LL&E Royalty Trust SC13D/A #7 - R. Robotti 07/22/2010



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934

(Amendment No. 7)*

LL&E Royalty Trust

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

502003 10 6

(CUSIP Number)

Robert Robotti c/o Robotti & Company, Incorporated
110 East 42^nd Street, Suite 1100
New York, New York 10017
212-986-4800

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

July 22, 2010

(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ]

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

(Page 1 of 16 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 the disclosures provided in a prior cover page.

The information required in 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).

Schedule 13D

CUSIP No. 502003 10 6

Page 2 of 16 Pages

Names of Reporting Persons
Robert E. Robotti

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

AF, OO

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

United States

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 1,918,821

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,918,821

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,918,821

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

10.1%

14.

Type of Reporting Person (See Instructions)

IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 3 of 16 Pages

Names of Reporting Persons
Robotti & Company, Incorporated

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 64,800

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 64,800

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

64,800

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

Less than 1%

14.

Type of Reporting Person (See Instructions)

CO, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 4 of 16 Pages

Names of Reporting Persons
Robotti & Company, LLC

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 63,500

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 63,500

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

63,500

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

Less than 1%

14.

Type of Reporting Person (See Instructions)

OO, BD

Schedule 13D

CUSIP No. 502003 10 6

Page 5 of 16 Pages

Names of Reporting Persons
Robotti & Company Advisors, LLC

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 1,300

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,300

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,300

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

Less than 1%

14.

Type of Reporting Person (See Instructions)

OO, IA

Schedule 13D

CUSIP No. 502003 10 6

Page 6 of 16 Pages

Names of Reporting Persons
Kenneth R. Wasiak

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

United States

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 1,854,021

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,854,021

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,854,021

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

9.8%

14.

Type of Reporting Person (See Instructions)

IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 7 of 16 Pages

Names of Reporting Persons
Ravenswood Management Company, L.L.C.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 1,854,021

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,854,021

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,854,021

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

9.8%

14.

Type of Reporting Person (See Instructions)

Schedule 13D

CUSIP No. 502003 10 6

Page 8 of 16 Pages

Names of Reporting Persons
The Ravenswood Investment Company, L.P.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 1,308,517

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,308,517

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,308,517

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

6.9%

14.

Type of Reporting Person (See Instructions)

Schedule 13D

CUSIP No. 502003 10 6

Page 9 of 16 Pages

Names of Reporting Persons
Ravenswood Investments III, L.P.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

New York

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 545,504

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 545,504

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

545,504

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

2.9%

14.

Type of Reporting Person (See Instructions)

Schedule 13D

CUSIP No. 502003 10 6

Page 10 of 16 Pages

Names of Reporting Persons
Benjamin Stein

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

United States

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 293,564

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 293,564

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

293,564

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

1.6%

14.

Type of Reporting Person (See Instructions)

IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 11 of 16 Pages

Names of Reporting Persons
Zachary Sternberg

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

United States

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 293,564

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 293,564

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

293,564

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

1.6%

14.

Type of Reporting Person (See Instructions)

IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 12 of 16 Pages

Names of Reporting Persons
Spruce House Capital LLC

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

Delaware

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 293,564

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 293,564

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

293,564

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

1.6%

14.

Type of Reporting Person (See Instructions)

Schedule 13D

CUSIP No. 502003 10 6

Page 13 of 16 Pages

Names of Reporting Persons
Spruce House Partners LP

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[X]

(b)

[ ]

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[ ]

Citizenship or Place of Organization

Delaware

Number of

Sole Voting Power: -0-

Beneficially

Shared Voting Power: 293,564

Owned by

Each

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 293,564

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

293,564

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]

13.

Percent of Class Represented by Amount in Row (11)

1.6%

14.

Type of Reporting Person (See Instructions)

SCHEDULE 13D
CUSIP No. 502003 10 6			Page 14 of 16 Pages

This Statement on Schedule 13D Amendment No. 7 (this "Statement") is filed on behalf of the Reporting Persons with the Securities and Exchange Commission (the "Commission"). This Statement amends the Initial Statement of Beneficial Ownership on Schedule 13D relating to Units of Beneficial Interest (the "Units") of LL&E Royalty Trust (the "Issuer"), filed on October 23, 2008 with the Commission as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, and Amendment No. 6 thereto, filed with the Commission on February 9, 2009, June 10, 2009, September 2, 2009, December 28, 2009, May 5, 2010 and July 1, 2010, respectively (as so amended, the "Amended Statement"), as specifically set forth herein. Capitalized terms used herein and not otherwise defined herein shall have the same meanings ascribed to them in the Amended Statement.

