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<SEC-DOCUMENT>0000950123-09-069089.txt : 20100308
<SEC-HEADER>0000950123-09-069089.hdr.sgml : 20100308
<ACCEPTANCE-DATETIME>20091208122530
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-069089
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20091208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN SHARED HOSPITAL SERVICES
		CENTRAL INDEX KEY:			0000744825
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				942918118
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
		BUSINESS PHONE:		415-788-5300

	MAIL ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">December&nbsp;8, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tia Jenkins<BR>
Senior Assistant Chief Accountant<BR>
Office of Beverages, Apparel and Health Care Services<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>American Shared Hospital Services <br>
Form&nbsp;10-Q for Fiscal Quarter Ended March&nbsp;31, 2009 Filed May&nbsp;15, 2009 <br>
Form&nbsp;10-Q for Fiscal Quarter Ended June&nbsp;30, 2009 Filed August&nbsp;14, 2009 <br>
File No.&nbsp;001-08789</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;Jenkins:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter responds to comments of the Staff (&#147;Staff&#148;) of the Securities and Exchange Commission
to Ernest A. Bates, M.D. of American Shared Hospital Services (the &#147;Company&#148;) in the letter
regarding the Company&#146;s Form 10-Q for the periods ended March&nbsp;31, 2009 and June&nbsp;30, 2009 (&#147;Form
10-Q&#148;). We have reproduced below the Staff&#146;s comments and the corresponding response of the
Company. This letter has been approved by the Company&#146;s Audit committee and reviewed by its
independent registered public accounting firm, Moss Adams, LLP and our outside securities counsel,
Davis Polk &#038; Wardwell.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Form&nbsp;10-Q for Fiscal Quarter Ended March&nbsp;31, 2009</U>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note your reconciliation of &#145;Net income (loss)&#146; to &#145;Net cash from operating
activities&#146; begins with &#145;Net income (loss)&nbsp;attributable to American Shared Hospital
Services&#146;. In future filings, please reconcile your operating cash flows to &#145;Net income
(loss)&#146; as shown on your Condensed Consolidated Statements of Operations at page 3. See
paragraph 28 of SFAS 95 (FASB ASC paragraph 230-10-45-28). In addition, please remove
your operating cash flow reconciling adjustment entitled &#145;Net income attributable to
non-controlling interest&#146;.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Response:</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective with its filing of Form 10-Q for Fiscal Quarter Ended September&nbsp;30, 2009,
the Company reconciled its operating cash flows to &#145;Net income (loss)&#146; as shown on its
Condensed Consolidated Statements of Operations, and removed the operating cash flow
reconciling adjustment entitled &#145;Net income attributable to non-controlling interest&#146;.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<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">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Form&nbsp;10-Q for Fiscal Quarter Ended June&nbsp;30, 2009</U>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note the disclosures within your Form 10-K for the year ended December&nbsp;31, 2008
and Form 10-Q for the six months ended June&nbsp;30, 2009 describing Still River Systems Inc.&#146;s
Series&nbsp;D financing, and your subsequent ownership dilution from 5.9% to 3.7%. In
addition, we note your disclosures at March&nbsp;31, 2009 and June&nbsp;30, 2009 describing an
estimated $1.2&nbsp;million unrealized loss on your investment, and your determination that the
investment is not other-than-temporarily impaired. Your estimate of this unrealized loss
constitutes approximately 46% of your cost basis in the investment. We note your
ownership interest in Still River&#146;s common stock upon conversion of your preferred stock
interest has been diluted from 7.6% to 3.7% at June&nbsp;30, 2009, a 51% decline in ownership
stake. Disclosures within your Form 10-K for the year ended December&nbsp;31, 2007 indicated
the anticipated delivery of two Monarch250 proton beam radiation therapy (PBRT)&nbsp;systems in
2009. Currently, FDA approval remains pending, while the delivery dates for your
Monarch250 PBRT systems have been delayed to 2010. Please provide for us a comprehensive
analysis of why you believe your investment in Still River is not other-than-temporarily
impaired. We note your disclosure describing your ability and intent to hold this
investment for a reasonable period of time sufficient for a recovery of the cost basis
value. Explain to us how you have estimated such a recovery period for your investment,
as this security cannot be held to maturity. Describe in detail your evaluation of Still
River&#146;s financial performance. Clarify if the third party expert hired to assess any
impediments to the completion of the prototype unit provided insight to Still River&#146;s cash
flow. See paragraph 6 of APB 18, FSP FAS 115-1 (FASB ASC paragraphs 320-10-35 to 55) and
SAB Topic 5M (FASB ASC paragraphs 320-10-S99) for related guidance.</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has convertible preferred stock representing a 3.7% interest in Still River Systems,
Inc., and accounts for this investment under the cost method. The Company reviews its investment
in Still River for impairment on a quarterly basis, or as events or circumstances might indicate
that the carrying value of the investment may not be recoverable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2008 Still River offered a Series&nbsp;D round of funding to raise cash for its next phase of
development and continued manufacture of the prototype model of the proton beam unit. The offering
was originally made at $1.30 per share, an increase over previous offerings, and in line with the
continued development of the PBRT. Due to the troubled economy and the now scarcity of funds
available from investors, this series was finalized in February&nbsp;2009 at $0.17 per share. The
Company chose not to further invest in Still River at this time, choosing to use its cash towards
future projects rather than equity positions. The Series&nbsp;D round of funding was originally
committed at $33&nbsp;million. Recently the Series&nbsp;D was restructured to a $30&nbsp;million commitment in
exchange for earlier advancement of funds. The lower price per share of the Series&nbsp;D offering
could be
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">viewed as a reasonable estimate of the fair value of our cost-method investment indicating our
investment is impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In assessing whether the impairment is other than temporary, we evaluated the length of time and
extent to which market value has been below cost, the financial condition and near term prospects
of Still River and our ability and intent to retain our investment for a period sufficient to allow
for an anticipated recovery in the market value. The Company believes that this is a temporary
situation brought on solely due to the recent downturn of the economy, and is not a reflection on
the progress or viability of Still River or its PBRT design, and believes that our investment in
Still River is temporarily impaired.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is based in part on the following:
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River&#146;s single room PBRT concept and design, although a departure from the large
scale three and four room PBRT systems on the market, is based on the existing principle
of generating protons from a cyclotron. Still River, through design innovations and
advances in magnet technology, has made the cyclotron more compact such that it can be
mounted on the gantry.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A gantry mounted cyclotron, although appearing to be revolutionary, has in fact been
done previously. A neutron generating gantry mounted cyclotron has successfully treated
patients for over ten years at Detroit Medical Center.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River&#146;s development approach for the Monarch250 has been to integrate as many
commercially existing components as possible into the Monarch250. The patient couch, CT
imaging and treatment planning software are all commercially available and will be
integrated into the Monarch250.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River has hired engineers and staff with many years of accelerator and proton
beam experience. Personnel have been hired with prior experience at MIT&#146;s Plasma Fusion
Lab, as well as Still River rival, IBA.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River has built the first three units of the magnet and other cyclotron
subsystems, has completed the manufacture/assembly of the gantry system, and demonstrated
integrated software control of all cyclotron operations on the prototype unit, with
projected installation around spring or summer 2010.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River has recently completed and passed the cold mass test on the prototype unit,
which is considered a major milestone and an integral part of the process towards gaining
FDA approval.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River is projecting that the beam extraction test will be successful prior to the
end of 2009 or early 2010.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A respected physicist was hired by the Company as a third party consultant to perform a
technical review of this project. His discussions with Still River&#146;s chief technology
officer indicated that the delays encountered have at times resulted in modifications
being required, but the modifications were not significant, and he still believes that
development of the PBRT machine will be completed in 2010. The consultant was not engaged
to analyze Still River&#146;s financial condition.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There were some minor problems during some of the tests that were quickly rectified,
but have caused delays in the scheduled delivery of the first unit. As a result, the
Company&#146;s expected delivery of its two units has also been delayed.</TD>
</TR>

