llet_13d.htm

0001354488-11-002202.txt : 20110718 0001354488-11-002202.hdr.sgml : 20110718 20110718103200 ACCESSION NUMBER: 0001354488-11-002202 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20110718 DATE AS OF CHANGE: 20110718 GROUP MEMBERS: HAYLEY J BECKETT & JEFFREY R BECKETT JT TEN GROUP MEMBERS: JEFF BECKETT GROUP MEMBERS: JEFFREY BECKETT BENEFICIARY OF JAMES BECKETT IRA GROUP MEMBERS: JEFFREY R BECKETT AS CUSTODIAN FOR JAIMEE CAROLYN BECKETT UT GROUP MEMBERS: JEFFREY R BECKETT AS CUSTODIAN FOR MACKENZIE RUNNOE BECKETT FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Beckett Jeffrey R CENTRAL INDEX KEY: 0001506322 FILING VALUES: FORM TYPE: SC 13D MAIL ADDRESS: STREET 1: 380 NORTH OLD WOODWARD STREET 2: SUITE 300 CITY: BIRMINGHAM STATE: MI ZIP: 48009 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LL&E ROYALTY TRUST CENTRAL INDEX KEY: 0000721765 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 766007940 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-34437 FILM NUMBER: 11972034 BUSINESS ADDRESS: STREET 1: BANK OF NEW YORK MELLON TRUST COMPANY STREET 2: 919 CONGRESS AVENUE, 5TH FLOOR CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: 800-852-1422 MAIL ADDRESS: STREET 1: BANK OF NEW YORK MELLON TRUST COMPANY STREET 2: 919 CONGRESS AVENUE, 5TH FLOOR CITY: AUSTIN STATE: TX ZIP: 78701 SC 13D 1 llet_13d.htm SC 13D llet_13d.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )*

LL & E ROYALTY TRUST

(Name of Issuer)

UNITS OF BENEFICIAL OWNERSHIP

(Title of Class of Securities)

502003106

(CUSIP Number)

JEFFREY R. BECKETT

380 NORTH OLD WOODWARD

SUITE 300

BIRMINGHAM, MI, 48009

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 12, 2011

(Date of Event which Requires Filing of this Statement)

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. þ

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

(Continued on following pages)

(Page 1 of 9 Pages)

———————

* The remainder of this cover page shall be filled out for a reporting person'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.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") 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).

CUSIP No. 502003106

13D

Page 2 of 9 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) JEFF BECKETT
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a) o
	(b) o

3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
	o

6	CITIZENSHIP OR PLACE OF ORGANIZATION US
NUMBER OF		7	SOLE VOTING POWER 3,404,929
SHARES BENEFICIALLY OWNED BY		8	SHARED VOTING POWER 3,872,629
EACH REPORTING PERSON		9	SOLE DISPOSITIVE POWER
WITH		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,872,629
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.38%
14	TYPE OF REPORTING PERSON INDIVIDUAL

CUSIP No. 502003106

13D

Page 3 of 9 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey Beckett beneficiary of James Beckett IRA
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a) o
	(b) o

3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
	o

6	CITIZENSHIP OR PLACE OF ORGANIZATION
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 120,500
		8	SHARED VOTING POWER 3,872,629
		9	SOLE DISPOSITIVE POWER
		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,872,629
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.38%
14	TYPE OF REPORTING PERSON INDIVIDUAL

CUSIP No. 502003106

13D

Page 4 of 9 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Hayley J Beckett & Jeffrey R Beckett JT Ten
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a) o
	(b) o

3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
	o

6	CITIZENSHIP OR PLACE OF ORGANIZATION
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 132,400
		8	SHARED VOTING POWER 3,872,629
		9	SOLE DISPOSITIVE POWER
		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,872,629
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.38%
14	TYPE OF REPORTING PERSON INDIVIDUAL

CUSIP No. 502003106

13D

Page 5 of 9 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey R Beckett As Custodian for Jaimee Carolyn Beckett UTMA Mi
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a) o
	(b) o

3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
	o

6	CITIZENSHIP OR PLACE OF ORGANIZATION
NUMBER OF		7	SOLE VOTING POWER 107,400
SHARES BENEFICIALLY OWNED BY		8	SHARED VOTING POWER 3,872,629
EACH REPORTING PERSON		9	SOLE DISPOSITIVE POWER
WITH		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,872,629
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.38%
14	TYPE OF REPORTING PERSON INDIVIDUAL

CUSIP No. 502003106

13D

Page 6 of 9 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey R Beckett As Custodian for Mackenzie Runnoe Beckett UTMA Mi
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a) o
	(b) o

3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
	o

6	CITIZENSHIP OR PLACE OF ORGANIZATION
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 107,400
		8	SHARED VOTING POWER 3,872,629
		9	SOLE DISPOSITIVE POWER
		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,872,629
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.38%
14	TYPE OF REPORTING PERSON INDIVIDUAL

CUSIP No. 502003106

13D

Page 7 of 9 Pages

ITEM 1.

