# EDGAR Filing Document

**Accession Number:** 0001814287
**File Stem:** 0000000000-23-000204
**Filing Date:** 2023-1
**Character Count:** 23127
**Document Hash:** 878298ccbeef3a0ee61f3c1784a77308
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000204.hdr.sgml**: 20230703

**ACCESSION NUMBER**: 0000000000-23-000204

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230106

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** East Resources Acquisition Co
- **CENTRAL INDEX KEY:** 0001814287
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 851210472
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 7777 NW BEACON SQUARE BLVD
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
- **BUSINESS PHONE:** 561-826-3620

**MAIL ADDRESS:**
- **STREET 1:** 7777 NW BEACON SQUARE BLVD
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-22-263015

## Text-Extract

```

United States securities and exchange commission logo

                               January 6, 2023

       Terence Pegula
       Chief Executive Officer
       East Resources Acquisition Company
       7777 NW Beacon Square Boulevard
       Boca Raton, FL 33487

                                                        Re: East Resources
Acquisition Company
                                                            Amendment No. 1 to
Preliminary Proxy Statement on Schedule 14A
                                                            Filed December 7,
2022
                                                            File No. 001-39403

       Dear Terence Pegula:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Revised Preliminary Proxy Statement filed December 7, 2022

       Basis of Presentation and Glossary, page iv

   1.                                                   Please refer to comment
1 and revise the relevant sections of your filing to disclose that at
                                                        this time you have no
committed PIPE investment amounts.
       What Happens to the Funds Deposited in the Trust Account After
Consummation of the Business
       Combination, page xvii

   2.                                                   Please refer to your
response to comment 5. Please revise the disclosure to include
                                                        additional information
regarding the redemption of 71.83% of the outstanding public
                                                        shares, including any
factors that lead to such large percentage of the shares being
                                                        redeemed.
 Terence Pegula
FirstName  LastNameTerence  Pegula
East Resources Acquisition Company
Comapany
January    NameEast Resources Acquisition Company
        6, 2023
January
Page 2 6, 2023 Page 2
FirstName LastName
ERES directors and officers may have interests in the Business Combination
different from the
interests of ERES stockholders, page 7

3.       Please refer to comment 11. Please quantify the aggregate dollar
amount and describe the
         nature of what the sponsor and its affiliates have at risk that
depends on completion of a
         business combination, including the current value of securities held,
loans extended, fees
         due, and out-of-pocket expenses for which the sponsor and its
affiliates are awaiting
         reimbursement in connection with their activities on your behalf (such
as investigating
         possible business targets and business combinations). Provide similar
disclosure for your
         officers and directors, if material. Similarly revise other portions
of the proxy statement as
         necessary.
Life settlements in which we invest are not currently regulated under the
federal securities laws,
page 36

4.       Please refer to your response to comment 7. Please briefly describe
the internal guidelines
         developed by Abacus to avoid purchasing life insurance policies which
would be deemed
         to be securities.
Adjustments and Assumptions to the Unaudited Pro Form Condensed Combined
Balance Sheet
as of September 30, 2022, page 74

5.       Please refer to comment 22. Please revise to disclose how you measured
the recurring
         compensation recognized in adjustments (DD) and (MM).
Abacus Overview, page 133

6.       Please revise to describe the type of life insurance policies (e.g.
whole, universal, term,
         etc.) that typically meet your purchasing guidelines and clarify if
any type represented a
         concentration of purchased policies during any period presented.
7.       Please refer to your response to comment 33. Please substantiate, or
with respect to
         beliefs, characterize as such and discuss your reasonable basis for
the belief, the following
         statements in this section:
             that    [you] are currently a leader in the life settlements
industry, with approximately
              a 20% market share and a proven track record of growth and strong
asset returns    on
              page 123. In particular, please provide support for the statement
that you have
              approximately a 20% market share;
             that    we believe 90% of senior citizens who let policies lapse
would have considered
              this alternative once made aware" on page 135. In particular,
please provide support
              for your belief regarding the 90% figure;
             that "diversification . . . across multiple origination channels
creates a lower average
              policy acquisition cost and higher estimated returns" on page
136. In particular,
              please provide support that such diversification actually has
lowered average policy
              acquisition costs and generated higher returns; and
             that    [y]our hold portfolio has the prospect to generate a
higher estimated annual
 Terence Pegula
FirstName  LastNameTerence  Pegula
East Resources Acquisition Company
Comapany
January    NameEast Resources Acquisition Company
        6, 2023
January
Page 3 6, 2023 Page 3
FirstName LastName
              return than our traded portfolio but requires a higher capital
base,    on page 140. In
              particular, please quantify the higher capital base referenced
here.
