-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DdTJt0a5gsb4DGA/ZHrTmZBS714MQ7FSO+ij8WOSa+s2rxJk+fyB3K48aNgODvvB
 nqkmAJA/a6yapzkcorJLWQ==

<SEC-DOCUMENT>0000950123-10-014135.txt : 20100412
<SEC-HEADER>0000950123-10-014135.hdr.sgml : 20100412
<ACCEPTANCE-DATETIME>20100218162346
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-014135
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMCON DISTRIBUTING CO
		CENTRAL INDEX KEY:			0000928465
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & GENERAL LINE [5141]
		IRS NUMBER:				470702918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122
		BUSINESS PHONE:		4023313727

	MAIL ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="c53938c1c5393802.gif" alt="(AMCON LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMCON Distributing Company<BR>
7405 Irvington Road<BR>
Omaha, NE 68122
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">February&nbsp;17, 2010
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Andrew Mew<BR>
Accounting Branch Chief<BR>
Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Re: AMCON Distributing Company<BR>
SEC Comment Letter dated January&nbsp;29, 2010<BR>
Form 10-K for the Fiscal Year Ended September&nbsp;30, 2009<BR>
Filed November&nbsp;6, 2009<BR>
File No.&nbsp;1-15589

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Mew,

</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">This letter is being filed as EDGAR correspondence in reference to your January&nbsp;29, 2010 comment
letter regarding AMCON Distributing Company&#146;s (the &#147;Company&#148;) Form 10-K filed on November&nbsp;6, 2009. For ease of
reference, we have reproduced and highlighted the full text of the Staff&#146;s comment followed by the
Company&#146;s response.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B><U>Form&nbsp;10-K for the fiscal year ended September&nbsp;30, 2009</U></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>Staff Comment:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>1. Summary of Significant Accounting Policies, page 34</B></U><BR>
<U><B>(j)&nbsp;Goodwill, Intangible and Other Assets, page 35</B></U>

</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>1. We note goodwill and intangible assets comprise a significant amount of your total assets. As
such we would expect a robust and comprehensive disclosure regarding your impairment testing
policies. Please expand this note in future filings to include, for example, the reporting level
at which impairment tests for goodwill are performed and the two-step impairment tests used to
identify potential goodwill impairments. Also consider disclosing the basis of your related fair
value measurements. Refer to FASB ASC Topic 350 (Intangibles &#151; Goodwill and Other).</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In response to the Staff&#146;s comment, the Company proposes the following expanded disclosure for
inclusion in our summary of significant accounting policies footnote for goodwill and intangibles
assets to be presented in all applicable future filings. The proposed footnote provides that no impairments are identified during fiscal 2010.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>Goodwill and Intangible Assets</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Our goodwill consists of the excess purchase price paid in business combinations over the fair
value of assets acquired. Our intangible assets consist of trademarks and tradenames assumed in
acquisitions. Goodwill, trademarks, and tradenames are considered to have indefinite lives.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Company employs the non-amortization approach to account for purchased goodwill and intangible
assets having indefinite useful lives. Under the non-amortization approach, goodwill and intangible
assets having indefinite useful lives are not amortized into the results of operations, but instead
are reviewed annually, or more frequently if events or changes in circumstances indicate that the
assets might be impaired, to assess whether their fair value exceeds their carrying value. The
Company performs its annual impairment testing of goodwill and indefinite-lived intangible assets
during the fourth fiscal quarter of each year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Company tests goodwill impairment at a reporting unit level using the two-step impairment test
method. The Company&#146;s primary reporting units tested for impairment are Akin&#146;s, Chamberlin&#146;s, and
the Quincy, IL division of our Wholesale Distribution Segment. Both Akin&#146;s and Chamberlin&#146;s are
components of our Retail Health Food Segment. The first step of our goodwill impairment testing
compares the carrying value of a reporting unit, including goodwill, with its fair value, as
determined by its estimated discounted cash flows. If the carrying value of a reporting unit
exceeds its fair value, we then complete the second step of the impairment test to determine the
amount of impairment to be recognized. In the second step, we estimate an implied fair value of
the reporting unit&#146;s goodwill by allocating the fair value of the reporting unit to all of the
assets and liabilities other than goodwill (including any unrecognized intangible assets). If the
carrying value of a reporting unit&#146;s goodwill exceeds its implied fair value, the Company records
an impairment loss equal to the difference in that period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Non-amortized indefinite-lived assets are tested for impairment by comparing the assets&#146; carrying
value to their estimated fair value. The Company estimates the fair value of these assets using a
