FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SPRUCE HOUSE PARTNERS LP 		2. Issuer Name and Ticker or Trading Symbol

LL&E ROYALTY TRUST [ LRT ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

110 EAST 42ND STREET, SUITE 1100 		3. Date of Earliest Transaction (MM/DD/YYYY)

9/10/2009
(Street)

NEW YORK, NY 10017
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Units of Beneficial Interest   9/10/2009     P    24200   A $0.535   155484   (1) D   (1) (2) (3)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  These Units of Beneficial Interest (the "Units") are directly owned by Spruce House Partners LP and beneficially owned by its partners. Each of Messrs. Benjamin Stein and Zachary Sternberg and Spruce House Capital LLC disclaims beneficial ownership of these Units except to the extent of his or its respective pecuniary interests therein, if any.
( 2)  Each of Spruce House Partners LP ("SHP"), Spruce House Capital LLC ("SHC," and together with SHP, Benjamin Stein and Zachary Sternberg, the "Spruce House Parties"), general partner of SHP, Mr. Stein and Mr. Sternberg, each Managing Members of SHC, may be deemed to be a group (for the purpose of Rule 16a-1(a)(1) under the Exchange Act) with Robotti & Company, LLC ("Robotti & Company"), a broker-dealer registered under Section 15 of the Securities Exchange of 1934, as amended ("Exchange Act"), Robotti & Company Advisors, LLC ("Robotti & Company Advisors"), an investment adviser registered under the Investment Advisers Act of 1940, as amended,
( 3)  Due to a 1000 character limit, Footnotes 3 is a continuation of Footnote 2: Robotti & Company, Incorporated ("ROBT"), the parent holding company for Robotti & Company and Robotti & Company Advisors, The Ravenswood Investment Company, L.P. ("RIC"), Ravenswood Investments III, L.P. ("RI"), Ravenswood Management Company, L.L.C. ("RMC," and together with Robotti & Company, Robotti & Company Advisors, RIC, RI, Robert Robotti and Kenneth R. Wasiak, the "Robotti Parties"), the general partner of RIC and RI, Mr. Robotti, President and an owner of ROBT, President of Robotti & Company and Robotti & Company Advisors and a Managing Member of RMC, and Mr. Wasiak, a Managing Member of RMC, due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Spruce House Parties disclaims beneficial ownership of any Units owned by any of the Robotti Parties.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SPRUCE HOUSE PARTNERS LP
110 EAST 42ND STREET
SUITE 1100
NEW YORK, NY 10017
X

Spruce House Capital LLC
110 EAST 42ND STREET, SUITE 1100
NEW YORK, NY 10017
X


Signatures
/s/ Benjamin Stein 9/14/2009
** Signature of Reporting Person Date

/s/ Zachary Sternberg 9/14/2009
** Signature of Reporting Person Date

Spruce House Capital LLC 9/14/2009
** Signature of Reporting Person Date

Spruce House Partners LP 9/14/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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