<SEC-DOCUMENT>0001104659-24-044782.txt : 20250219
<SEC-HEADER>0001104659-24-044782.hdr.sgml : 20250219
<ACCEPTANCE-DATETIME>20240408165622
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-044782
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BATTALION OIL CORP
		CENTRAL INDEX KEY:			0001282648
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				200700684
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		820 GESSNER ROAD
		STREET 2:		SUITE 1100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		832-538-0300

	MAIL ADDRESS:	
		STREET 1:		820 GESSNER ROAD
		STREET 2:		SUITE 1100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HALCON RESOURCES CORP
		DATE OF NAME CHANGE:	20120209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAM ENERGY RESOURCES INC
		DATE OF NAME CHANGE:	20060518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREMISIS ENERGY ACQUISITION CORP
		DATE OF NAME CHANGE:	20040304
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Battalion
Oil Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Two Memorial City Plaza</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>820 Gessner Road, Suite&nbsp;1100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Houston, Texas 77024</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; text-align: center">April 8, 2024</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><U>VIA EDGAR</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</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 0.75in; text-indent: -0.25in"><B>Re: Battalion Oil Corporation<BR>
Schedule 13E-3/A filed February&nbsp;12, 2024<BR>
File No.&nbsp;005-79873<BR>
Revised Preliminary Proxy Statement filed February&nbsp;12, 2024<BR>
File No.&nbsp;001-35467</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">Dear Mr.&nbsp;Grady:</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-align: left; text-indent: 0.5in">Thank you for your letter
dated February&nbsp;16, 2024, addressed to the undersigned, Matthew Steele, Chief Executive Officer of Battalion Oil Corporation (the
 &ldquo;<U>Company</U>&rdquo;), setting forth comments of the staff of the Division of Corporation Finance (the &ldquo;<U>Staff</U>&rdquo;)
on the Amendment No.&nbsp;1 to Schedule 13E-3 filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
on February&nbsp;12, 2024 (the &ldquo;<U>Schedule 13E-3</U>&rdquo;) and Amendment No.&nbsp;1 to the Preliminary Proxy Statement filed
with the Commission on February&nbsp;12, 2024 (the &ldquo;<U>Preliminary Proxy Statement</U>&rdquo; and, together with the Schedule 13E-3,
the &ldquo;<U>Filings</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We appreciate the effort that
went into the Staff&rsquo;s comments. We have considered the Staff&rsquo;s comments on the Filings carefully and our responses to the
Staff&rsquo;s comments are set forth below. To facilitate the Staff&rsquo;s review, we have keyed our responses to the headings and numbered
comments used in the Staff&rsquo;s comment letter, which we have reproduced in bold face text. Our responses follow each comment. In addition,
we are concurrently filing amendments of the Filings to incorporate our responses to the Staff&rsquo;s comments.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Schedule 13E-3/A filed February&nbsp;12, 2024; PRER14A filed
February&nbsp;12, 2024</U></B></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B>Refer to prior comment 1, which we reissue. We note that the Schedule 13E-3/A continues to state that (emphasis added) &ldquo;[c]ertain
portions of this exhibit <I>have been </I>redacted and separately filed with the SEC pursuant to a request for confidential treatment.&rdquo;
This disclosure appears to continue to be inaccurate, given that we have not received any such request for confidential treatment. Please
promptly file the confidential treatment request, or file the exhibits in unredacted form.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> The Company has been advised by counsel to Parent, K&amp;L Gates LLP, that the Confidential Treatment Request was sent via overnight delivery
to the SEC, Attention Blake Grady, Division of Corporation Finance, on April 3, 2024.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left"><B>Refer to prior comment 4, which we reissue in part. We note that &ldquo;Oaktree Fund GPI, L.P.&rdquo; and &ldquo;Oaktree Fund GP
I, L.P.&rdquo; continue to be referenced in the Schedule 13E-3/A. Please revise.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT>We have revised the Schedule 13E-3/A to clarify that the name of the relevant Oaktree Fund is &ldquo;Oaktree Fund GP I, L.P.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B>Refer to prior comment 5. The Stockholders&rsquo; Agreement beginning on page&nbsp;E-89 states that it was &ldquo;made and entered
into as of December&nbsp;14, 2023.&rdquo; However, disclosure on page&nbsp;114 states that (emphasis added) &ldquo;[i]n connection with
the transactions contemplated by the Merger Agreement, upon the consummation of the transactions contemplated by the Merger Agreement
[...] Parent <I>will enter </I>into a Stockholders&rsquo; Agreement.&rdquo; Given this apparent discrepancy, please revise or advise.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> The Stockholders&rsquo; Agreement on page E-89 incorrectly states that it was made and entered into as of December 14, 2023. The disclosure
on page 115 is accurate, as the Stockholders&rsquo; Agreement will be entered into immediately prior to the closing of the Merger.
