-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LCzvs7usa1qkmJ0k2Tt08E1n06ATAeT6oGSLwlK67JA9cjWX+LXasEwmsP2L4boA nF8K7VJSdTYqmwPkEH5xcg== 0000930661-99-002920.txt : 19991231 0000930661-99-002920.hdr.sgml : 19991231 ACCESSION NUMBER: 0000930661-99-002920 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991230 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ASSISTED LIVING CONCEPTS INC CENTRAL INDEX KEY: 0000929994 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-NURSING & PERSONAL CARE FACILITIES [8050] IRS NUMBER: 931148702 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-43405 FILM NUMBER: 99784106 BUSINESS ADDRESS: STREET 1: 11835 NE GLENN WIDING DRIVE STREET 2: BLDG E CITY: PORTLAND STATE: OR ZIP: 97220-9057 BUSINESS PHONE: 5032526233 MAIL ADDRESS: STREET 1: 11835 NE GLENN WIDING DRIVE STREET 2: BLDG E CITY: PORTLAND STATE: OR ZIP: 97220-9057 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GREENLIGHT CAPITAL LLC CENTRAL INDEX KEY: 0001040272 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133886851 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 420 LEXINGTON AVE SUITE 875 CITY: NEW YORK STATE: NY ZIP: 10170 BUSINESS PHONE: 2129731900 MAIL ADDRESS: STREET 1: 420 LEXINGTON AVENUE STREET 2: SUITE 875 CITY: NEW YORK STATE: NY ZIP: 10170 SC 13D 1 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 ASSISTED LIVING CONCEPTS, INC. - -------------------------------------------------------------------------------- (Name of Issuer) Shares of Common Stock, par value $0.01 per share - ------------------------------------------------------------------------------- (Title of Class of Securities) 04543L109 - ------------------------------------------------------------------------------- (CUSIP NUMBER) Greenlight Capital, L.L.C. 420 Lexington Avenue Suite 875 New York, New York 10170 Tel. No.: (212) 973-1900 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) - with copies to - Eliot D. Raffkind Akin, Gump, Strauss, Hauer & Feld, L.L.P. 1700 Pacific Avenue, Suite 4100 Dallas, Texas 75201-4618 (214) 969-2800 December 16, 1999 - ------------------------------------------------------------------------------- (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 which 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 [ ] 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, as amended (the "Act"), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. 13D - ----------------------- CUSIP NO. 04543L109 - ----------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Greenlight Capital, L.L.C. - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 AF, WC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Delaware - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's NUMBER OF 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 1,566,012 (includes 647,412 shares issuable to the REPORTING reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 8.8% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 OO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT 13D - ----------------------- CUSIP NO. 04543L109 - ----------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON David Einhorn - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 AF, WC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 USA - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's NUMBER OF 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 1,566,012 (includes 647,412 shares issuable to the REPORTING reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 8.8% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 IN - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT 13D - ----------------------- CUSIP NO. 04543L109 - ----------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Jeffrey A. Keswin - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS* 4 AF, WC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 USA - ------------------------------------------------------------------------------ SOLE VOTING POWER 7 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's NUMBER OF 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 8 OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 9 1,566,012 (includes 647,412 shares issuable to the REPORTING reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 1,566,012 (includes 647,412 shares issuable to the reporting person upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 8.8% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 14 IN - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT SCHEDULE 13D ------------ This Schedule 13D (the "Schedule 13D") is being filed on behalf of Greenlight Capital, L.L.C., a Delaware limited liability company ("Greenlight"), and Mr. David Einhorn and Mr. Jeffrey A. Keswin, the principals of Greenlight, relating to shares of common stock of Assisted Living Concepts, Inc. (the "Issuer"). This Schedule 13D relates to shares of common stock of the Issuer ("Common Stock") purchased by Greenlight for the account of (i) Greenlight Capital, L.P. ("Greenlight Fund"), of which Greenlight is the general partner, (ii) Greenlight Capital Offshore, Ltd. ("Greenlight Offshore"), for whom Greenlight acts as investment advisor, and (iii) Greenlight Capital Qualified, L.P. ("Greenlight Qualified"), of which Greenlight is the general partner. Item 1. Security and Issuer ------------------- Securities acquired: Shares of Common Stock, par value $0.01 per share Issuer: Assisted Living Concepts, Inc. 11835 NE Glenn Widing Drive Building E Portland, Oregon 97220 Item 2. Identity and Background ----------------------- Greenlight Capital, L.L.C., a Delaware limited liability company, provides investment management services to private individuals and institutions and is located at 420 Lexington Avenue, Suite 875, New York, NY 10170. Messrs. Einhorn and Keswin are the principals of Greenlight. The principal occupation of both Mr. Einhorn and Mr. Keswin is investment management and they are both United States citizens. Their business address is 420 Lexington Avenue, Suite 875, New York, NY 10170. Neither Greenlight, Mr. Einhorn nor Mr. Keswin has been convicted in a criminal proceeding during the last five years. Neither