Item 4.		Purpose of Transaction

Item 4 of the Amended Statement is hereby amended to add the following:

Robotti & Company, on behalf of the Reporting Persons, sent to The Bank of New York Mellon Trust Company, N.A., as Trustee ("Trustee") for LL&E Royalty Trust ("Trust"), a letter dated July 22, 2010 ("July 22 Letter") in which it stated that:

Robotti & Company received a letter from the Trustee ("Trustee Letter") in which the Trustee stated that the Trustee "does not believe that it would be in the best interests of the unitholders for the Trust to enter into an exchange agreement that would be likely to adversely affect the Trust's ability to market the [Trust's] assets."

as a consequence of the response in the Trustee's Letter, the Reporting Persons do not believe it is feasible for them to continue to pursue the proposed transaction set forth in Robotti & Company's letter dated June 29, 2010 to the Trustee.

such a transaction would not be possible without current financial statements and the Trust's most recently filed financial statements are as of and for the period ended December 31, 2008.

the Reporting Persons may bid for some or all of the Trust's assets, either individually or in conjunction with others, or take other actions to preserve the value of their units.

A copy of the July 22 Letter including the Trustee's Letter attached thereto, is attached hereto as Exhibit 7 and incorporated herein by reference.

Item 7.	Materials To Be Filed As Exhibits

Item 7 of the Amended Statement has been amended and restated to read as follows:

The following documents are filed herewith or have been previously filed:

1. Joint Filing Agreement dated as of October 23, 2008 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P.

2. Letter dated October 21, 2008, from Robotti & Company, LLC, The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P. to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

3. Letter dated February 5, 2009, from Robotti & Company, LLC, The Ravenswood Investment Company, L.P., and Ravenswood Investments III, L.P. to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

SCHEDULE 13D
CUSIP No. 502003 10 6		Page 15 of 16 Pages

4. Amended and Restated Joint Filing Agreement dated as of September 2, 2009 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Robotti & Company Advisors, LLC, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., The Ravenswood Investment Company, L.P., Ravenswood Investments III, L.P., Benjamin Stein, Zachary Sternberg, Spruce House Capital LLC, and Spruce House Partners LP.

5. Letter dated April 30, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

6. Letter dated June 29, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.

7. Letter dated July 22, 2010, from Robotti & Company, LLC to The Bank of New York Mellon Trust Company, N.A., as Trustee for LL&E Royalty Trust.











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SCHEDULE 13D
CUSIP No. 502003 10 6					Page 16 of 16 Pages

SIGNATURE

After reasonable inquiry and to the best of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date:		July 23, 2010

			Robotti & Company, Incorporated

	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Robert E. Robotti			Name: Robert E. Robotti
				Title: President and Treasurer

Robotti & Company, LLC			Robotti & Company Advisors, LLC

By:	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Name: Robert E. Robotti			Name: Robert E. Robotti
	Title: President and Treasurer			Title: President and Treasurer

Ravenswood Management Company, L.L.C.

By:	/s/ Robert E. Robotti			/s/ Kenneth R. Wasiak

	Name: Robert E. Robotti			Kenneth R. Wasiak
	Title: Managing Member

Ravenswood Investments III, L.P.				Ravenswood Investment Company, L.P.

By:	Ravenswood Management Company, L.L.C.		By:	Ravenswood Management Company, L.L.C.
	Its General Partner			Its General Partner

By:	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Name: Robert E. Robotti			Name: Robert E. Robotti
	Title: Managing Member			Title: Managing Member


Spruce House Capital LLC				/s/ Benjamin Stein

				Benjamin Stein
By:	/s/ Benjamin Stein
			:
	Name: Benjamin Stein			/s/ Zachary Sternberg

	Title: Managing Member			Zachary Sternberg

Spruce House Partners LP

By:	Spruce House Capital LLC
	Its General Partner

By:	/s/ Benjamin Stein

	Name: Benjamin Stein
	Title: Managing Member

SIGNATURE