We have revised page F-52 to correct the discrepancy.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B>Refer to prior comment 9, which we reissue in part. Please disclose the information required by Item 1003(c)&nbsp;of Regulation
M-A, pursuant to Item 3 of Schedule 13E-3, with respect to any person specified in Instruction C to the schedule who is a natural person.
Provide such disclosure regarding, for example, the persons listed on page&nbsp;127.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> We have revised
the disclosure beginning on page 119 of the Preliminary Proxy Statement to address the Staff&rsquo;s comment. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B>Refer to prior comments 21 and 22, which we reissue in part. We note the statement in your response letter that &ldquo;[r]egarding
Item 10(c), we believe the existing disclosure is appropriate with respect to Houlihan Lokey fees and reimbursements,&rdquo; and that
such disclosure is included &ldquo;under &lsquo;Miscellaneous&rsquo; on page&nbsp;7[1] of the Preliminary Proxy Statement.&rdquo; However,
the disclosure under &ldquo;Miscellaneous,&rdquo; as well as the newly added disclosure under &ldquo;Company Costs of the Merger&rdquo;
on page&nbsp;81, does not appear to have been incorporated by reference in Item 10(c)&nbsp;of the Schedule 13E-3. Please revise. In addition,
please revise the disclosure on page&nbsp;81 so as to make it fully responsive to Item 1007(c)&nbsp;of Regulation M-A, which requires
disclosure of a &ldquo;reasonably itemized statement of all expenses [not merely &ldquo;costs for outside advisors&rdquo;]...incurred
in connection with the transaction including, but not limited to, filing, legal, accounting and appraisal fees, solicitation expenses
and printing costs... .&rdquo; We note an $875,000 gap between the cited total of approximately $9.0 million and the sum of the few items
that are listed. We also note that only $5.5 million in investment banking fees is disclosed here, which would appear to be something
of an understatement given the disclosure on pages&nbsp;71-72. Please revise or advise.</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response: </B></FONT>We
have revised Item 10(c)&nbsp;of the Schedule 13E-3 to specifically incorporate by reference the sections of the Preliminary Proxy
Statement disclosing Houlihan Lokey&rsquo;s fees and the estimated costs to the company of the Merger. We have also revised the
disclosure on page 84 of the Preliminary Proxy Statement in response to the Staff&rsquo;s comment to provide an
itemized list of the estimated costs to the Company of the Merger.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B>We note your disclosure on pages&nbsp;8, 26 and 83 that (emphasis added) &ldquo;each share of the Company&rsquo;s Series&nbsp;A
Redeemable Convertible Preferred Stock [&hellip;] will be converted into the right to receive the consideration contemplated by the terms
of such applicable series of preferred stock, <I>which amounts are equal to approximately equal to </I>$1,265 per preferred share...&rdquo;
Please revise.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT>We have revised the disclosures on pages&nbsp;8,  26 and  86 to address the Staff&rsquo;s comment.</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><U>Background of the Merger, page&nbsp;27</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><B>We note your response to prior comment 12. However, we note the references to presentations by Houlihan Lokey during the course
of entering into this transaction, including the references to multiple meetings before November&nbsp;4, 2023, beginning on November&nbsp;21,
2022. None of such presentations appear to have been filed. Please advise. Among other matters, your response should make clear whether
Houlihan Lokey provided written materials to a filing person or its representatives during this time period. If so, but you do not believe
those materials must be filed or described, your response should outline your views on why those materials are not materially related
to the going private transaction.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT>Houlihan Lokey provided written materials to the Company Board of Directors during the course of meetings before November&nbsp;4,
2023. Those materials are not required to be filed or described because they are not materially related to the Rule&nbsp;13e-3 transaction
that is the subject of the Schedule 13E-3. &nbsp;Such materials were prepared in various stages of an extended process that examined multiple
strategic options for the Company unrelated to a take private transaction, including potential acquisitions and a broader sale process.
