<SEC-DOCUMENT>0001062993-18-004781.txt : 20181121
<SEC-HEADER>0001062993-18-004781.hdr.sgml : 20181121
<ACCEPTANCE-DATETIME>20181121141322
ACCESSION NUMBER:		0001062993-18-004781
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20181121
DATE AS OF CHANGE:		20181121

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NTN BUZZTIME INC
		CENTRAL INDEX KEY:			0000748592
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				311103425
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42217
		FILM NUMBER:		181197941

	BUSINESS ADDRESS:	
		STREET 1:		2231 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008
		BUSINESS PHONE:		7604387400

	MAIL ADDRESS:	
		STREET 1:		2231 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NTN COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALROY INDUSTRIES INC
		DATE OF NAME CHANGE:	19850411

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North Star Investment Management Corp.
		CENTRAL INDEX KEY:			0001342857
		IRS NUMBER:				364467498
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		20 N. WACKER DRIVE
		STREET 2:		SUITE # 1416
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-580-0900

	MAIL ADDRESS:	
		STREET 1:		20 N. WACKER DRIVE
		STREET 2:		SUITE # 1416
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>schedule13d.htm
<DESCRIPTION>SC 13D
<TEXT>
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   <TITLE>North Star Investment Management Corp.: Schedule 13D - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>SCHEDULE 13D </FONT></B></P>
<P align=center>Under the Securities Exchange Act of 1934 </P>
<P align=center><B><U><FONT size=5>NTN Buzztime, Inc. </FONT></U><BR></B>(Name
of Issuer) </P>
<P align=center><B><U>Common Stock, par value $0.005 per share</U><BR></B>(Title
of Class of Securities) </P>
<P align=center><B><U>629410606 </U><BR></B>(CUSIP Number) </P>
<P align=center><B>Andrew Eisenberg, General Counsel/Chief Compliance Officer
<BR>North Star Investment Management Corporation <BR>20 N. Wacker Drive, Suite
1416 <BR><U>Chicago, IL 60606 </U><BR></B>(Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications) </P>
<P align=center><B><U>November 21, 2018 </U><BR></B>(Date of Event which
Requires Filing of this Statement) </P>
<P align=justify>If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of 240.13d -1(e), 240.13d -1(f) or 240.13d
-1(g), check the following box [X]. </P>
<P align=justify>Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See 240.13d
-7(b) for other parties to whom copies are to be sent. </P>
<P align=justify>*The remainder of this cover page shall be filled out for a
reporting person&#146;s initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page. </P>
<P align=justify>The information required on the remainder of this cover page
shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the
Securities Exchange Act of 1934 (&#147;Act&#148;) or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes). </P>
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<P align=center><B>SCHEDULE 13D </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="30%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CUSIP
      No.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B>629410606</B> </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left width="5%" ><B>1</B> <BR><BR></TD>
    <TD align=left width="95%" colSpan=3>NAMES OF REPORTING PERSONS <BR>I.R.S.
      IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) <BR>&nbsp; <BR>North
      Star Investment Management Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>2</B> <BR><BR></TD>
    <TD align=left width="95%" colSpan=3>CHECK THE APPROPRIATE BOX IF A MEMBER
      OF A GROUP* <BR>&nbsp; <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a) [ ]
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) [ ] </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>3</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>SEC USE ONLY <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>4</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>SOURCE OF FUNDS (See Instructions)
      <BR>&nbsp; <BR>OO </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>5</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>CHECK IF DISCLOSURE OF LEGAL
      PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) <BR>&nbsp; <BR>[ ]
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>6</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>CITIZENSHIP OR PLACE OF ORGANIZATION
      <BR>&nbsp; <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD vAlign=middle align=center colSpan=2 rowSpan=4 width="10%" nowrap >NUMBER OF
      <BR>SHARES <BR>BENEFICIALLY <BR>OWNED BY <BR>EACH <BR>REPORTING
      <BR>PERSON <BR>WITH </TD>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="85%">SOLE VOTING POWER <BR>&nbsp; <BR>285,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="85%">SHARED VOTING POWER <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>9</B> <BR></TD>
    <TD align=left width="85%">SOLE DISPOSITIVE POWER <BR>&nbsp; <BR>285,000
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>10</B> <BR></TD>
    <TD align=left width="85%">SHARED DISPOSITIVE POWER <BR>&nbsp; <BR>11,000
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>11</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH REPORTING PERSON <BR>&nbsp; <BR>296,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>12</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>CHECK BOX IF THE AGGREGATE AMOUNT IN
      ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) <BR>&nbsp; <BR>[ ]
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>13</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (11) <BR>&nbsp; <BR>10.33% </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>14</B> <BR></TD>
    <TD align=left width="95%" colSpan=3>TYPE OF REPORTING PERSON (See
      Instructions) <BR>&nbsp; <BR>IA </TD></TR></TABLE></DIV><BR>
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<P align=right>Page 2 </P>
<P align=justify><B>Explanatory Note: </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Star Investment Management
Corporation, the Reporting Person, heretofore has reported its beneficial
ownership of shares of the Common Stock of NTN Buzztime, Inc. on Schedule 13G.
The Reporting Person is required to amend its Schedule 13G to report a recent
letter sent to the Board of Directors </P>
<P align=justify><B>Item 1. Security and Issuer </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This statement on Schedule 13D
relates to the Common Stock, par value $0.005 per share (the &#147;Common Stock&#148;), of
NTN Buzztime, Inc., a Delaware corporation (the &#147;Issuer&#148;), which were purchased
by investment advisory clients of the Reporting Person (the &#147;Shares&#148;). The
principal executive offices of the Issuer are located at 2231 Rutherford Road,
#200, Carlsbad, California 92008. </P>
<P align=justify><B>Item 2. Identity and Background </B></P>
<P align=justify>(a)-(c) The reporting person is: North Star Investment
Management Corporation (the &#147;Reporting Person&#148;), a Delaware corporation. The
Reporting Person is a privately-held investment advisor which is wholly owned by
North Star Financial Services Corp. (the &#147;Holding Company&#148;). The Reporting
Person provides investment advisory services to public mutual and private
investment funds (&#147;Funds&#148;) and accounts held by corporations, individuals and
others (the &#147;Separately Managed Accounts&#148;). </P>
<P align=justify>The business address of the Reporting Person and the Holding
Company is: 20 N. Wacker Drive, Suite 1416, Chicago, IL 60606&nbsp; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; (i) The names, addresses and principal
occupations of each of the Reporting Person&#146;s executive officers, each member of
the Reporting Person&#146;s Board of Directors and any other persons ultimately in
control of the Reporting Person are set forth below: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Peter Gottlieb &#150; President, Director
and control person of Reporting Person </P>
<P style="MARGIN-LEFT: 5%" align=justify>Eric Kuby &#150; Chief Investment Officer,
Director and control person of Reporting Person </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; (ii) The names, addresses and
principal occupations of each of the Holding Company&#146;s executive officers, each
member of the Holding Company&#146;s Board of Directors and any other persons
ultimately in control of the Reporting Person are set forth below: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Eric Kuby &#150; President, Director and
control person of Holding Company </P>
<P style="MARGIN-LEFT: 5%" align=justify>Peter Gottlieb &#150; Secretary, Treasurer,
Director and control person of Holding Company </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The address for each of the
individuals listed above is 20 N. Wacker Drive, Suite 1416, Chicago, IL 60606.
