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<SEC-DOCUMENT>0000825324-10-000023.txt : 20110105
<SEC-HEADER>0000825324-10-000023.hdr.sgml : 20110105
<ACCEPTANCE-DATETIME>20101118155759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000825324-10-000023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOOD TIMES RESTAURANTS INC
		CENTRAL INDEX KEY:			0000825324
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841133368
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401
		BUSINESS PHONE:		3033841400

	MAIL ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<title>Kristin M</title>


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  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>&nbsp;</b></p>
  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>&nbsp;</b></p>
  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>Kristin M. Sprinkle</b></p>
  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>303.634.2112</b></p>
  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>kmsprinkle@swlaw.com</b></p>
  <p class=Style32 style='margin-left:4.5pt;text-indent:-4.5pt'><b>&nbsp;</b></p>
  </td>
  <td width=266 valign=bottom style='width:199.45pt;padding:0in 0in 0in 0in'>
  <p class=Style27 align=center style='text-align:center'>November 15, 2010</p>

  </td>
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<p class=Style10>VIA E-MAIL</p>



<p class=Style3>Securities and Exchange Commission</p>

<p class=Style3>100 F Street, NE</p>

<p class=Style3>Washington D.C. 20549</p>

<p class=Style3>Attention:&nbsp; Dana Brown</p>

<p class=Style40 style='margin-right:5.65pt'>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proposed Revisions to
Preliminary Proxy Statement of Good Times Restaurants Inc. (the &quot;Company&quot;)</p>

<p class=MsoSalutation>Dear Mr. Brown:</p>

<p class=MsoBodyText>Thank you for speaking with us on Friday, November 12,
2010 regarding your comments to the Company's preliminary proxy statement that
was filed on EDGAR on November 5, 2010 (the &quot;Proxy&quot;).</p>

<p class=MsoBodyText>In response to your comments, please consider the
following:</p>

<p class=MsoBodyText style='text-indent:0in'><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 14f-1 may apply
and, if so, revise the Proxy to include the applicable disclosure (relating to
an investment that includes majority control of the Board).</b></p>

<p class=MsoBodyText>Pursuant to Rule 14f-1, we have included additional disclosure
to the sections of the Proxy entitled &quot;Investor Board Designees&quot; and &quot;Security
Ownership of Certain Beneficial Owners and Management&quot; so that the information
provided in these sections, as revised, is substantially equivalent to the
information which would be required by Items 6(a), (d) and (e), 7 and 8 of
Schedule 14A of Regulation 14A if the Investor's director designees were
nominees for election as directors at the special meeting of stockholders.&nbsp; Specifically:</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As required by Item 6(a), the number of shares of the Company's
outstanding common stock and the number of votes to which each share of common
stock is entitled is stated on Page 1 of the Proxy under the heading &quot;Who is
entitled to attend and vote at the Special Meeting?&quot;.</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As required by Item 6(d), the information required by Item 403 of
Regulation S-K is set forth in the section of the Proxy entitled &quot;Security
Ownership of Certain Beneficial Owners and Management&quot; on Page 19 of the
revised document.&nbsp; </p>

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  <p class=Style30 style='margin-top:0in;margin-right:63.15pt;margin-bottom:
  0in;margin-left:72.2pt;margin-bottom:.0001pt'>Snell &amp; Wilmer is a
  member of LEX MUNDI, The Leading Association of Independent Law Firms.</p>
  </td>
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<p class=Style31 style='margin-top:8.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;line-height:12.0pt'>Snell &amp; Wilmer</p>

<p class=Style31 style='line-height:8.0pt'>_______________&nbsp;&nbsp;L.L.P. _____________</p>