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

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<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>However, minor problems such as these are expected in a new technology, and do not affect
the Company&#146;s position on the viability of Still River technology.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In spite of the uncertain economic climate and a limited number of potential investors,
with the Series&nbsp;D offering, Still River was still able to raise the cash required to
continue its operations, and were able to add two new major investors.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on ongoing discussions with Still River management and regular review of their
financial statements and cash flow projections, the Company believes that Still River will
have adequate cash flow to continue development of the system. Still River, as a
development stage company manufacturing its first product, continuously analyzes its cash
requirements. Due to the high level of interest in more compact and lower cost proton
beam radiation therapy devices, Still River has been able to attract funding from
financially significant and highly sophisticated investors, such as Caxton Health and Life
Sciences, Venrock Associates and CHL Medical Partners. Still River is prepared, as
required, to raise additional funds as its needs dictates.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River recently added a new CEO, strengthening its management depth, and with the
new investors, increased its board strength as well. Independent board members consist of
the following: Robert Wilson, Former Vice Chairman of Johnson and Johnson; Peter P.
D&#146;Angelo, President, Caxton Associates; Dr.&nbsp;Anders Hove, MD, Partner, Venrock Associates;
Dr.&nbsp;Myles D. Greenberg, MD, General Partner, CHL Medical Partners; Dr.&nbsp;Jay Rao, MD, JD,
Portfolio Manager, Green Arrow Capital Management; and Mr.&nbsp;Paul Volcker, Former Chairman,
United States Federal Reserve.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Still River currently has 16 sites agreeing to install the Monarch250 system.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once FDA approval is obtained, the per share investment in Still River will likely
increase to a level much higher than the Company&#146;s existing carrying value (cost). The
estimated recovery period is anticipated to occur subsequent to the first system&#146;s
clinical treatment of patients, which would shortly follow obtaining FDA approval. The
treatment of patients is anticipated to begin in the second half of 2010 or early 2011.
The Company has the intent and the ability to maintain its investment in Still River until
at least these milestones are met.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During our fiscal 2009 quarters, we evaluated whether any events or circumstances occurred during
the quarters that would have a significant adverse effect on the fair value. There have been no
significant adverse events or changes in circumstances during the 2009 fiscal quarters to indicate
that our investment is other than temporarily impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosures in
this filing, that 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 the Company may not
assert staff comments as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions or comments concerning our response, please contact me at 415-788-5300 or
Dan Kelly, Davis Polk &#038; Wardwell, at 650-752-2001.
</DIV>


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




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD><TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Craig K. Tagawa
&nbsp;</TD><TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">Craig K. Tagawa&nbsp;</TD>    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">Chief Operating Officer&nbsp;</TD>    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Ernest A. Bates, M.D. <br>
Norman Houck <br>
Dan Kelly, Esq.</TD>
</TR>
</TABLE>
</DIV>


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