discounted cash flow methodology. If the assets are determined to be impaired, their carrying value
is reduced to their fair value and an impairment loss is recorded in that period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">We arrive at our estimates of fair value using a discounted cash flow methodology which requires us
to estimate the future cash flows anticipated to be generated by particular assets and to select a
discount rate to measure the present value of those anticipated cash flows. Estimating future cash
flows requires significant judgement and includes making assumptions about projected growth rates,
industry-specific factors, working capital requirements, weighted average cost of capital, and
current and anticipated operating conditions. The use of different assumptions or estimates for
future cash flows could produce different results. The Company has not made any material changes in
its impairment assessment methodology during the past two fiscal years and we do not believe the
estimates used in our current methodology are likely to change materially in the foreseeable
future. However, we regularly assess these estimates based on the performance of our reporting
units. There were no impairments of goodwill or indefinite-lived intangible assets identified
during either fiscal 2010 or fiscal 2009.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Identifiable intangible assets with finite lives are amortized over their estimated useful lives
and tested for impairment whenever events or changes in circumstances indicate the carrying amount
of the asset may be impaired. Identifiable intangible assets that are subject to amortization are
evaluated for impairment using a process similar to that used in evaluating the elements of
property, plant and equipment. If impaired, the related asset is written down to its fair value.
There were no impairments of identifiable intangible assets with finite lives identified during
fiscal 2010 or fiscal 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Staff Comment:</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>2. Dispositions, page 38</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>2. We note the disposal of Trinity Springs, Inc. (TSI)&nbsp;to Crystal Paradise Holding, Inc. (CPH)
where you recorded a $4.7&nbsp;million pre-tax gain which included a $1.5&nbsp;million deferred gain
attributable to a previously executed Mutual Release and Settlement Agreement between the Company,
TSI, and CPH. In this regard, please explain to us and disclose the transaction that initially led
to the $1.5&nbsp;million deferred gain you recorded. Further, provide us the supporting entries used to
record the $4.7&nbsp;million gain.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As disclosed in our previous quarterly and annual filings with the Commission, in June&nbsp;2004, a
newly formed subsidiary of the Company, TSL Acquisition Corp. (which subsequently changed its name to
Trinity Springs, Inc. (&#147;TSI&#148;)), acquired the tradename, water rights, customer list, and
substantially all of the operating assets (the
&#147;Acquisition&#148;) of Trinity Springs, Ltd., which subsequently changed its name to Crystal Paradise Holdings, Inc
(&#147;CPH&#148;). The Acquisition was
financed  by debt issued by TSI, the issuance of a minority interest in TSI, and a contingent water
royalty stream. The total transaction purchase price of the Acquisition resulted in a substantial amount of goodwill and intangible assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The
Acquisition was highly contested by a group of CPH
shareholders that filed various lawsuits challenging the validity of the acquisition and TSI&#146;s ownership of the assets. Complicating matters, the operations of TSI were not meeting
financial expectations and TSI required short-term financing while strategic options could be explored,
including the sale of its business and assets. TSI&#146;s short-term financing was secured from related
parties (see the Company&#146;s response to Staff comment #3). However, based on TSI&#146;s continued poor  financial
performance, the noted lawsuits, and a lack of liquidity to fund operations, management ceased
operations at TSI. A determination was made that all of the goodwill and intangible assets at TSI had been
impaired and such impairment was reflected in the September&nbsp;2005 financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2007, the Company, TSI, and CPH signed a Mutual Release and Settlement Agreement (the
&#147;Settlement Agreement&#148;) to end the aforementioned litigation. This Settlement Agreement contained
two key components which were inseparable and mutually dependent upon the other. That is, neither
party would have executed or agreed to the terms of the Settlement Agreement without the inclusion
of the other component. These key components included CPH agreeing to
roll approximately $6.5&nbsp;million in obligations  due from TSI related to the 2004 asset
purchase into a new $5.0&nbsp;million note. In exchange, TSI provided CPH with an exclusive
eighteen (18)&nbsp;month option to acquire all of TSI&#146;s tangible and intangible assets for $5.0
million (the value of the newly issued note). All
parties also agreed to release the other from all current and future litigation related to this
matter.</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The $1.5&nbsp;million deferred gain referenced in your comment arose from the difference between the
$6.5&nbsp;million in obligations due to CPH in connection with the 2004 asset purchase and the new $5.0
million note payable issued to CPH by TSI in conjunction with the aforementioned settlement.