SECURITY AND ISSUER.

UNITS OF BENEFICIAL INTEREST IN LL&E ROYALTY TRUST

ITEM 2.

IDENTITY AND BACKGROUND.

THIS STATEMENT IS BEING FILED BY JEFFREY BECKETT, A US CITIZEN. HIS PRINCIPAL OCCUPATION IS retired investor/ marketing consultant. HE RESIDES AT 173 Carriage Trail Troy MI 48098.

During the last five years, the Reporting Person has not been convicted in any criminal proceeding (excluding traffic violations and similar misdemeanors), and has not 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 him of future violations of, or prohibiting or mandating activities subject to federal or state securities laws or finding any violation with respect to such laws.

ITEM 3.

SOURCE OR AMOUNT OF FUNDS OR OTHER CONSIDERATION.

THE REPORTING PERSON used his own funds from savings and investment accounts to purchase the units of the issuer, these funds total $3,678,997.55 none of the funds were borrowed.

ITEM 4.

PURPOSE OF THE TRANSACTION.

The Reporting Person acquired the shares for investment purposes. As the actions of the issuer became more apparent, the Reporting Person commenced an action (Exhibit 1) to protect his investment.

ITEM 5.

INTEREST IN SECURITIES OF THE ISSUER.

A) The Reporting Person collectively (Exhibit 2) holds 3,872,629 units of the issuer representing 20.38% of the issued and outstanding.

B) The Reporting Person has the sole power to vote or direct the vote for these shares in their entirety.

C) There were no transactions in the last 60 days.

CUSIP No. 502003106

13D

Page 8 of 9 Pages

ITEM 6.

CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

None other than a settlement agreement entered into between the Issuer and Beckett (Exhibit 3). Beckett has had discussions with other unit holders but there are no agreements or understandings with them which would constitute group.

ITEM 7.

MATERIAL TO BE FILED AS EXHIBITS.

Exhibit 1 - Complaint for legal and equitable relief

Exhibit 2 - Shares held by account

Exhibit 3 - Settlement agreement and complaint

CUSIP No. 502003106

13D

Page 9 of 9 Pages

SIGNATURE

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.

Dated: July 18, 2011





		By:	/s/ Jeffrey R. Beckett
			Jeffrey Beckett





		By:	/s/ Jeffrey R. Beckett
			Jeffrey Beckett beneficiary of James Beckett IRA





		By:	/s/ Jeffrey R. Beckett
			Hayley J Beckett & Jeffrey R Beckett JT Ten





		By:	/s/ Jeffrey R. Beckett
			Jeffrey R Beckett As Custodian for Jaimee Carolyn Beckett UTMA Mi





		By:	/s/ Jeffrey R. Beckett
			Jeffrey R Beckett As Custodian for Mackenzie Runnoe Beckett UTMA Mi

EX-99.1 2 llet_ex1.htm COMPLAINT FOR LEGAL AND EQUITABLE RELIEF llet_ex1.htm

Exhibit 1

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF MICHIGAN

JEFF BECKETT,

Plaintiff,

Case No.

THE BANK OF NEW YORK MELLON CORP.,

THE BANK OF NEW YORK MELLON

TRUST CO., N.A., AS TRUSTEE OF

LL&E ROYALTY TRUST; LL&E ROYALTY

TRUST; and OTHER UNKNOWN

TRUSTEES OF THE LL&E ROYALTY TRUST

AS MAY EXIST,

Defendants.

COMPLAINT FOR LEGAL AND EQUITABLE RELIEF

NOW COMES Plaintiff Jeff Beckett and for his Complaint does state as follows:

Parties and Jurisdictional Allegations

1. Plaintiff Jeff Beckett is a citizen of the State of Michigan and is the holder of approximately 1,900,000 units of the LL&E Royalty Trust.

2. Defendant Bank of New York Mellon Corp. ("BNY Mellon) is a citizen of Delaware and New York because it is a Delaware corporation with its principal place of business located at One Wall Street, New York, New York 10286.