Continued Innovation in Technology - Liquidity (Abacusmarketplace.com), page
141

8.       Please refer to comment 35. Please revise to clarify if and how you
will generate revenue
         from Abacusmarketplace.com and whether it is expected to materially
impact future
         financial results. Additionally, please revise to provide additional
information regarding
         the blockchain technology to be used (e.g., public, private, etc.) and
to discuss the stage of
         development of any blockchain technology.
Proven Ability to Deploy Capital and Scale, page 142

9.       Please refer to comment 36. Please revise your disclosure related to
the joint venture not
         being included in the historical financial statements to clarify that
under US GAAP the
         financial results of the entire joint venture are not included in your
financial statements
         and that the financial impacts of the joint venture recognized in
Abacus and LMA   s
         financial statements are discussed in the related party transaction
notes in the financial
         statements. Additionally, to the extent you believe the information is
relevant and material
         for investors, please revise to simply disclose the revenue and net
income of the joint
         venture for 2020 and 2021 as opposed to characterizing these amounts
as potentially
         impacting the financial statements of Abacus and LMA. Please make
revisions to similar
         disclosure in the Customers section on page 143 and ensure the amounts
disclosed for
         revenue and net income on page 142 and 143 are consistent.
Customers, page 143

10.      Please refer to your response to comment 37. You state that Abacus
does not plan to
         continue its current relationship with some of its prior customers
following the Business
         Combination. Please disclose what percentage of revenue those
customers accounted for
         during the years ended December 31, 2021 and 2020.
Active Management Revenue, page 152

11.      Please refer to comment 40 and revise your table on page 152 to
clearly state that your
         active management revenues are for the nine-months ended September 30,
2022 and 2021,
         respectively.
12.      We note your disclosure that life settlement policies that you intend
to sell within twelve
         months are measured using the investment method given that the
purchase dates are recent
         and policies turn fairly quickly. Considering these factors are
typically associated with a
         trading strategy with items measured at fair value, please revise to
disclose the reasons
         you elected to measure these items using a cost measurement (i.e.,
investment method)
         and specifically disclose if and how you believe this measurement
basis provides
         information that is more representative of your business and useful
for investors.
 Terence Pegula
East Resources Acquisition Company
January 6, 2023
Page 4
13.      We note your disclosure that life settlement policies that you intend
to hold to maturity are
         measured at fair value. Considering a held to maturity strategy is
typically associated with
         measuring items at amortized cost, please revise to disclose the
reasons why you elected
         to measure these items using a fair value measurement and specifically
disclose if and
         how you believe this measurement basis provides information that is
more representative
         of your business and useful for investors.
Unaudited Prospective Financial Information of the Companies, page 194

14.      Please refer to your response to comment 47. Please disclose the units
for the "Financial
         Projections" table.
Opinion of Northland, page 195

15.      Please refer to your response to comment 47. Please disclose any key
assumptions made
         by Northland in formulating its fairness opinion with respect to any
valuation
         analysis dependent upon the financial projections.
Unaudited Interim Condensed Consolidated Financial Statements as of September
30, 2022 and
December 31, 2021, page F-79

16.      Please refer to comment 55 and revise to disclose where you present
premiums paid and
         life insurance proceeds received from policies accounted for pursuant
to the fair value
         method in the Statement of Operations and Comprehensive Income.
Note 10. Fair Value Measurements, page F-93

17.    It appears from your disclosures that paying a premium results in a
decrease to the fair
       value of the life insurance policy in the roll forward on page F-93.