Because the Settlement Agreement was
conditioned upon TSI honoring the entire eighteen (18) month asset purchase option granted to CPH, the $1.5
million gain was deferred until the closing date.</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In
May&nbsp;2009, pursuant to the terms of the previously executed Settlement Agreement, CPH acquired all the operating assets of TSI in exchange for the $5.0&nbsp;million note receivable it held from TSI (plus $0.1&nbsp;million of accrued interest). At closing TSI provided CPH with free and clear title to all of TSI&#146;s assets (see
our response to Staff comment #3 with respect to related party debt settlement). The Company had no continuing involvement in the divested assets and recorded a $4.7&nbsp;million pre-tax gain in conjunction with the transaction, which included the recognition of a $1.5&nbsp;million deferred gain attributable to the previously executed Settlement Agreement.</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">With the lapsing of the exclusive option period and the subsequent May 2009 closing,
 TSI had performed, honored, and delivered upon the conditions of the Settlement Agreement, and as
 such, the May
2009 closing represented the culmination of the earnings process.



 The accounting treatment for this transaction is  consistent
with the revenue recognition guidance provided under Topic 13: Revenue Recognition (Staff
Accounting Bulletin No.&nbsp;101), as well as the guidance provided under FASB ASC paragraph 450-25-1
and 450-30-25 (Q&#038;A 04) regarding the recognition of gain contingencies when future performance
requirements exist. </DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">We will expand our footnote disclosure in all applicable future filings to incorporate the relevant facts
summarized above.</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio --></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The following entry was recorded in May 2009 as a result of the transactions described above.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><u>Supporting Entry (in millions):</u></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Debit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Credit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note payable to CPH</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest on CPH note payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred gain on CPH settlement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant &#038; Building</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on CPH transaction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Staff Comment:</B></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>3. We note you recognized a $2.7&nbsp;million gain on the settlement of related party debt. The
forgiveness of debt from related parties should typically be treated as a capital transaction.
Refer to FASB ASC paragraph 470-50-40-2. Please revise or advise us why no revision is necessary
referencing authoritative literature supporting your accounting treatment. Please be detailed in
your response.</B></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">FASB ASC paragraph 470-50-40-2 indicates that &#147;extinguishment transactions between related entities may
be in essence capital transactions. APB 26, paragraph 20&#148;. FASB ASC 470-60-15
(Q&#038;A 06) expands upon this guidance indicating that in addition to other factors of consideration,
only transactions in which the creditor is both a related party and a significant
shareholder, should the forgiveness of debt be treated as a capital contribution. This guidance
further indicates that a comprehensive analysis should be performed in making this determination.</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">To determine the proper accounting treatment of the debt settlement transaction, the Company
performed a comprehensive analysis under which it examined the facts and circumstances surrounding
the original issuance and ultimate settlement of the notes payable. As part of this comprehensive
analysis, the Company examined the following considerations:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">No single related party had the direct or indirect ability to control the Company&#146;s actions
and/or the outcome of the settlement terms through their voting
rights.</div></TD>
</TR>

</TABLE></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the related party creditors, either individually or collectively, controlled a
majority voting interest in the Company.</TD>
</TR>
</TABLE></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio --></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">None of the related parties held management positions within the Company through which
they could significantly influence operating decisions at the time of
the debt settlement.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">While the transaction included related parties, it did not include significant shareholders.
