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<SEC-DOCUMENT>0000950123-10-006587.txt : 20101005
<SEC-HEADER>0000950123-10-006587.hdr.sgml : 20101005
<ACCEPTANCE-DATETIME>20100129121000
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-006587
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR SHOPPING CENTERS INC
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CEDAR SHOPPING CENTERS, INC.<BR>
44 SOUTH BAYLES AVENUE<BR>
PORT WASHINGTON, NY 11050-3765</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">January&nbsp;29, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Yolanda Crittenden, Staff Accountant<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E., Mail Stop 3010<BR>
Washington, DC 20549

</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="1%" nowrap align="left">Re:</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><U>Cedar Shopping Centers, Inc.</U><BR>
<U>Form&nbsp;10-K for the year ended December&nbsp;31, 2008</U><BR>
<U>Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2009 and June&nbsp;30, 2009</U><BR>
<U>File No.&nbsp;001-31817</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Crittenden:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to the Staff&#146;s follow-up letter dated December&nbsp;14, 2009 bearing the captioned
file number and headings, our reply dated January&nbsp;11, 2010 and the subsequent telephone call with
you on January&nbsp;25, 2010. The following is respectfully submitted by Cedar Shopping Centers, Inc.
(the &#147;Company&#148;) in response thereto:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Form&nbsp;10-K</U><BR>
<U>Item&nbsp;8 &#151; Financial Statements and Supplementary Data, page 37</U><BR>
<U>Note 2 &#151; Summary of Significant Accounting Policies, page 44</U><BR>
<U>Intangible Lease Asset/Liability, page 46</U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <U>Your Comment and Requested Clarification</U>: We have read and considered your response to
comment one which indicates that you deemed the exercisability of lease renewal options to be low
based upon historical experience. Please provide us with statistics or other quantitative data that
supports this historical experience for each reporting period presented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Company&#146;s Response</U>: The Company has determined that the likelihood of fixed-rate
renewal option exercise was low given the several factors previously submitted. As noted, the
Company&#146;s expectations have been generally consistent with its actual experience. The Company
historically has recorded approximately $103&nbsp;million of intangible lease liabilities in connection
with its asset acquisitions. The following schedule sets forth the Company&#146;s historical experience
with respect to potential lease-modifying events subsequent to the purchase of a property where the
amount of intangible lease liability allocated for such leases represented $500,000 or more at the
time of acquisition. The data presented further supports the original position that the
probability of the exercise of lease renewal options was
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ms.&nbsp;Yolanda Crittenden, Staff Accountant<BR>
Securities and Exchange Commission, Division of Corporation Finance<BR>
January&nbsp;29, 2010<BR>
Page 2
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">low for leases as to which the Company established intangible lease liabilities. This schedule
shows that of leases that had potential lease-modifying events subsequent to acquisition, 63.5%,
based on annualized base rent, were not renewed or the premises were vacated. This will confirm,
as per your telephonic request, that all the intangible lease liabilities reflect below-market
leases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information presented in the table is as follows: (i)&nbsp;property name, (ii)&nbsp;property location,
(iii)&nbsp;tenant name, (iv)&nbsp;expiration date of original non-cancelable lease term at the date of
acquisition, (v)&nbsp;year in which the lease had potential lease-modifying events, and (vi)&nbsp;annualized
base rent amount due from the tenant:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Original</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-Cancelable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Appli-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Lease Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>cable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Annualized</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tenant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Event</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Base Rent</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B><I>Tenants not renewing leases or vacating premises</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Brickyard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Berlin, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sam&#146;s Club</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1/31/2010</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,103,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oakland Commons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bristol, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shaw&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2/29/2016</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956,568</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kempsville Crossing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Virginia Beach, VA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Farm Fresh</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1/31/2021</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">805,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD NOWRAP><DIV style="margin-left:15px; text-indent:-15px">West Bridgewater Plaza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>W Bridgewater, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shaw&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2/28/2027</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shore Mall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Egg Harbor Twp, NJ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Value City</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6/30/2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Brickyard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Berlin, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syms</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3/31/2010</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:15px; text-indent:-15px">Lake Raystown Plaza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Huntingdon, PA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Giant Foods</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9/25/2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,867</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jordan Lane</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wethersfield, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Friendly Fitness</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8/31/2014</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,708</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Parkway Plaza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Mechanicsburg, PA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fulton Bank</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12/31/2018</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,543,881</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B><I>63.5</I></B></TD>
    <TD nowrap><B><I>%</I></B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD NOWRAP COLSPAN=3><DIV style="margin-left:15px; text-indent:-15px"><B><I>Total tenants renewing</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,610,318</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B><I>36.5</I></B></TD>
    <TD nowrap><B><I>%</I></B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top" colspan="5"><DIV style="margin-left: 30px; text-indent:-15px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,154,199</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the above, the Company hereby acknowledges that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The Company is responsible for the adequacy and accuracy of the disclosures in the filings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Staff comments or changes to disclosures in response to staff comments do not foreclose the
Commission from taking any action with respect to the filings; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. 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, after review hereof, you should have any additional questions or should require any additional
information, please contact the undersigned at (direct)&nbsp;516-944-4525.
</DIV>


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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ms.&nbsp;Yolanda Crittenden, Staff Accountant<BR>
Securities and Exchange Commission, Division of Corporation Finance<BR>
January&nbsp;29, 2010<BR>
Page 3
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>

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

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

    <TD colspan="3" align="left">Leo S. Ullman&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">Chairman, Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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="1%" nowrap align="left">cc:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ms.&nbsp;Linda VanDoorn, Senior Assistant Chief Accountant</TD>
</TR>

</TABLE>
</DIV>


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



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