<p class=MsoNormal>Securities and Exchange Commission</p>

<p class=MsoNormal>November 15, 2010</p>

<p class=MsoNormal style='margin-bottom:24.0pt'>Page 2</p>



<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 6(e) requires disclosure regarding any change of control of
the registrant that has occurred since the beginning of its last fiscal year.&nbsp;
At this time, no change of control of the registrant has yet occurred.&nbsp;
However, we disclose in the Proxy that the Investment Transaction will result
in a change of control.&nbsp; These disclosures are located on Page 3 under the
heading &quot;PROPOSAL #1 - APPROVAL OF THE INVESTMENT TRANSACTION&quot; and also on Page
6 in the fourth bullet point of the section entitled &quot;Board's Evaluation of the
Fairness of the Terms of the Investment Transaction.&quot;&nbsp; In addition, pursuant to
Instruction 2 to Item 6(e), a description of the arrangements between the
former and new control groups with respect to election of directors is set
forth in the &quot;Investor Board Designees&quot; section on Pages 9-11.</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 7(a) requires disclosure of the information required by
Instruction 4 to Item 103 of Regulation S-K with respect to directors and
executive officers.&nbsp; The Company does not have any material pending legal
proceedings to which any director or executive officer or any associate thereof
is a party adverse to the Company or any subsidiary or has a material interest
adverse to the Company or any subsidiary.&nbsp; Accordingly, no disclosure is made
with respect to this item.</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 7(b) requires disclosure of the information required by
Items 401, 404(a) and (b), 405 and 407(d)(4), (d)(5) and (h) of Regulation S-K.&nbsp;
</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Item 401, we have identified the Investor's
director designees and the continuing directors of the Company in the section
of the Proxy entitled &quot;Investor Board Designees&quot; on Pages 10-11 of the revised
document.&nbsp; We have also identified the executive officers of the Company on
Page 20 of the revised document.</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Items 404(a) and (b), we have identified related party
transactions in the section of the Proxy entitled &quot;Interest of Certain Persons
in Matters to be Acted Upon&quot; on Page 18 of the revised document.</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Item 405, we have added disclosure regarding
Section 16(a) compliance on Page 20 of the revised document, under the
sub-heading &quot;<i>Section 16(a) beneficial ownership reporting compliance.</i>&quot;</p>

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<p class=Style31 style='margin-top:8.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;line-height:12.0pt'>Snell &amp; Wilmer</p>

<p class=Style31 style='line-height:8.0pt'>_______________&nbsp;&nbsp;L.L.P. _____________</p>

<p class=MsoNormal>Securities and Exchange Commission</p>

<p class=MsoNormal>November 15, 2010</p>

<p class=MsoNormal style='margin-bottom:24.0pt'>Page 3</p>



<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Items 407(d)(4) and (d)(5), we have added
disclosure regarding the Audit Committee and its procedures on Page 12 of the
revised document, under the sub-heading &quot;<i>Audit Committee</i>.&quot;&nbsp; We have listed
the names of the current members of the Audit Committee and have disclosed that
all of the current members intend to resign as directors immediately following
the Closing of the Investment Transaction in order to fulfill the closing
condition set forth in the Purchase Agreement.&nbsp; We have also stated that,
following the Closing, the new Board will appoint new members of the Audit
Committee, all of whom will be independent directors under the applicable NASDAQ
listing standards.&nbsp; We have further stated that, following the Closing, the new
Board will designate a new Audit Committee financial expert to replace the
resigning director who currently serves in this capacity.</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Item 407(h), we have added disclosure regarding
the Board's leadership structure and role in risk oversight on Page 12 of the
revised document under the sub-headings &quot;<i>Leadership Structure</i>&quot; and &quot;<i>Risk
Oversight</i>&quot; respectively. </p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 7(c) requires disclosure of the information required by Item
407(a) of Regulation S-K.&nbsp; We have added disclosure to the second paragraph on
Page 11 of the revised document which lists the current directors whom the
Board has previously determined to be independent under the NASDAQ listing
standards.&nbsp; We have further disclosed which of the independent directors are
resigning and which are continuing on the Board.&nbsp; Finally, we have disclosed
that the new Board will make determinations regarding the independence of the
Investor's director designees when those individuals are appointed to the Board
following the Closing.</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 7(d) requires disclosure of the information required by Item
407(b), (c)(1), (c)(2), (d)(1), (d)(2), (d)(3), (e)(1), (e)(2), (e)(3) and (f)
of Regulation S-K.</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Item 407(b), we have added disclosure regarding
the number of Board meetings held in the fiscal year ended September 30, 2010,
the last full fiscal year of the Company, on Page 13 of the revised document
under the subheading &quot;<i>Board Meeting Attendance</i>.&quot;&nbsp; We have disclosed the
number of Audit Committee and Compensation Committee meetings held during the
fiscal year ended September 30, 2010 on Page 12 in the respective sections
entitled &quot;<i>Audit Committee</i>&quot; and &quot;<i>Compensation&nbsp; Committee</i>.&quot;&nbsp; We
have further disclosed on Page 13, in the section entitled &quot;<i>Board Meeting
Attendance</i>,&quot; that no director attended fewer than 75% of the Board meetings
and applicable committee meetings held in the last fiscal year. </p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Items 407(c)(1) and (c)(2), we have added
disclosure on Pages 11-12 of the revised document, in the section entitled &quot;<i>Director
Nominee Selection Process</i>,&quot; which states that the Company's Board as a
whole acts as its nominating committee and which further describes the director
nomination process.</p>