The two largest creditors (Draupnir, LLC and the Estate of Allen D. Petersen), held
approximately 73%, or $2.0&nbsp;million, of the notes payable. Draupnir, LLC held no outstanding
common stock of the Company and 80,000 shares of non-voting Series&nbsp;A convertible preferred
stock. Mr.&nbsp;Petersen, a former director of the Company, owned approximately 7% of the
outstanding voting stock of the Company through his foundation and an irrevocable trust. Mr.
Petersen passed away in October&nbsp;2007, at which time an independent third party Executor
assumed all responsibility for Mr.&nbsp;Petersen&#146;s estate. All settlement negotiations with
respect to Mr.&nbsp;Petersen&#146;s debt were conducted with the independent Executor.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">Given the unfavorable terms of the debt settlement (approximately $0.30 for each dollar of
debt or a 70% principal reduction), the transaction was clearly not constructed to
significantly enhance or maintain the related parties investment in the Company, a key element
when considering the accounting concept of contributed capital. That is, the risk and
rewards for the related party creditors was not proportional to their holdings in the Company
as they had to absorb significant economic losses while not enjoying a corresponding benefit
through their equity holdings; an economic position similar to that found in non-related party
arrangements between creditors and business enterprises.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">The notes payable were in no way intended to represent equity contributions at the time of
issuance. The notes payable were executed to provide TSI with short-term financing to sustain
and preserve its assets. This is evidenced by the fact that all of
the note payable agreements had original maturity dates of one
year or less, and approximately $1.8&nbsp;million of the notes payable had original maturity
dates of four months or less.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">The note payable agreements contained no equity conversion options which supports the
conclusion
that the original intent of the notes was to provide TSI with temporary funding rather than
an equity infusion.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">The final debt settlement was an all cash transaction and did not provide the creditors with
any future rights or privileges (stated or unstated) in the Company. Further, the Settlement
Agreement provided the creditors with no equity awards in either TSI or the Company.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">The debt settlement transaction was a
unilateral action undertaken, and required, by the Company to comply
with the terms of the Settlement Agreement; an action caused by an
obligation completely unrelated to the creditors position as related
parties (see further discussion in our response to the
Staff&#146;s comment in #4 below). It was not an action undertaken, controlled, or initiated by the
related party creditors on behalf of the Company (i.e. there was no action initiated or
directed by the shareholders such as the transfer of their shares or the payment of an expense
on behalf of the Company; a key element when considering the accounting concept of
contributed capital).</div></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">The characteristics and economic substance of the notes payable are
consistent with that of a loan in that the creditors did not participate in more than the
majority of any expected residual profits or losses of the Company.</DIV>
</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">The related party notes were solely the obligation of TSI, not that of AMCON Distributing
Company (the parent). TSI is defunct and has no operations. Accordingly, the notion that a
reasonable investor would make an equity contribution to a defunct entity without the
potential for considerable investment enhancement does not follow the fact pattern surrounding
the history, substance, form, or intent of this transaction.</DIV>
</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">The primary beneficiaries of the debt settlement transaction were the
Company&#146;s shareholders who were not related parties.</DIV>
</TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Based on the above considerations, the Company believes the characterization of the transaction
most closely embodies and resembles that of a gain  to be recognized in the statement of
operations rather than contributed capital. Additionally, the Company believes this presentation
most accurately reflects the substance of the change in its assets and liabilities as it relates to
the final wind-down of TSI, as well as the totality of the Settlement
Agreement with CPH.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>Staff Comment:</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>4. Notwithstanding the above comment, please revise or explain to us why the gain on the debt
settlement was classified as a component of discontinued operations. In this regard, explain to us
if the liability was removed from the disposal group. See FASB ASC paragraph 360-10-35-45.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Regarding FASB ASC 360-10-35-45, please note that the related party debt was never removed from the
disposal group as it directly related to, and was an integral part
of, the disposal group. Further note that the related party notes payable were issued at the TSI subsidiary level
and were solely an obligation of TSI, not that of the Company.