Greenlight, Mr. Einhorn nor Mr. Keswin is and during the past five years was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result thereof, subject to any judgment, decree or final order enjoining 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 and Amount of Funds -------------------------- On May 7, 11 and 12, 1999, Greenlight purchased an aggregate of (i) a face amount of $5,515,000 of the Issuer's 6% Convertible Bonds in the open market for an aggregate price of $3,337,060.00 through Greenlight Qualified, (ii) a face amount of $4,149,000 of the Issuer's 6% Convertible Bonds in the open market for an aggregate price of $2,510,533.75 through Greenlight Fund, and (iii) a face amount of $4,086,000 of the Issuer's 6% Convertible Bonds in the open market for an aggregate price of $2,472,406.25 through Greenlight Offshore. On May 6, 1999 Greenlight purchased (i) a face amount of $401,000 of the Issuer's 5.625% Convertible Bonds in the open market for an aggregate price of $232,580.00 through Greenlight Qualified, (ii) a face amount of $302,000 of the Issuer's 5.625% Convertible Bonds in the open market for an aggregate price of $175,160.00 through Greenlight Fund, and (iii) a face amount of $297,000 of the Issuer's 5.625% Convertible Bonds in the open market for an aggregate price of $172,260.00 through Greenlight Offshore. As of December 23, 1999, Greenlight had invested (i) $459,016.57 in shares of Common Stock through Greenlight Fund, (ii) $500,275.18 in shares of Common Stock through Greenlight Offshore and (iii) $660,060.43 in shares of Common Stock through Greenlight Qualified, all as described in Item 5 below. The above amounts include any commissions incurred in the investments. The source of these funds was the working capital of each of Greenlight Fund, Greenlight Offshore and Greenlight Qualified, as the case may be. Item 4. Purpose of the Transaction -------------------------- Greenlight, Mr. Einhorn and Mr. Keswin acquired shares of Common Stock for portfolio investment purposes and do not have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the Issuer. Greenlight, Mr. Einhorn and Mr. Keswin reserve the right to acquire, or dispose of, additional securities of the Issuer, in the ordinary course of business, to the extent deemed advisable in light of Greenlight's general investment and trading policies, market conditions, the availability of shares of Common Stock or other factors. Greenlight may contact the Issuer and/or other shareholders regarding potential strategies to increase shareholder value. Other than as described above, neither Greenlight, Mr. Einhorn nor Mr. Keswin has present plans or proposals which would result in any of the following: 1) any extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; 2) any sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; 3) any change in the present board of directors or managers of the Issuer; 4) any material change in the present capitalization or dividend policy of the Issuer; 5) any other material change in the Issuer's business or corporate structure; 6) any change in the Issuer's charter, by-laws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; 7) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; 8) causing a class of securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or 9) any action similar to any of those enumerated above. Item 5. Interest in Securities of the Issuer ------------------------------------ (a) As of December 23, 1999, Greenlight, Mr. Einhorn and Mr. Keswin are beneficial owners of 1,566,012 shares of Common Stock of the Issuer (which includes 647,412 shares issuable to the reporting persons upon the conversion of the Issuer's 6% Convertible Bonds due November 1, 2002 and the Issuer's 5.625% Convertible Bonds due May 1, 2003) or 8.8% of the shares outstanding. The 1,566,012 shares described above are beneficially owned by Greenlight, Mr. Einhorn and Mr. Keswin for the account of Greenlight Fund, Greenlight Offshore or Greenlight Qualified, as the case may be. The number of shares beneficially owned by Greenlight, Mr. Einhorn and Mr. Keswin and the percentage of outstanding shares represented thereby have been computed in accordance with Rule 13d-3 under the Act. The percentage of beneficial ownership of Greenlight, Mr. Einhorn and Mr. Keswin on December 23, 1999 is based on 17,768,157 outstanding shares of Common Stock, which consists of 17,120,745 outstanding shares of Common Stock as of October 29, 1999 as reported in the Issuer's Form 10-Q filed with the Commission on November 15, 1999 and 647,412 shares of Common Stock issuable upon conversion of the Issuer's 6% Convertible Bonds and 5.625% Convertible Bonds beneficially owned by Greenlight, Mr. Einhorn and Mr. Keswin. (b) Greenlight, Mr. Einhorn and Mr. Keswin for the account of each of Greenlight Fund, Greenlight Offshore and Greenlight Qualified have the power to vote and dispose of the shares of Common Stock held by each such entity. (c) The transactions in the Issuer's securities by Greenlight during the last sixty days are listed as Annex A attached hereto and made apart hereof. (d) Not Applicable. (e) Not Applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect --------------------------------------------------------------------- to Securities of the Issuer --------------------------- Not Applicable. Item 7. Material to be Filed as Exhibits -------------------------------- Not Applicable. ANNEX A Transaction Buy/Sell Quantity Price per Date (shares) Share ($) -------------------------------------------------------------------------- 12/14/99 Buy 20,000 1.3325 12/15/99 Buy 88,900 1.3984 12/16/99 Buy 481,100 1.7439 12/17/99 Buy 15,900 1.655 12/20/99 Buy 104,800 1.8646 12/21/99 Buy 24,000 1.78 12/23/99 Buy 183,900 1.9845 Signature --------- After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: December 30, 1999 Greenlight Capital, L.L.C. By: /s/ Jeffrey A. Keswin ---------------------------------- JEFFREY A. KESWIN, Managing Member /s/ David Einhorn ---------------------------------------- David Einhorn /s/ Jeffrey A. Keswin --------------------------------------- Jeffrey A. Keswin -----END PRIVACY-ENHANCED MESSAGE-----