Please provide us the
       journal entry recorded when a premium is paid and explain to us why and
how this results
FirstName LastNameTerence Pegula
       in a decrease to the fair value of the life insurance policy. If
appropriate, please revise
Comapany
       yourNameEast      Resources
              roll forward          Acquisition
                           to more clearly       Company
                                           present  the impact of paying a
premium on the fair value
Januaryof6,the lifePage
            2023    insurance
                         4    policy.
FirstName LastName
 Terence Pegula
FirstName  LastNameTerence  Pegula
East Resources Acquisition Company
Comapany
January    NameEast Resources Acquisition Company
        6, 2023
January
Page 5 6, 2023 Page 5
FirstName LastName
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

        You may contact Michael Volley at (202) 551-3437 or John Spitz at (202)
551-3484 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Robert Arzonetti at (202) 551-8819 or J. Nolan McWilliams, Acting Legal
Branch
Chief, at (202) 551-3217 with any other questions.

                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of Finance
cc:      Daniel J. Harrist, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

January 6, 2023

Terence Pegula  
Chief Executive Officer  
East Resources Acquisition Company  
7777 NW Beacon Square Boulevard  
Boca Raton, FL 33487

# **Re: East Resources Acquisition Company  
Amendment No. 1 to Preliminary Proxy Statement on Schedule 14A  
Filed December 7, 2022  
File No. 001-39403**

Dear Terence Pegula:

We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Revised Preliminary Proxy Statement filed December 7, 2022

Basis of Presentation and Glossary, page iv

1. Please refer to comment 1 and revise the relevant sections of your filing to disclose that at this time you have no committed PIPE investment amounts.

What Happens to the Funds Deposited in the Trust Account After Consummation of the Business Combination, page xvii

2. Please refer to your response to comment 5. Please revise the disclosure to include additional information regarding the redemption of 71.83% of the outstanding public shares, including any factors that lead to such large percentage of the shares being redeemed.

Terence Pegula
East Resources Acquisition Company
January 6, 2023
Page 2

ERES directors and officers may have interests in the Business Combination different from the interests of ERES stockholders, page 7

3. Please refer to comment 11. Please quantify the aggregate dollar amount and describe the nature of what the sponsor and its affiliates have at risk that depends on completion of a business combination, including the current value of securities held, loans extended, fees due, and out-of-pocket expenses for which the sponsor and its affiliates are awaiting reimbursement in connection with their activities on your behalf (such as investigating possible business targets and business combinations). Provide similar disclosure for your officers and directors, if material. Similarly revise other portions of the proxy statement as necessary.

Life settlements in which we invest are not currently regulated under the federal securities laws, page 36

4. Please refer to your response to comment 7. Please briefly describe the internal guidelines developed by Abacus to avoid purchasing life insurance policies which would be deemed to be securities.

Adjustments and Assumptions to the Unaudited Pro Form Condensed Combined Balance Sheet as of September 30, 2022, page 74

5. Please refer to comment 22. Please revise to disclose how you measured the recurring compensation recognized in adjustments (DD) and (MM).

Abacus Overview, page 133

6. Please revise to describe the type of life insurance policies (e.g. whole, universal, term, etc.) that typically meet your purchasing guidelines and clarify if any type represented a concentration of purchased policies during any period presented.
7. Please refer to your response to comment 33. Please substantiate, or with respect to beliefs, characterize as such and discuss your reasonable basis for the belief, the following statements in this section:
- that "[you] are currently a leader in the life settlements industry, with approximately a 20% market share and a proven track record of growth and strong asset returns" on page 123. In particular, please provide support for the statement that you have approximately a 20% market share;
- that "we believe 90% of senior citizens who let policies lapse would have considered this alternative once made aware" on page 135. In particular, please provide support for your belief regarding the 90% figure;
- that "diversification . . . across multiple origination channels creates a lower average policy acquisition cost and higher estimated returns" on page 136. In particular, please provide support that such diversification actually has lowered average policy acquisition costs and generated higher returns; and
- that "[y]our hold portfolio has the prospect to generate a higher estimated annual

Terence Pegula
East Resources Acquisition Company
January 6, 2023
Page 3

return than our traded portfolio but requires a higher capital base,” on page 140. In particular, please quantify the higher capital base referenced here.