3. Defendant Bank of New York Mellon Trust Company, N.A. (“BNY Mellon Trust Co.”), is, on information and belief, a wholly owned subsidiary of BNY Mellon with its principal place of business located at 700 South Flower Street, Suite 200, Los Angeles, California 90017.

4. Defendant LL&E Royalty Trust (the “Trust”) is a Texas trust with an address of 919 Congress Ave., Austin, Texas, 78701. LL&E Royalty Trust is a citizen of both Texas and California, which are the situs of the Trust and the location of the Trustee, respectively.

5. That jurisdiction resides in this Court under 28 U.S.C. § 1332 as the parties are citizens of different states and the matter in controversy exceeds the sum or value of $75,000, exclusive of interest and costs.

6. That this Court has personal jurisdiction over Bank of New York Mellon because it carries on continuous and systematic business in the State of Michigan.

7. That this Court has personal jurisdiction over the LL&E Royalty Trust because it transacted business in Michigan with a citizen of this state in connection with the transactions at issue by selling units in the Trust to Plaintiff.

8. That claims for equitable relief are contained in this matter and said claims are within the jurisdiction of the Court.

Facts

9. Plaintiff reincorporates and realleges Paragraphs 1 through 8 as if fully set forth herein.

10. On June 1, 1983 the Louisiana Land and Exploration Company, a Maryland corporation, established the LL&E Royalty Trust (the “Trust”), a publicly traded trust (see attached Ex. A).

11. That upon information and belief the First City National Bank of Houston was the original Trustee of the Trust.

12. That upon information and belief the First City National Bank of Houston became the Bank of New York Mellon by merger.

13. That upon information and belief the Trustee of the Trust is now the Bank of New York Mellon.

14. That the Trust had assigned to it certain royalty rights for oil and gas producing properties, both in Florida and Louisiana.

15. That pursuant to Section 2.02 the purposes of the Trust are: (a) to protect and conserve, for the benefit of the owners of the units, the royalties, trust partnership interests and any other assets which, under the terms of this Trust Agreement may be held in the trust estate; (b) to receive cash attributable to the royalties and trustee partnership interest; and (c) to pay or provide for the payment of any liabilities incurred in carrying out the purposes of the Trust, and thereafter to distribute the remaining amounts receive by the Trust pro rata to the owners of the units.

16. That pursuant to Section 3.01 of the Trust, unit holders are beneficiaries of the Trust.

17. That the oil fields upon which the royalty rights rely were destroyed by Hurricane Katrina and caused a temporary cessation of oil drilling and oil revenues received by the Trust.

18. That pursuant to Article 9 of the Trust, Paragraph 9.01(a), the Trustee believes he is obligated to terminate the Trust because of the following provision:

9.01 Termination. The Trust shall terminate upon the first to occur of the following events or times unless sooner terminated according to law: (a) at such time as its net revenues reach of two successive years are less than $5,000,000 per year (calculated for purposes of this Section as if the Trust had received its pro rata portion of any amounts being withheld by the working interest owners or the partnership under escrow agreements or to make refund payments pursuant to the conveyance).

19. That the purpose of the Trust Paragraph 9.01(a) was to terminate the Trust as and when Trust revenues declined due to a depletion of the field.

20. That the diminution of the amounts received pursuant to the Royalty Agreements has been reduced not because of a depletion of the field but because of a force majeur.

21. That no provision exists in the Trust with respect to a force majeur or temporary cessation of the revenues that are to be received by the Trust.

22. That a termination of the Trust based upon the temporary cessation of the revenues to the Trust is not consistent with the purposes and intents of the grantor of the Trust.

23. That pursuant to the law of Texas Property Code Section 112.054 (Judicial Modification or Termination of Trusts) a beneficiary may petition a Court that the Trustee be changed and that the terms of the Trust be modified, that the Trustee be directed or permitted to do acts that are not authorized or that are forbidden by the terms of the Trust, that the Trustee be prohibited from performing acts required by the terms of the Trust, or that the Trust be terminated in whole or in part, if: (2) because of circumstances not known to or anticipated by the Settlor the order will further the purposes of the Trust (3) modification of administrative, non-dispositive terms of the Trust is necessary or appropriate to prevent waste or avoid impairment of the Trust administration.

24. That the Trustee's intent on selling, at auction, the assets of the Trust including cash held by the Trust.

25. That said sale is only contrary to the terms of the Trust but is also detrimental to the beneficial unit holders of the Trust.