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<p class=Style31 style='margin-top:8.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;line-height:12.0pt'>Snell &amp; Wilmer</p>

<p class=Style31 style='line-height:8.0pt'>_______________&nbsp;&nbsp;L.L.P. _____________</p>

<p class=MsoNormal>Securities and Exchange Commission</p>

<p class=MsoNormal>November 15, 2010</p>

<p class=MsoNormal style='margin-bottom:24.0pt'>Page 4</p>



<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Items 407(d)(1) and (d)(2), we have added
disclosure on Page 12 of the revised document, in the section entitled &quot;<i>Audit
Committee</i>,&quot; which provides information regarding the Audit Committee
charter.&nbsp; We also disclose that all of the current members of the Audit
Committee will be resigning as directors immediately following the Closing of
the Investment Transaction and that the new Board will thereafter appoint new
members of the Audit Committee, all of whom will be independent directors under
the applicable NASDAQ listing standards.&nbsp; However, the new members of the Audit
Committee will not be determined until the Closing.&nbsp; Thus, determinations
regarding their independence cannot be made until that time.&nbsp; </p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
We have not provided the disclosure contemplated by Item
407(d)(3) because the audit for the fiscal year ended September 30, 2010 has
yet not been completed, and therefore the Audit Committee has not completed its
review and discussion of the audit as described in Item 407(d)(3).</p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Items 407(e)(1), (e)(2) and (e)(3), we have added
disclosure on Pages 12-13 of the revised document, under the subheading &quot;<i>Compensation
Committee</i>,&quot; regarding the Company's Compensation Committee and its
processes.&nbsp; With respect to committee membership, we have listed the names of
the current members of the Compensation Committee and have disclosed that all
of the current members intend to resign as directors immediately following the
Closing of the Investment Transaction in order to fulfill the closing condition
set forth in the Purchase Agreement.&nbsp; We have also stated that, following the
Closing, the new Board will appoint new members of the Compensation Committee,
all of whom will be independent directors under the applicable NASDAQ listing
standards.&nbsp; </p>

<p class=MsoBodyText style='margin-left:1.5in;text-indent:-.25in'>o&nbsp;&nbsp;
With respect to Item 407(f), we have added disclosure regarding
shareholder communications to the Board on Page 12 of the revised document,
under the subheading &quot;<i>Shareholder Communications</i>.&quot;</p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Items 7(e) and 7(f) do not apply to this Proxy as no shareholder
nominee is included.</p>

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<p class=Style31 style='margin-top:8.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;line-height:12.0pt'>Snell &amp; Wilmer</p>

<p class=Style31 style='line-height:8.0pt'>_______________&nbsp;&nbsp;L.L.P. _____________</p>

<p class=MsoNormal>Securities and Exchange Commission</p>

<p class=MsoNormal>November 15, 2010</p>

<p class=MsoNormal style='margin-bottom:24.0pt'>Page 5</p>



<p class=MsoBodyText style='margin-left:.75in;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Item 8 requires disclosure of the executive compensation
information required by Item 402 of Regulation S-K.&nbsp; The instructions to Item
402 provide that the executive compensation information required to be provided
is for the registrant's last completed fiscal year.&nbsp; The Company's last
completed fiscal year ended on September 30, 2010.&nbsp; The audit for this fiscal
year is ongoing and the Company does not at this point have the information
necessary to provide the executive compensation disclosure required by Item 402
of Regulation S-K for the fiscal year ended September 30, 2010.&nbsp; Accordingly,
on Page 20 of the revised document, under the subheading &quot;<i>Executive
Compensation</i>,&quot; we have incorporated by reference the information which will
be included by the Company in Part III of its Annual Report on Form 10-K for
the fiscal year ended September 30, 2010, which is due to be filed by December
29, 2010. </p>

<p class=MsoBodyText style='margin-left:.75in;text-indent:0in'>As we discussed on
Friday, the Company has previously disclosed the executive compensation
information required by Item 402 of Regulation S-K for the fiscal year ended
September 30, 2009 in the proxy statement for its last annual meeting of
stockholders which was held on September 30, 2010.&nbsp; The proxy statement for the
annual meeting containing the required Item 402 disclosure was filed on EDGAR
on September 1, 2010 and mailed to stockholders on or about September 3, 2010.&nbsp;
</p>