 Pursuant
to the terms of the Settlement Agreement, TSI had a legal obligation to pay or settle these
obligations, to provide free and clear title to all of its assets, and to warranty against any
potential claims, prior to final closing. Note that cross-collateralization between TSI&#146;s assets
and related party debt also encumbered TSI&#146;s assets. Given the litigious and contested nature of
the 2004 Asset Purchase Agreement with CPH (over three years of continuous litigation
regarding the ownership of TSI&#146;s assets), TSI&#146;s ability to indemnify any buyers against potential claims
and/or contingencies was a required component of any disposal agreement. That is, the ability to
successfully operate TSI&#146;s business by any buyer (i.e. raise capital from investors, obtain bank
financing, operate the plant, market the brand, enter into new business contracts etc.) was
inextricably linked with TSI&#146;s warranty to settle these obligations and protect any buyers
from potential claims that may arise. Based on these factors, the related party debt was both an
essential and required component of the disposal group. This is consistent with the guidance
outlined in FASB ASC 205-20-45-4 &#151; 205-20-45-7 which discusses the classification of such items
(i.e. debt which is required to be repaid as a result of a disposal transaction, the resolution of
contingencies that arise pursuant to the terms of a disposal transaction, and the resolution of
indemnification issues with a buyer) within discontinued operations.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Staff Comment:</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>10. Income Taxes, page 45</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>5. We note the utilization of your federal and state net operating loss carry forwards, in
particular the reduction in the federal net operating loss carry forward from $1.7&nbsp;million to
approximately $0.564&nbsp;million as of September&nbsp;30, 2009. You indicate that your net operating loss
can be carried forward until 2022. Please explain to us how you assessed the need for a valuation
allowance. Please be detailed in your response and cite for us the available evidence you used to
make your determination a valuation allowance is still required at September&nbsp;30, 2009.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">At September 30, 2009, the Company&#146;s valuation allowance consisted
primarily of state net operating loss carry forwards (&#147;NOL&#146;s&#148;). These NOL&#146;s primarily related to states where the Company files
stand-alone income tax returns and no longer has operations and cannot share the tax attributes of those NOL&#146;s with
the Company&#146;s consolidated group. Based on the guidance provided in FASB ASC 740-30-16 &#150; 740-30-25, the Company has
examined all of the available evidence regarding these NOL&#146;s, both positive and negative, principally related to the
likelihood that the Company will have future operations and will generate future income in the applicable states to
utilize the NOL&#146;s.
In addition, the Company has established an immaterial valuation allowance related to the portion of federal
NOL&#146;s expected to expire as a result of Internal Revenue Code Section 382 limitations. Based upon the review
noted above, the Company believes that it is more likely than not, that the associated deferred tax assets will
not be realized, and as such, has placed valuation allowances against the balances.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>Staff Comment:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>13. Commitments and Contingencies, page 47</B></U><BR>
<U><B>Liability Insurance, page 48</B></U>

</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>6. In future filings provide a rollforward of your reserve for self-insurance for each of the last
two fiscal years in the notes to your financial statements.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In response to the Staff&#146;s comment, we propose the following expanded footnote disclosure for all
applicable future filings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U><B>Liability Insurance</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s insurance programs for workers&#146; compensation, general liability, and employee related
health care benefits are provided through high deductible or self-insured programs. Claims in
excess of self-insurance levels are fully insured. Accruals are based on historical claims
experience, actual claims filed, and estimates of claims incurred but not reported.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s liabilities for unpaid and incurred, but not reported claims, for workers&#146;
compensation and health insurance at September&nbsp;2010 and 2009 was $x.x million and $x.x million,
respectively. These amounts are included in accrued expenses in the accompanying Consolidated
Balance Sheets. While the ultimate
amount of claims incurred is dependent on future developments, in the Company&#146;s opinion, recorded
reserves are adequate to cover the future payment of claims previously incurred. However, it is
possible that recorded reserves may not be adequate to cover the future payment of claims.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Adjustments, if any, to claims estimates previously recorded, resulting from actual claim payments,
are reflected in operations in the periods in which such adjustments are known.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">A summary of the activity in the Company&#146;s self-insured liabilities reserve is set forth below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">$</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">$</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charged to expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ending balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">$</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">$</TD>
    <TD align="right">x.x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">This concludes our responses to the Staff&#146;s comments included in your letter dated January&nbsp;29,
2010. We understand that the purpose of your review process is to assist us in our compliance with
the applicable disclosure requirements and to enhance the overall disclosure in our filings. We
welcome any additional questions that you might have.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Furthermore, the Company acknowledges:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">it is responsible for the adequacy and accuracy of the disclosure in its
filings with the Commission;</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div 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</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div align="justify">it may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities law of the United States.</div></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Should you have any additional questions regarding these matters please feel free to contact me at
(402)&nbsp;331-3727.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sincerely,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrew C. Plummer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Andrew C. Plummer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c53938c1c5393802.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c53938c1c5393802.gif
M1TE&.#EA.`%&`-4V`,#`P$!`0/U36;^_O_Z,D']_?_[&R/_Q\C\_/_PG+_ZI
MK/UP=?V,D/U$2_[5UOPV/2\O+__CY/ZXNA\?'U]?7P\/#_[%Q_Q26,_/SY^?