26. That the Trustee has withheld information from the beneficial unit holders of the Trust despite repeated demands for information.

27. That the Trustee has failed to file required reports with the Securities and Exchange Commission.

28. That the Trustee has failed to take appropriate actions with respect to audits of the Trust, and expenses being charged to the Trust by parties operating the oil fields.

29. That as a result of demands by certain unit holders, the Trustee ultimately completed a partial audit and obtained a refund of several million dollars which had previously been charged to the Trust by parties operating the wells.

30. That the Trustee has failed to obtain all of the insurance proceeds available to it relative to damages to the oil fields caused by Hurricane Katrina.

31. That the Trustee has failed and refused to provide information as requested by unit holders.

32. That the Trustee has failed or refused to provide required financial information to the beneficial unit holders or has failed to provide such information on a timely basis with respect to the financial condition of the Trust.

33. That the Trustee has received insurance proceeds which it has failed to include in its revenue calculations for the Trust.

34. That if the Trustee is permitted to sell the assets of the Trust at auction, Plaintiff will suffer damages of at least $5,000,000.00, which damages are not likely to be recoverable by Plaintiff.

Count I - Judicial Modification of the Trust

35. Plaintiff reincorporates and realleges Paragraphs 1 through 34 above as if fully set forth herein.

36. That because of circumstances not known to or anticipated by the Settlor of the Trust, the Trustee intends on terminating the Trust prior to the time the Settlor intended the Trust to be terminated.

37. That said termination will act to the detriment of the beneficial unit holders.

38. That this Court is empowered pursuant to Texas law to modify the terms of the Trust for the purpose of implementing the intent of the Settlor.

39. That the Settlor's intent was to cause the Trust to be terminated at such time as the Trust income fell below $5,000,000 annually as a result of a depletion of the field and not as a result of a temporary event or force majeur such as a hurricane.

WHEREFORE, Plaintiff respectfully requests that this Court modify the Trust to include a clause allowing for temporary cessation of revenues and enter a judgment declaring that the provisions of Section 9 of the Trust do not apply to the current circumstances and enter an Order staying the sale of the Trust assets as planned by the Trustee.

Count II - Removal of Trustee

40. Plaintiff reincorporates and realleges Paragraphs 1 through 39 above as if fully set forth herein.

41. That pursuant to Section 111.0035(5)(b) of the Texas Trust Code, the Court has the power to remove a Trustee pursuant to Section 113.082.

42. That cause exists to remove the Trustee by reason of the Trustee's failure to complete all filings for the Trust as required by law.

43. For actions taken by the Trustee in dissolving or liquidating the Trust in contravention of the intentions of the Settlor.

44. For failure of the Trustee to properly audit the expenses of the Trust and allowing Trust assets to dissipate as a result.

45. For failure of the Trustee to seek out and collect all insurance proceeds due the Trustee.

46. For failure of the Trustee to properly account for all monies received by the Trust.

47. That pursuant to Section 111.0035(5)(E) of the Texas Trust Code, the Court has the power to adjust or deny a Trustee's compensation if the Trustee commits a breach of trust.

48. That the Trustee has committed a breach of trust.

49. That the Trustee currently receives approximately $100,000 per month from the Trust.

WHEREFORE, Plaintiff respectfully requests that this Honorable Court remove the Trustee and adjust or deny the Trustee's compensation as well as order the Trustee to repay its compensation as the Court deems equitable.

Count III - Declaratory Relief

50. Plaintiff reincorporates and realleges Paragraphs 1 through 49 above as if fully set forth herein.

51. That pursuant to the terms of Trust, the Trust must be liquidated in the event of certain circumstances.

52. That the Trustee has deemed that certain circumstances with respect to the income of the Trust have occurred.

53. That Plaintiff believes that the intent and purposes of the Trust require that the Trust be continued.

54. That Plaintiff believes that the liquidation provision in the Trust has not been triggered or has been triggered by forced majeur which was not contemplated by the Trust.

WHEREFORE, Plaintiff respectfully requests this Honorable Court declare that the terms of the Trust with respect to liquidation of the Trust have not been effectuated and that the Trust shall not be liquidated pursuant to Section 9.01(a) by reason of interruption of revenue for two consecutive years.

Count IV - Injunctive Relief

55. Plaintiff reincorporates and realleges Paragraphs 1 through 54 above as if fully set forth herein.

56. That the Trustee is intent on selling at public auction the specific oil leases from which the Trust derives its revenue.