</P>
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<P align=right>Page 3 </P>
<P align=justify>(d) During the last five years, neither the Reporting Person,
the Holding Company, nor, to the best of the Reporting Person&#146;s knowledge, any
of the persons named in response to Item 2(a) above have been convicted in any
criminal proceeding (excluding traffic violations or similar misdemeanors). </P>
<P align=justify>(e) During the last five years, neither the Reporting Person,
the Holding Company, nor, to the best of the Reporting Person&#146;s knowledge, any
of the persons named in response to Item 2(a) above have been a party to any
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding, was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or fining any violation
with respect to such laws. </P>
<P align=justify>(f) Mr. Gottlieb and Mr. Kuby are each a citizen of the United
States. </P>
<P align=justify><B>Item 3. Source and Amount of Funds or Other Considerations
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares purchased on behalf of
the respective Funds were purchased with monies obtained by the Funds through
capital contributions from investors in the Funds. The Shares purchased on
behalf of the Separately Managed Accounts were purchased with personal or
operating funds of the account holders. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approximate amount of funds
used by the Reporting Person&#146;s advisory clients to purchase the Shares reported
herein is $1,585,000. </P>
<P align=justify><B>Item 4. Purpose of Transaction </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares were purchased for
investment purposes on behalf of the advisory clients of the Reporting Person.
The Reporting Person intends to evaluate from time to time the investment goals
and objectives of its advisory clients, other investment opportunities available
to them, and general economic, market and other conditions, as well as the
Issuer's business operations and prospects and the price and availability of
shares of Common Stock. Based on such evaluations, the Reporting Person may
determine at any time to cause its advisory clients to acquire additional shares
of Common Stock or sell or otherwise dispose of some or all of the Shares. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 21, 2018, the
Reporting Person sent a letter to the Board of Directors of the Issuer (the
&#147;Issuer Letter&#148;) in which, among other things, the Reporting Person expressed
disappointment in the performance of the Board of Directors of the Issuer and
specifically requested that the Board members purchase additional shares in the
open market to demonstrate their faith in the company. Additionally, the letter
requested that if a Board member is not willing to purchase additional shares,
then the member should resign. If a Board member fails to purchase additional
shares or fails to resign, North Star will vote against that members future
nominations to The foregoing description of the Issuer Letter is qualified in
its entirety by reference to the full text of the Issuer Letter, a copy of which
is filed as Exhibit A to this Schedule 13D and is incorporated by reference into
this Item 4. </P>
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<P align=right>Page 4 </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person may seek to
engage in discussions with the management of the concerning the Issuer or its
business or operations. Such discussions may relate to any one or more of the
transactions specified below in clauses (a) through (j) of this Item 4. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described above, the
Reporting Person has no plans or proposals which relate to or would result in:
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The acquisition by any person
of additional securities of the Issuer, or the disposition of securities of the
Issuer; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving the
Issuer; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A sale or transfer of a
material amount of assets of the Issuer; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any change in the present
board of directors or management of the Issuer, including any plans or proposals
to change the number or term of directors or to fill any existing vacancies on
the board; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any material change in the
present capitalization or dividend policy of the Issuer; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any other material change in
the Issuer's business or corporate structure; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Changes in the Issuer's
charter, bylaws or instruments corresponding thereto or other actions which may
impede the acquisition of control of the Issuer by any person; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Causing a class of securities
of the Issuer to be delisted from a national securities exchange or to cease to
be authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A class of equity securities
of the Issuer becoming eligible for termination of registration pursuant to
Section 12(g)(4) of the Act; or </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any action similar to any of
those enumerated above. </P>
<P align=justify><B>Item 5. Interest in Securities of the Issuer </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reporting Person is the
beneficial owner of a total of 296,000 Shares, representing approximately 10.33%
of the shares of the Common Stock outstanding (based on 2,873,340 shares of
Common Stock outstanding on November 7, 2018, as reported in the Issuer&#146;s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2018). None of
the persons named in Item 2 other than the Reporting Person beneficially own any
of the securities reported herein.<B> </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Reporting Person has sole