MG_U^@_UA9^_O[]_?WX^/C_Z;GO[P\?PG+F]O;T]/3_[3U?Q$2J^OK_UO=/U]
M@OZWN?[BX_VHJ_Q@9OPU//V:G=#0T/#P\'!P</QO=/___P```/P9(?___P``
M`````````````````````````````````"'Y!`$``#8`+``````X`48```;_
M0)MP2"P:C\BD<LEL.@V"FL!)K5JOV*QVR^UZOV`LM$:>AL_HM'K-;KN=A\^#
M3#>_[_B\?L_'2A9T@5)]A(6&AXA^"PF"@G:)D)&2DVD'"HN-F8^4G)V>GS8'
M$AH-F:9EH*FJJWD1HZ6GL8.LM+6V5Q$&!!MSLKZSM\'"M0<&'QH"C+_+J,-$
M!M`&>=`$U=8*!A&<Q='=WM"TQ1($"\G,YXZWQ;M1I@D"&@H.8:(+L+$)&Q_:
M5@H"_P`#"OQ@)8(]61LDJ-+0"YU#,B<82&0@PYK%:@>V.+C(L9J"*PY(N0.H
M+-"#!=*V&``DJ,0%%!,O7`@AJ,&'C%0VEHRU0,R]_T`-YJWZ\//AN1,D9BAE
M<&K#EG8\/\*1DRG!`H5%ZC5Z0`!G%04-R5Q8`4*IV;,D4-"DDZ!K%0?+&GBM
MPI+.@KFK(B@H:O37B:6QL(+TE;+)`0([`[E5$F%#H[9XDSB`2B9$BK.8,8,X
M(2@!02H$ECT06N5`0[G#QO1EAF(&TU,)(C>I>XJ*A+"!$I!FHJ!JD]""0B3-
M3-PLBD8"^#&)P"R!U"H2Z!0>1GNU+-<(<?UR4CWW[B:]:RXYX+C1Y>+H9[!X
M/%T).@)7&#UP-N2`]67890GFOGT\WT#?.0$<'9\A<<!_%Z27G@JF/.<>.G=5
M$45/]!U`V7VGY(>/;`8NP__$?W3`ET58`=8'X@H*IL=9)OLA088QS#2@'!.A
MB3C,@1C^HF$L3@E8ABQ+=&?2%N'5,%\2Y6525HK%I>!.B42\:(,"B<$&I1$U
M.H-C"!?D&`MV%[)HF#(&`)E$=+$XB$4O&B3QP2DE,(D>"*<TL(24-CA0Y2EJ
M(I&E,%N2\)J7F6#'G"RQT8B*F4C@UAF'5&A`1HOU[4D&"W*BMU8F-AZ!9YX@
M9M+F$G^J4XIP.Q(:"'8V2)K=$KU\Q*@119I"X1;1)9"$D'0PD&EQ7;H#Z:>A
MA(H<I#:42LRIPPVJZJHNU!"*I8%02D1X1\Y:A+$U]'F%?;=F16T-OOZ:6;"F
M%&C_!+%"\)I)4$DHRXJ>-:`*V+."S&"!M%/ZDFBC9$BE;7V^S*A%MTC4FDFY
MYI[E[%9)L"N$J[\D8&VR-72Z"KWVWHLO'?KR:P.W-?1(*QE'VC"P$&C"YD:2
MIIS7L%D/-V+P$!(+H;`LZ@XA;RH<#T?SQZON.T29OEC;SG,K8QS+)FF,6X,%