57. That once sold at public auction to good faith purchasers the Royal Leases cannot be recovered or the sale reversed.

58. That the sale of said Leases and the ultimate liquidation of the Trust will create certain tax events for the beneficial unit holders.

59. That Plaintiff has demonstrated a substantial likelihood of success in the merits of his claims.

60. That there does not exist an adequate remedy at law for the beneficial unit holders unless and until the Court determines that there has been a breach of the Trust by the Trustee, thus Plaintiff will suffer an irreparable injury if an injunction is not issued.

61. That no harm will come to the Defendants in this matter by virtue of an injunction being entered as the Trust will merely continue its existence.

62. That no harm to the public exists by virtue of an injunction being entered stopping the auction of the Leases and the liquidation of the Trust.

WHEREFORE, Plaintiff respectfully requests this Honorable Court enter an injunction or temporary restraining order stopping the sale of the oil and gas royalty rights/leases as well as a liquidation of the Trust until further order of this Court.

Respectfully submitted,

WILLIAMS, WILLIAMS, RATTNER & PLUNKETT, P.C.



Dated: November 23, 2010	By:	/s/ Ernest J. Essad, Jr.
		Ernest J. Essad, Jr. (P32572)
		David E. Plunkett (P66696) Attorneys for Plaintiff 380 N. Old Woodward, Suite 300 Birmingham, MI 48009 (248) 642-0333 eje@wwrplaw.com dep@wwrplaw.com

EX-99.2 3 llet_ex2.htm SHARES HELD BY ACCOUNT llet_ex2.htm

Exhibit 2

Shares held by Account
Jeff Beckett		3,404,929
Mackenzie Beckett UTMA MI		107,400
Jaimee Beckett UTMA MI		107,400
Jeffrey Beckett beneficiary of James Beckett IRA		120,500
Hayley Beckett & Jeffrey Beckett JT TEN		132,400
Total		3,872,629

EX-99.3 4 llet_ex3.htm SETTLEMENT AGREEMENT AND RELEASE OF CLAIMS llet_ex3.htm

Exhibit 3

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN (DETROIT)
JEFF BECKETT, Plaintiff v. THE BANK OF NEW YORK MELLON CORP., THE BANK OF NEW YORK MELLON TRUST CO., NA, AS TRUSTEE OF LL&E ROYALTY TRUST; LL&E ROYALTY TRUST; and OTHER UNKNOWN TRUSTEES OF THE LL&E ROYALTY TRUST AS MAY EXIST, Defendants.	§ § § § § § § § § § § § § § § §	Judge George Steeh Magistrate Judge Michael Hluchaniuk Case No. 2:10-cv-14667-GCS-MJH

SETTLEMENT AGREEMENT AND RELEASE OF CLAIMS

This Settlement Agreement and Release of Claims (the “Agreement”) is made by and between Jeff Beckett (“Beckett”) and The Bank of New York Mellon Trust Company, N.A., (“BNY Trust Co.”), their affiliates, agents, successors, and assigns (collectively the “Parties” and individually “Party”).

WHEREAS, the Parties are involved in a lawsuit in federal court styled Case No. 2:10-cv-14667-GCS-MJH, Jeff Beckett v. The Bank of New York Mellon Corp. et al.; In The United States District Court for the Eastern District of Michigan (the “Litigation”).

WHEREAS, the Parties have reached an agreement to fully compromise and settle all claims and causes of action that have been, or through the use of diligence could have been, asserted by Beckett against BNY Trust Co. in the Litigation.

NOW, THEREFORE, in consideration of the agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.0

Calling of Certificate Holder Meeting. In compliance with relevant SEC regulations and the terms of the LL&E Royalty Trust Agreement (the “Trust Instrument”), BNY Trust Co. shall call a meeting of the Certificate Holders (as defined in Section 1.04 of the Trust Instrument) of the LL&E Royalty Trust (the “Trust”) for the purpose of replacing BNY Trust Co. as trustee of the Trust with Premier Bank & Trust, National Association (“Premier”), which BNY Trust Co. shall not oppose. BNY Trust Co. shall mail notice of such meeting to the Certificate Holders by no later than August 1, 2011. The meeting shall be held no later than September 1, 2011.

2.0	Dismissal of Litigation. Within ten (10) days after the meeting of Certificate Holders described in paragraph 1.0 herein, Beckett shall dismiss the Litigation with prejudice to filing.