voting and dispositive power over the 285,000 Shares held, in the aggregate, by
the Funds and has shared dispositive power and no voting power over the 11,000
Shares held in the aggregate in the Separately Managed Accounts. </P>
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<P align=right>Page 5 </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no
transactions in the class or securities during the past sixty (60) days.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable. </P>
<P align=justify><B>Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no contracts,
arrangements, understandings or relationships between the Reporting Person or
any executive officers or directors of the Reporting Person, and any other
person, with respect to any securities of the Issuer, including but not limited
to transfer of voting of any of the shares, finder's fees, joint ventures, loan
or option arrangements, puts or calls, guarantees of profits, division of
profits or loss, or the giving or withholding of proxies, other than the
investment advisory contracts between the Reporting Person and its investment
advisory clients, in which the advisory clients grant to the Reporting Person
voting and investment power with respect to securities held in their respective
accounts, including shares of the Issuer. </P>
<P align=justify><B>Item 7. Material to Be Filed as Exhibits </B></P>
<P align=justify>Letter to Board of Directors. (See attached). </P>
<P align=justify><B>Signature </B></P>
<P align=justify>After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>November 21, 2018
    </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dated </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Andrew
      Eisenberg </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Signature </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>General
      Counsel/Chief Compliance Officer </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name/Title </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The original statement shall be signed by each person on whose
behalf the statement is filed or his authorized representative. If the statement
is signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative&#146;s authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature. </P>
<P align=justify><B>Attention: Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001). </B></P>
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<P align=right>Page 6 </P>
<P align=center><B>EXHIBIT A </B></P>
<P align=justify>
  <!--$$/page=-->
  <A name=page_1></A>
  <IMG
src="exhibitax1x1.jpg" border=0 width="572" height="138"> <BR>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>November 21, 2018 </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Board of Directors </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NTN Buzztime, Inc. </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>2231 Rutherford Road, #200 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Carlsbad, CA 92008 </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Re: Board of Directors </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Dear Sirs and Madam, </TD>
  </TR>
</TABLE>
<P align=justify>It is our opinion that the Board members of companies the size
  of NTN should exhibit their faith by owning shares of the company and purchasing
  shares in the open market when reasonable. We think that $100,000 minimum
  capital commitment would be reasonable, particularly at these depressed levels.
  We take note that there have been ZERO purchases by Board members this year
  (2018), and an embarrassing amount of small sales made (option related most
  likely). In fact, with the sole exception of a small purchase by Richard Simtob
  in December 2017, there haven&#146;t been any open market purchases since we made our
  sizeable investment in the company in March 2017. </P>
<P align=justify>We call upon all Board members who are unwilling to invest in
  the Company to resign and be replaced by stakeholders willing to provide capital
  and believe in the company. For those who neither resign nor make purchases, it
  is our current intention to vote against their future nominations. According to
  recent SEC filings, we are your third largest shareholder, owning over 10% of
  the outstanding shares.</P>
<P align=justify>Additionally, we feel the senior executives should also
  demonstrate their commitment by making similar purchases.</P>
<P align=justify>Respectfully, </P>
<BR>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left  >&nbsp;<IMG
      src="exhibitax1x2.jpg"
      border=0 width="120" height="40"></TD>
    <TD align=left width="75%" >&nbsp;<IMG
      src="exhibitax1x3.jpg"
      border=0 width="94" height="38"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Peter Gottlieb </TD>
    <TD align=left width="75%">Eric Kuby </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center>THE CIVIC OPERA BUILDING &#149; 20 NORTH WACKER DRIVE &#149; SUITE
      1416 &#149; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>CHICAGO, ILLINOIS 60606 &#149; 312.580.0900 PHONE &#149;
      312.580.0901 FAX </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Securities are offered through Mid Atlantic Capital
      Corporation (MACC), a registered Broker Dealer, Member FINRA/SIPC. </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>Advisory services offered through </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>North Star Investment Management Corp. (NSIMC). a
      Registered Investment Adviser. North Star Investment Management </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>Corp. is not a subsidiary or control affiliate of MACC. </TD>
  </TR>
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<DOCUMENT>
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end
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</SEC-DOCUMENT>