<p class=MsoBodyText style='text-indent:0in'><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On Page 4, revise the
reference to the proposal from a private equity firm to purchase all of the
common stock of Good Times Drive Thru Inc. (the Company's wholly-owned
subsidiary) to include a disclosure of the material terms of the proposal.</b></p>

<p class=MsoBodyText>On Page 4 of the Proxy, we have included additional
disclosure regarding the material terms of the private equity investor's
proposal considered by the Company in March 2010.&nbsp; </p>

<p class=MsoBodyText style='text-indent:0in'><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the transaction
being at a discount to the current market price, include disclosure of the
current market price and the percentage discount toward the beginning of the
document.</b></p>

<p class=MsoBodyText>On Page 3 of the Proxy, we have included additional
disclosure in the introductory paragraph under the heading &quot;PROPOSAL #1 -
APPROVAL OF THE INVESTMENT TRANSACTION&quot; which states the trading price of the
Company's common stock as of November 10, 2010 and the percentage discount to
that trading price represented by the purchase price of the Shares to be issued
in the Investment Transaction.&nbsp; </p>

<p class=MsoBodyText style='text-indent:0in'><b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regarding Proposal
#2, add the following &quot;balancing disclosures&quot; to the reverse split disclosure and
the amount of authorized but unissued shares post-transaction: </b></p>

<p class=MsoBodyText><b>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No further shareholder action is required
for the issuance of authorized shares (if that is true).</b></p>

<p class=MsoBodyText style='text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On Page 16 of the revised
document, we have added this disclosure at the end of the third paragraph under
the heading &quot;Effect of a Reverse Stock Split.&quot;&nbsp; </p>

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<p class=Style31 style='margin-top:8.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;line-height:12.0pt'>Snell &amp; Wilmer</p>

<p class=Style31 style='line-height:8.0pt'>_______________&nbsp;&nbsp;L.L.P. _____________</p>

<p class=MsoNormal>Securities and Exchange Commission</p>

<p class=MsoNormal>November 15, 2010</p>

<p class=MsoNormal style='margin-bottom:24.0pt'>Page 6</p>



<p class=MsoBodyText style='page-break-after:avoid'><b>&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The issuance
of additional shares may be dilutive to current shareholders.</b></p>

<p class=MsoBodyText style='text-indent:0in;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
Page 16 of the revised document, we have added a fourth paragraph under the
heading &quot;Effect of a Reverse Stock Split&quot; which contains this disclosure.</p>

<p class=MsoBodyText><b>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There is a potential anti-takeover effect
with additional shares available for issuance to current shareholders that
could be disadvantageous.</b></p>

<p class=MsoBodyText>On Page 16 of the revised document, we have added a
section with the separate heading &quot;Potential Anti-Takeover Effects.&quot;</p>

<p class=MsoBodyText style='text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As we discussed with
you on Friday, the Company needs to be in a position close the Investment
Transaction on November 30, 2010 in order to regain compliance with NASDAQ's minimum
stockholder equity requirement.&nbsp; This schedule requires that the special
meeting of stockholders be held on November 29, 2010, which in turn requires
that the meeting notice and proxy statement be mailed to stockholders no later
than November 19, 2010.&nbsp; Accordingly, the Company hopes to file its definitive
proxy statement on Monday, November 15, 2010 in order to meet its printing and
mailing schedule, as the Company is doing a full set delivery of proxy
materials to all of its stockholders.&nbsp; </p>

<p class=MsoBodyText style='text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attached to this
letter are copies of the revised pages of the Proxy for your review.&nbsp; Due to
the foregoing schedule, we appreciate your prompt attention to this matter.&nbsp;
Please do not hesitate to contact me at (303) 634-2112 with any questions. </p>

<p class=MsoBodyText style='text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Again, thank you very
much for your time in speaking with us on Friday and in reviewing this
submission.</p>

<p class=Style28>Very truly yours,</p>



<p class=Style28>Snell &amp; Wilmer L.L.P.</p>



<p class=Style28>/s/ Kristin M. Sprinkle</p>



<p class=Style28>Kristin M. Sprinkle</p>

<p class=Style28 style='margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt'>Attachment</p>

<p class=Style28 style='margin-top:12.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in'>cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd
Hoback, President &amp; CEO, Good Times Restaurants Inc.<br>
Cheri Carper Bennett, Esq., Perry, Krumsiek &amp; Jack, LLP<br>
Roger Cohen, Esq., Snell &amp; Wilmer L.L.P.</p>

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