3.0

Release and Covenant Not to Sue by Beckett. In consideration for the promises and agreements set forth herein, Beckett hereby releases and forever discharges BNY Trust Co. and its officers, directors, members, employees, attorneys, agents, legal representatives, insurers, affiliates, (including, without limitation, The Bank of New York Mellon Corp.), parents, subsidiaries, successors and assigns (collectively, “BNY”), from any and all claims, demands, actions, liability, damages or rights of any kind, whether known or unknown, arising out of or resulting from any event or circumstance, including but not limited to claims that have been or could have been asserted in the Litigation occurring or existing prior to the date of this Agreement.

4.0

Release and Covenant Not to Sue by BNY Trust Co. In consideration for the promises and agreements set forth herein, BNY Trust Co. hereby releases and forever discharges Beckett and his employees, attorneys, legal representatives, insurers, affiliates, successors and assigns, from any and all claims, demands, actions, liability, damages or rights of any kind, whether known or unknown, relating to the alleged events and circumstances that form the basis of Beckett’s claims in the Litigation herein released and discharged. Notwithstanding any other provision of this Agreement, this Release (a) is not and shall not be construed to be a release or waiver of any right or remedy of the Trustee or of BNY Trust Co. under the Trust Instrument, including without limitation, any liens the Trustee or BNY Trust Co. may hold under the Trust Instrument, (b) is not and shall not be construed to be a release or waiver of any protection of the Trustee or of BNY Trust Co. under the Trust Instrument or of any other provision of the Trust Instrument for the benefit of the Trustee or of BNY Trust Co. and (c) is not and shall not be construed to include a release of obligations that may now or in the future be owed by the Trust to BNY under the Trust Instrument or relevant law, including, without limitation, reimbursement and/or payment of all amounts owed to BNY by the Trust and indemnification from claims relating to BNY Trust Co.’s administration of the Trust and performance of its duties as trustee.

5.0

Choice of Law and Venue. Through the date of the dismissal of the Litigation (as set forth in Paragraph 2.0 above), this Agreement shall be construed, governed by, and enforced in accordance with, the substantive laws of the State of Michigan. Through the date of the dismissal of the Litigation, enforcement of this Agreement shall be through the Litigation in the U.S. District Court for the Eastern District of Michigan. After the date of the dismissal of the Litigation, this Agreement shall be construed, governed by, and enforced in accordance with, the substantive laws of the State of Texas. After the date of the dismissal of the Litigation, any and all actions that arise out of or relate to this Agreement shall be filed in the state and federal courts located in Travis County, Texas. After the date of the dismissal of the Litigation, Beckett and BNY Trust Co. hereby consent to personal jurisdiction in the courts in Travis County, Texas for purposes of any action filed in Texas arising out of or relating to this Agreement.

6.0	Drafting. The drafting of this Agreement has been accomplished by both Parties, and this Agreement shall be deemed to have been jointly drafted by the Parties.

7.0

Authority. Each Party to this Agreement represents and warrants to the other Parties that (a) they have been advised of their legal rights by attorneys of their own choosing; (b) they have carefully read this Agreement and understand it and its legal meaning; (c) they are executing this Agreement under their own free will and without being coerced, unduly influenced, or induced to do so by anything done or not done by the Parties, other than what is contained in this Agreement; (d) they recognize this Agreement to be a full, final, and complete settlement; and (e) they are the exclusive owners of the claims and causes of action released herein, and that they have not assigned, transferred, conveyed or otherwise disposed of any of the claims which are settled and released herein, and that they have full authority to execute this Agreement without the necessity of obtaining the consent of another party.

8.0	Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and supersedes and replaces all prior and contemporaneous understandings or agreements, written or oral, regarding such subject matter.

9.0

No Third Party Beneficiaries. Except as set forth in this section 9.0, this Agreement confers rights and benefits only on the Parties as specifically defined herein. There are no intended or implied third party beneficiaries to this Agreement, other than the individuals and entities encompassed within the releases and covenants not to sue in Paragraphs 3.0 and 4.0 herein, and the entities defined herein as “BNY,” each of which shall be deemed a third party beneficiary of this Agreement.

10.0

Severability. If for any reason a court of competent jurisdiction finds any provision of this Agreement to be unenforceable, that provision of the Agreement will be enforced to the maximum extent permissible so as to affect the intent of the Parties, and the remainder of this Agreement will continue in full force and effect.

11.0	Modification. This Agreement may only be modified by written instrument executed by both Parties. There shall be no oral modifications of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement.


		JEFF BECKETT

Dated: July 6, 2011		/s/ JEFF BECKETT

		THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.


Dated: June ___, 2011	By:

	Its