M,SNLGXLUM/>,U(&$*\3/GP2=6<W/ADR$NVSAA73**L>"!,6F0(V&+U17[;$I
M&N.<M1+TQC47V)V(/3;1(!M=J2\F"]%.ITV'*<BH:\`E2]UVDZT8UEIG13);
MI`%.";TE+#DXX3683<2`@0TA^;]"-"Y+WF<@'0OE55L>_R+F3)#7G%2>2T)E
M#:&C9[N7IA/AZ&,XL:1QTW!GXC4:]DUN]]V<XC[;.?#U#DEXP0M/>NF&/_.+
M4X>RWKK;1Z"NB1MT3Y]J(SWKG3D2;S*S`2"P^TY&]]Z37CP1CFO$'\B0MZ;M
M+!UMX!;M9C:\O7G*@4[X'?8^P3W1]8]P_QO"H1!%AYLU37(N:T/S&H&BZ34P
M8A!T0M^6D;]$5)!)#<10!GW&C.>UK39(D!JR).0M$)J"855;D:U0.#^^;8Z`
MG7@A#+\W0R&89ADWNZ$I=G6U+C"';<:+!1!GAJY,%#%GN3MB"PWA*OZE*(;W
M"1F'#M@(&THQ$Y*1!>2(E+.6+?_,?5U$(-8N=CU?C)$0+#'C&9FXKR(&,!!1
M?&,CE'!((WFA/&X\9(*F%XLKM>V/I/+C)`)IP27Z;U_>$H(/G8="'")AE(TH
M(AP"(9L(6*H%TR/!*<9X*+E]Y7628`D+.NE)HB5H7W,T`MJ^B+YX/8T+J(L?
MRTZA`KM%*Q.).T*1=L@$`U`+DWE@R5\82#H7A,Q.23B`I6QY/E-2\12J7((K
MAY2P']JM!>_:(51"^9;C90P2VJP<Z9JYKQHD4@CU2^6#S'G.3#R`FDC@2Q$/
MV`)>,FD%FMBA[!S9!1PU`IMN.$`^]4FT;?;SCWPA9YYD@5!WB;2@@8AF$59(
MAVW^2@7_FZ)#,(]@40)Y07>"P"@;+.K2VA$M!$OJYT&5,%$PZDP6Z1R"!,:)
M4"?R:J99@1D96I,I$I1`$`](:DTY]X7JZ%0-6Q6+3,9*UK*:%9[XZE@_[ZD$
MF&'1"(VL`50-Q*NL-L$`(,*H`7!S@042!P0,B"EDJ@DBSWRA5E^%WA&_%XN.
MA4PZC"D)/?N%*$L:P2![$H`"9&.)`&[`LK2Z4`E0D`(+B(X$%G#!>G*S&,;$
MU4@$X",5))C8,$3@'FWIB&YW:\^^A(`!G5PK`2$%G+?61WVPT0!HB6")#>RI
M`0*PA@!`9)-_+D<DS;D*%8IZS"[0J[9?6*%NO/!:=&Q1*<*]_QU-YT!/AYQ4
M,A\HA]3>L0$"&*"I37`%`?ZQ%0$LX`/+/40NK+L&:W*5O(R5&Z1T00EN="/`
M]!&&PB9KA?+>Y[T1SK"&6_6X,%C8.B>%`0!&3.(2F_C$*$ZQBE?,XA:[^,4P
MCK&,9\SB%^@!IW0P[E,2O`0`T.#'0`ZRD(=,Y"(;^<A(3K*2E\SD)COYR4@.