 &nbsp;The take private transaction that is the subject of the Schedule 13E-3 first developed as a possibility on August&nbsp;10, 2023
when a rollover structure involving the Significant Stockholders was preliminarily proposed to the Company by Luminus. &nbsp;Subsequent
to this date, the first written materials that Houlihan Lokey delivered to the Board (or any filing party) that addressed the Rule&nbsp;13e-3
take private transaction were delivered on November&nbsp;4, 2023 and have been described in and filed with the Schedule 13E-3.</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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Rollover Sellers Reasons for the Merger; Fairness, page&nbsp;57</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD><B>Refer to prior comment 16, which we reissue. Disclosure on pages&nbsp;58 and 59 indicates that the Rollover Sellers and the Parent
Group &ldquo;did not find it practicable to, and did not [...] consider the impracticability of determining a liquidation value.&rdquo;
It is unclear what is meant by stating that such parties did not find it practicable to consider the impracticability of determining a
liquidation value. Please revise, for clarity.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> We have revised the disclossures on pages 62 and 64 to clarify why the Rollover Sellers and the Parent Group did not find
it practicable to consider the liquidation value of the Company given the significant execution risk involved in any breakup of the Company.</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><U>Position of the Members of the Parent Group as to the Fairness
of the Merger, page&nbsp;59</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD><B>We note your disclosure that the &ldquo;members of the Parent Group believe that the going private transaction and the Merger is
fair to the Company&rsquo;s unaffiliated stockholders on the basis of the factors described under &lsquo;Special Factors &mdash; Reasons
for the Merger; Recommendations of the Special Committee and the Board; Fairness of the Merger.&rsquo;&rdquo; Note that if any filing
person has based its fairness determination on the analysis of factors undertaken by others, such person must expressly adopt this analysis
and discussion as their own in order to satisfy the disclosure obligation. See Question 20 of Exchange Act Release No.&nbsp;34-17719 (April&nbsp;13,
1981). Please revise to state, if true, that the Parent Group adopted the Board and Special Committee&rsquo;s analyses and conclusions
as its own. Alternatively, revise your disclosure to include disclosure responsive to Item 1014 of Regulation M-A and to address the factors
listed in instruction 2 to Item 1014.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> We have revised the disclosure on page 63 of the Preliminary Proxy Statement to remove the reference to &ldquo;Special Factors
 &mdash; Reasons for the Merger; Recommendations of the Special Committee and the Board; Fairness of the Merger&rdquo; from the discussion
of the Parent Group&rsquo;s position as to the fairness of the merger, and add disclosure regarding the factors that the Parent Group
did consider in arriving at its determination.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD><B>Please disclose the Parent Group&rsquo;s reasons for undertaking the transaction at this time, as opposed to at any other time.
Refer to Item 7 of Schedule 13E-3 and Item 1013(c)&nbsp;of Regulation M-A.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Response:</B> We have revised the disclosure on page 63 of the Preliminary Proxy Statement to address the Staff&rsquo;s comment.</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><U>Opinion of Houlihan Lokey Capital,&nbsp;Inc., page&nbsp;63</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD><B>We note the table beginning on page&nbsp;69, which includes a column labeled &ldquo;Implied $ / EBITDA&rdquo; and, other than the
additional column, appears to be identical to the table beginning on page&nbsp;68. Accordingly, for clarity, please delete the first table,
or advise. Please also revise to clarify precisely what the new column represents and also revise to clarify the footnotes, which use
various abbreviations and shorthand whose meaning may be unclear to the reader.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT>We have revised the disclosures on pages&nbsp;72 and  73 to address the Staff&rsquo;s comment.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Book Value Per Share, page&nbsp;115</U></B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD><B>We note your disclosure on page&nbsp;115 that (emphasis added) &ldquo;the Rollover Sellers would own 14.7% of the post-closing
equity of Parent through their ownership of approximately <I>$69.0 </I>[of] Parent preferred stock. Please revise.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT>We have revised the disclosures on page&nbsp;116 to address the Staff&rsquo;s comment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Security Ownership of Certain Beneficial Owners and Management,
page&nbsp;139</U></B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD><B>Refer to prior comment 25, which we reissue. We note your response that the &ldquo;Company has been advised [that] the [sic] Ruckus,
Parent, Merger Sub or Mr.&nbsp;Little have any [sic] ownership of subject securities except for Mr.&nbsp;Little as disclosed on page&nbsp;139.&rdquo;
In this respect, please disclose, in the proxy statement, the aggregate number and percentage of subject securities that are beneficially
owned by each person named in response to Item 1003 of Regulation M-A. Such disclosure should include the persons specified in Instruction
C to Schedule 13E-3. As referenced in prior comment 25, refer, as one example only, to the persons listed on page&nbsp;127.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Response:
</B></FONT> We have revised the disclosure on page&nbsp;135 to add a new section entitled &ldquo;Security Ownership of Schedule 13e-3
Filing Persons.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; *</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We would like to express our
appreciation for your prompt attention to the Filings. If the Staff has comments or questions regarding our responses set forth above,
we would appreciate an opportunity to discuss those matters in a conference call with the Staff, and we are available to discuss with
you at your earliest convenience. Also, please do not hesitate to contact the undersigned at 832-538-0300 or our counsel, Ryan H. Ferris
or Bruce F. Perce of Mayer Brown LLP at 312-701-7199 or 312-701-7985, respectively, if you have any other comments or questions.</P>

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    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Matthew Steele</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Matthew Steele</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>


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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">cc:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">David Plattner</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ryan H. Ferris</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Bruce F. Perce</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mayer Brown LLP</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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