain why such factors were not deemed material or relevant to the GP Board&#146;s fairness determination. If the procedural
safeguards in Item 1014(c) were not considered, please explain why the GP Board believes the Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction is fair in the absence of such safeguards.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>This comment also applies to the disclosure in the section captioned &#147;Position of the Buyer Filing Parties as to the Fairness of the
Merger&#148; beginning on page 75 with respect to paragraph (c)&nbsp;and clause (vi)&nbsp;of Instruction 2 to Item 1014. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and has revised pages <FONT STYLE="white-space:nowrap">58-59</FONT> and
page 79 of the Amended Proxy Statement to provide the requested disclosure. </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" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Financial Projections of the Partnership, page 59 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>3.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your reference on page 62 to the &#147;summary of the financial projections prepared by management
of the General Partner on behalf of the Partnership.&#148; Please include in this section the full set of financial projections. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and respectfully submits that the Preliminary Proxy Statement included
all material projected financial information prepared by management of the General Partner on behalf of the Partnership. However, the Partnership has included additional line items to reflect an expanded presentation of the projected financial
information on page 63 of the Amended Proxy Statement, and the Partnership removed the reference to the presentation being a &#147;summary&#148;. There is no additional material projected financial information to disclose. Because the Partnership
has disclosed all material projected financial information, the Partnership believes that no further revision is necessary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Houlihan Lokey Opinion
to the Conflicts Committee, page 63 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>4.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure on page 63 indicates that Houlihan Lokey&#146;s opinion was furnished for the use of the
Conflicts Committee in connection with its evaluation of the Merger &#147;and may not be used for any other purpose without Houlihan Lokey&#146;s prior written consent.&#148; Please disclose that Houlihan Lokey has consented to the use of its
materials in the filing. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and advises the
Staff that the Amended Proxy Statement has been revised to disclose on page 66 that Houlihan Lokey has consented to the inclusion of its opinion and the description of its opinion in the proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Analyses, page 66 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>5.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refer to the following statement in the first paragraph of this section: &#147;[t]he summary of Houlihan
Lokey&#146;s analyses is not a complete description of the analyses underlying Houlihan Lokey&#146;s opinion.&#148; Please revise to remove the implication that this summary presented in your filing is not complete. While you may include appropriate
disclaimers concerning the nature of a summary generally, summaries must be complete in describing all material analyses or terms. You may direct investors to read exhibits or annexes for a more complete discussion. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and has revised page 67 of the Amended Proxy Statement to remove the
identified disclosure. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Miscellaneous, page 69 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise this section to quantify any compensation received in the past two years, or to be received,
by Houlihan Lokey and its affiliates as a result of its relationship with the Partnership, the Conflicts Committee, or their respective affiliates. In this regard, we note your disclosure on page 30 that the &#147;Conflicts Committee selected
Houlihan Lokey to act as its financial advisor on the basis of&#148; Houlihan Lokey&#146;s &#147;familiarity with the Partnership and its business and experience with the Conflicts Committee.&#148; Refer to Item 9 of Schedule <FONT
STYLE="white-space:nowrap">13E-3,</FONT> Item 1015(b)(4) of Regulation <FONT STYLE="white-space:nowrap">M-A,</FONT> and</B><B></B><B>&nbsp;Going Private Transactions, Exchange Act Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> and Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT> Compliance and Disclosure Interpretation 217.01.</B> </P></TD></TR></TABLE>
 <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" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and has revised page
70 of the Amended Proxy Statement to provide the requested disclosure. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Where You Can Find More Information, page 134 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>7.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please note that Schedule 14A does not permit general &#147;forward incorporation&#148; of documents to be
filed in the future. The proxy statement may only incorporate by reference in the manner and to the extent specifically permitted by the items of Schedule 14A. Otherwise, the proxy statement must be amended to specifically list any such future
filings. Please revise. See Note D of Schedule 14A. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s
comment and has revised page 136 of the Amended Proxy Statement to align with the incorporation by reference permitted by Schedule 14A. </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="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>8.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please attach a preliminary form of proxy to the preliminary proxy statement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: The Partnership acknowledges the Staff&#146;s comment and has included the preliminary form of proxy with the Amended Proxy
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </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" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We appreciate your attention to this matter and hope the foregoing answers are responsive to
your comments. Please direct any questions or comments regarding this correspondence to the undersigned or to our counsel, Preston Bernhisel of Baker Botts L.L.P. at (214) <FONT STYLE="white-space:nowrap">953-6783.</FONT> </P>
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<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5"><B>Martin Midstream Partners L.P.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert D. Bondurant</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Robert D. Bondurant</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>President and Chief Executive Officer</I></TD></TR>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sharon L. Taylor, Martin Midstream Partners L.P.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chris H. Booth, Martin Midstream Partners L.P.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preston Bernhisel, Baker Botts L.L.P.</TD></TR>
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