M0"L4>H8/K^:D/H:REK?,Y2Y[^<M@IH&4[[!4Y*#!RGW!<IC7S.8VN_G-0AZS
M&Y`[J3/S6`E9YC($X,SG(%=@STF>@)$%W6<ORWD-%G)'&M!L%#43>0"0AK0)
M1O!C"@S``S2H0`;,T@%*6SK2D:;`I_]!36D:0'K/H(9T`2I]:2![8`"B3C6D
M*?!J"M#@U1D`\JE_/((.F&4`@!9RK\V2@0H`N0"^G@$'/&!L4T.ZU)_&]*A5
M'>0)0!K3NAZ`"+)-`Q,,(->9AO2VAWSH-)1YB';^GJ.'3!Q*%V`&`Z#!IF>`
M`;,@X-V9*0"^,8,`&BBEW\19];OC_>,!S$#?`3?XJ@T^@W[[N^$TH`"GE<*!
M9@-Y!)DAN`<R@X$?$[O@2HGWOLV";1J(P"P6ISBAE4(#?`M:XC,@=)P1/<*<
M+OK.2<BSD%E.`PC4NP,MA_?#^UV!>F=@`@A`@-&3/H&!_Q@"OL;TOQ_^XPF8
M0.A.!WD!D([_@$UC@.D*-[52.CYT&G"`WL:&P-E+_F-?8^#E2AD!!)12;),K
MQ=9F(?NO@Q[O"6R:`T"N]]V!_'&J5^#LN?8UN,FM!@?T%K+I)MVZ=SZ#BRL%
M`DY72@&,C?1@A_W'61>[U"'.<WEC7>A:/S;JQ;YP9<\`[PW'>,PO7@!;`WGN
M,RBUO&'];J#K>@8F>/C9_[SWK".`YQ-0RM6#[W'7[YGG,(>YS&=^AL,L(ZE8
MX!J&)A_DT@_=Z0RGMP<<GGK0SZ`#^MYX[LO>;K[_?M7F)SCK67_^"OR[]U5/
M.@*"38/C5W[(F\9\\?=P5X<`)V=P(D=O26=POG=R7Z<4*W=P0E=Z_\DV`XO'
M>&&P5\R`?07!6,"`!#K7??_7?/<F=)J&&>,V?^:'&7I'>IF!::'W>>Z7>@:'
M``IW?ZBW;_+7?][W>VR7>1)8`)NV<0F(&?!7;YAV=N/&<K[F?T`&<[-79.6V
M!3BV#,K$!0%%.KJ"9T56>KB'>:O7?\BF;.^G>NA7`%<W`\_G@D!V<I47@P>G
M>O(7=C68?&?7<&[(:KZV@_XG<Q"``$T7AD0X=/"&`1C@=._&`:%6=6,W`&?7
M@A%';]YG=$<VA5F`&`XQ5UKP1!XH6R%(>"-X=8`W<+C7;$Y8?C/(?FS(:RSG
MALWF:_"7BG0(<?/6<+B7@@CH9YK'B*\'<_^`=G@S,'I*AWB(&(8_IGZ8(6@\
M%WY!)H-$9HG]\'BQ`$Y@@#;/XD9"\(G-IV^")W!"]X@B(`+U1G8JF(I3=XX'
M)X1G!W2X-P!H&'=R6(8UF&EWV&\,EP$%P'`[:'H6.(855P&^MFQC.'O_-F\4
M4(S[2`.*IW]*L6T\YW\C6([/J!*,)@@$=DL>"'E'H(T/=Q;@YG102'&>%X<#
M^&-(J(IGP0&`5HMT%V1PV'H.AV]$)WAC9XQ%EY*`IG8I:7O_YHL(*61?"&17
MUW&EEX;-2))2F`6J81W86!K6^#%#M9%%IG])%VR=5W4BH&\B8'$]!XA`=I5/
MMW_]AP#&1I5)QY71]Z9ONI=_P?:'@O:'S58!9_F$^F9K8CED!UD`(C!]%9"7
M6PED9RF7_7:58/F525=MAWF8/R:80>:6E7@%8$$H$(8$&IB1-2$;'%EHFKF9
MG&EH5!`!&J!]Z#!>?E"1JB(C1I"9G;F:K-F:$ZE.>T$X%E,%!L`0ENE'<Z&:
MKKF;O*F9T&@#NK!8]\$5]V4$Q:``^W6;Z+`!*?$"`?"<T!F=TCF=U%F=UGF=
KV)F=VKF=W-F=WOF=V!D#6*.<[#(9`G&>Z)F>ZKF>[(F>%+9A\!D&00``.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