Continued Innovation in Technology - Liquidity (Abacusmarketplace.com), page 141

8. Please refer to comment 35. Please revise to clarify if and how you will generate revenue from Abacusmarketplace.com and whether it is expected to materially impact future financial results. Additionally, please revise to provide additional information regarding the blockchain technology to be used (e.g., public, private, etc.) and to discuss the stage of development of any blockchain technology.

Proven Ability to Deploy Capital and Scale, page 142

9. Please refer to comment 36. Please revise your disclosure related to the joint venture not being included in the historical financial statements to clarify that under US GAAP the financial results of the entire joint venture are not included in your financial statements and that the financial impacts of the joint venture recognized in Abacus and LMA’s financial statements are discussed in the related party transaction notes in the financial statements. Additionally, to the extent you believe the information is relevant and material for investors, please revise to simply disclose the revenue and net income of the joint venture for 2020 and 2021 as opposed to characterizing these amounts as potentially impacting the financial statements of Abacus and LMA. Please make revisions to similar disclosure in the Customers section on page 143 and ensure the amounts disclosed for revenue and net income on page 142 and 143 are consistent.

Customers, page 143

10. Please refer to your response to comment 37. You state that Abacus does not plan to continue its current relationship with some of its prior customers following the Business Combination. Please disclose what percentage of revenue those customers accounted for during the years ended December 31, 2021 and 2020.

Active Management Revenue, page 152

11. Please refer to comment 40 and revise your table on page 152 to clearly state that your active management revenues are for the nine-months ended September 30, 2022 and 2021, respectively.
12. We note your disclosure that life settlement policies that you intend to sell within twelve months are measured using the investment method given that the purchase dates are recent and policies turn fairly quickly. Considering these factors are typically associated with a trading strategy with items measured at fair value, please revise to disclose the reasons you elected to measure these items using a cost measurement (i.e., investment method) and specifically disclose if and how you believe this measurement basis provides information that is more representative of your business and useful for investors.

Terence Pegula  
East Resources Acquisition Company  
January 6, 2023  
Page 4

13. We note your disclosure that life settlement policies that you intend to hold to maturity are measured at fair value. Considering a held to maturity strategy is typically associated with measuring items at amortized cost, please revise to disclose the reasons why you elected to measure these items using a fair value measurement and specifically disclose if and how you believe this measurement basis provides information that is more representative of your business and useful for investors.

# Unaudited Prospective Financial Information of the Companies, page 194

14. Please refer to your response to comment 47. Please disclose the units for the 'Financial Projections' table.

# Opinion of Northland, page 195

15. Please refer to your response to comment 47. Please disclose any key assumptions made by Northland in formulating its fairness opinion with respect to any valuation analysis dependent upon the financial projections.

# Unaudited Interim Condensed Consolidated Financial Statements as of September 30, 2022 and December 31, 2021, page F-79

16. Please refer to comment 55 and revise to disclose where you present premiums paid and life insurance proceeds received from policies accounted for pursuant to the fair value method in the Statement of Operations and Comprehensive Income.

# Note 10. Fair Value Measurements, page F-93

17. It appears from your disclosures that paying a premium results in a decrease to the fair value of the life insurance policy in the roll forward on page F-93. Please provide us the journal entry recorded when a premium is paid and explain to us why and how this results in a decrease to the fair value of the life insurance policy. If appropriate, please revise your roll forward to more clearly present the impact of paying a premium on the fair value of the life insurance policy.

Terence Pegula
East Resources Acquisition Company
January 6, 2023
Page 5

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

You may contact Michael Volley at (202) 551-3437 or John Spitz at (202) 551-3484 if you have questions regarding comments on the financial statements and related matters. Please contact Robert Arzonetti at (202) 551-8819 or J. Nolan McWilliams, Acting Legal Branch Chief, at (202) 551-3217 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Finance

cc: Daniel J. Harrist, Esq.