<SEC-DOCUMENT>0001144204-12-049697.txt : 20121011
<SEC-HEADER>0001144204-12-049697.hdr.sgml : 20121011
<ACCEPTANCE-DATETIME>20120905162428
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-049697
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BKF CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0000009235
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				360767530
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 N.E. MIZNER BOULEVARD, SUITE 400
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33432
		BUSINESS PHONE:		561 362-4199

	MAIL ADDRESS:	
		STREET 1:		225 N.E. MIZNER BOULEVARD, SUITE 400
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33432

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAKER FENTRESS & CO
		DATE OF NAME CHANGE:	19970829

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAKER FENTRESS & CO ET AL
		DATE OF NAME CHANGE:	19940714
</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BKF
CAPITAL GROUP, INC.</FONT></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; text-align: right">225 N. E. Mizner Blvd., Suite 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Boca Raton, FL 33432</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Phone: 561.362.4199</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: 561.362.47.22</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in; text-align: right">August 20, 2012</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA FED EX OVERNIGHT DELIVERY</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">Ms. Sherry Haywood</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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: 0.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">Re:</TD><TD STYLE="padding-right: 0; padding-left: 0">BKF Capital Group, Inc.</TD></TR></TABLE>

<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: 0.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="padding-right: 0; padding-left: 0">File No. 1-10024</TD></TR></TABLE>

<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: 0.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="padding-right: 0; padding-left: 0"><U>Form 10-K for Fiscal Year Ended December 31, 2011 (filed April 15, 2012)</U></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Haywood,</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-indent: 0.5in">BKF Capital Group, Inc. (the &ldquo;Company&rdquo;
or &ldquo;BKF&rdquo;), hereby responds to the Commission&rsquo;s comment letter, dated July 16, 2012, concerning the Company&rsquo;s
Form 10-K for the fiscal year ended December 31, 2011, which was filed on April 16, 2012 (the &ldquo;2011 10- K&rdquo;). We shall
respond to the Staff&rsquo;s two comments separately below.</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; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0">Comment No. 1.</TD><TD STYLE="padding-right: 0; padding-left: 0">Item 13. Certain Relationship and Related Transactions (page 22)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Please explain to us the current terms of your royalty
fee sharing arrangement and whether you will continue to receive royalty payments in the future. We note that you received royalty
payments for the year ended December 31, 2011 although you disclosed that the agreement under which the royalties were received
expired on September 30, 2010.</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 0.5in">Response:&#9;BKF currently has no royalty fee agreements
in place. Prior to 2006, BKF was engaged in the business of asset management. During 2005 BKF was the subject of a shareholder
initiated proxy contest to replace the existing board of directors of BKF and thereafter a change in management ensued. BKF entered
into a separation agreement, dated as of August 22, 2005 (the &ldquo;JAL Agreement&rdquo;) with John A. Levin (&ldquo;JAL&rdquo;),
BKF&rsquo;s prior chief executive officer, that provided among other things, that in the event JAL derives revenue from prior BKF
clients, then JAL will pay to BKF a fee equal to 15% of the annual revenues collected by JAL for a period of five years commencing
October 1,</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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BKF
CAPITAL GROUP, INC.</FONT></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">225 N. E. Mizner Blvd., Suite 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Boca Raton, FL 33432</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Phone: 561.362.4199</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: 561.362.47.22</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"></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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 20, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2005. Under the JAL Agreement, BKF received quarterly
revenues of approximately $300,000 per quarter or $1,200,000 per year. BKF previously filed the JAL Agreement as an exhibit to
a Current Report on Form 8-K filed on August 24, 2005.</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 0.5in; text-indent: 0.5in">Thereafter BKF suffered a mass
exodus of its money managers and by the end of 2006 BKF had ceased engaging in the business of asset management. In March 2006,
BKF entered into an agreement with Frank Rango, a former BKF employee, whereby BKF transferred its interest in an investment partnership
known as L.R.K. Savings, L.P. (the &ldquo;Rango Agreement&rdquo;) and Mr. Rango would pay BKF a fee equal to 15% of the annual
revenues collected by Mr. Rango for a period of five years commencing on March 31, 2006. Under the Rango Agreement, BKF received
annual revenues of approximately $20,000 or less per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The current management of BKF
took control of the Company in September 2008. At that time BKF established a book keeping account called &ldquo;Royalties&rdquo;
in order to track the revenue received by BKF under the JAL Agreement. The JAL Agreement terminated on September 30, 2010. In fiscal
year 2010, BKF recorded all revenues received under the JAL Agreement.</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 0.5in; text-indent: 0.5in">The Rango Agreement did not expire
until March 31, 2011 and under the Rango Agreement, BKF was paid on an annual basis following year end. During 2011, BKF received
$17,360 under the Rango Agreement for the period January 1, 2010 through December 31, 2010. The Rango Agreement terminated on March
31, 2011. During 2012, BKF received $5,664 as the final payment under the Rango Agreement for the period January 1, 2011 through
March 31, 2011.</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 0.5in; text-indent: 0.5in">In the 2011 10-K, BKF reported
the $17,360 received under the Rango Agreement as Royalties. In its quarterly report on Form 10-Q for the quarter ended June 30,
2012, BKF reclassified its accounts and removed the Royalties account. Accordingly, BKF reported the $17,360 received under the
Rango Agreement as non operating other income.</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 0.5in; text-indent: 0.5in">BKF does not expect to receive
any future revenues under the JAL Agreement or the Rango Agreement.</P>

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

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<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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BKF
CAPITAL GROUP, INC.</FONT></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">225 N. E. Mizner Blvd., Suite 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Boca Raton, FL 33432</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Phone: 561.362.4199</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: 561.362.47.22</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"></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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 20, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page three</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">&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; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0">Comment No. 2.</TD><TD STYLE="padding-right: 0; padding-left: 0">Signatures (page 26)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">In future filings, please ensure that your principal
financial officer and your controller or principal accounting officer signs the annual report. Any person who occupies more than
one position shall indicate each capacity in which he or she signs the report. Please see General Instruction D(2)(a) and (b) on
Form 10-K for information on required signatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</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-indent: 0.5in">BKF acknowledges that the 2011 10-K did
not indicate that it was signed by BKF&rsquo;s principal financial officer. In all future annual reports, BKF shall, in accordance
with the instructions to Form 10-K, have the report signed by BKF&rsquo;s principal executive officer and its principal financial
officer and BKF shall indicate next to such signatures all positions held by each signatory to the annual report on Form 10-K.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please be advised that the BKF and its management
acknowledge that:</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-indent: 0.5in">1. the Company is responsible for the adequacy
and accuracy of the disclosure in its filings;</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-indent: 0.5in">2. 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</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-indent: 0.5in">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.</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-indent: 0.5in">Please do not hesitate to contact the undersigned
if you have any questions concerning the above or if you require any additional information.</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">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 0; padding-left: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Steven N. Bronson, President</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">&nbsp;</P>

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