UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
American Retirement Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
028913-10-1
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(CUSIP Number)
Brian Newman
Walton Street Capital, L.L.C.
900 N. Michigan Avenue
Suite 1900
Chicago, Illinois 60611
(312) 915-2800
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 16, 2001
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(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss.240.13d-7(b) for other
parties to whom copies are to be sent.
*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).
Page 1 of 9
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CUSIP No. 028913-10-1 13D Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
DNMC Public Holdings, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4320464
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, BK
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 375,000 (See Item 5)
-----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 375,000 (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000 (See Item 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
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14 TYPE OF REPORTING PERSON*
OO
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 028913-10-1 13D Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
Walton Street Real Estate Fund II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4208917
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 375,000 (See Item 5)
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 375,000 (See Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000 (See Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 028913-10-1 13D Page 4 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSON
Walton Street Managers II, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4200292
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 375,000 (See Item 5)
-------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 375,000 (See Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000 (See Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 028913-10-1 13D Page 5 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSON
WSC Managers II, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4200554
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 375,000 (See Item 5)
-------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 375,000 (See Item 5)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000 (See Item 5)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 4 to Schedule 13D is filed by and on behalf of DNMC
Public Holdings, L.L.C., Walton Street Real Estate Fund II, L.P. (the sole
member of DNMC Public Holdings, L.L.C.), Walton Street Managers II, L.P. (the
sole general partner of Walton Street Real Estate Fund II, L.P.) and WSC
Managers II, Inc. (the sole general partner of Walton Street Managers II, L.P.)
and amends the Schedule 13D (as previously amended, the "Schedule 13D") filed by
the Reporting Persons. Capitalized terms used herein and not defined herein have
the meanings ascribed thereto in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5(a) of the Schedule 13D is hereby amended and restated in its entirety to
read as follows:
(a) As of December 4, 2001, the Reporting Persons beneficially owned in the
aggregate 375,000 Shares, which consists of 375,000 Shares issuable upon
the conversion of the Debentures owned by DNMC Public Holdings, L.L.C.
that are convertible within 60 days of December 4, 2001. Based upon (i)
the 17,247,576 Shares outstanding on November 9, 2001 as set forth in the
Company's quarterly report on Form 10-Q for the quarterly period ending
September 30, 2001 filed November 14, 2001 and (ii) the 375,000 Shares
issuable upon conversion of the Debentures owned by DNMC Public Holdings,
L.L.C. that are convertible within 60 days of December 4, 2001, these
375,000 Shares represent 2.1% of the outstanding Shares of the Company.
The Reporting Persons may be deemed to have direct beneficial ownership
of the Shares as follows:
Directly Held Beneficial Ownership:
Shares Issuable Approximate
upon Conversion Percentage of Shares
Name Shares of Debentures Outstanding
---- ------ --------------- --------------------
DNMC Public Holdings, L.L.C. 0 375,000 2.1%
Walton Street Real Estate
Fund II, L.P. 0 0 0.0%
Walton Street Managers II, L.P. 0 0 0.0%
WSC Managers II, Inc. 0 0 0.0%
Total 0 375,000 2.1%
Under Rule 13d-3 of the Securities Exchange Act of 1934 and based on the
relationships described above under Item 2 of this Schedule 13D, Walton
Street Real Estate Fund II, L.P., Walton Street Managers II, L.P. and WSC
Managers II, Inc. may be deemed to beneficially own Company securities
beneficially owned by DNMC Public Holdings, L.L.C. Each Reporting Person
(other than DNMC Public Holdings, L.L.C.) expressly disclaims beneficial
ownership of the Company securities directly owned by DNMC Public
Holdings, L.L.C.
As set forth in Item 5(c) of this Schedule 13D, between October 4, 2001
and December 4, 2001, DNMC Public Holdings, L.L.C. sold 1,300,000 Shares.
As a result of such sales, the Reporting Persons have ceased to be the
beneficial owners of more than 5% of the outstanding Shares of
the Company. Accordingly, the Reporting Persons no longer have a reporting
obligation under Section 13(d) of the Securities Exchange Act of 1934, and
the Reporting Persons intend not to
Page 6 of 9
further amend their report on Schedule 13D to reflect changes in the
facts set forth herein that may occur after December 4, 2001.
Item 5(c) of the Schedule 13D is hereby amended by adding the following thereto:
The Reporting Persons engaged in the following transactions in Shares of
the Company between October 4, 2001 and December 4, 2001. All transactions
were completed on the New York Stock Exchange.
Price/
Principal $1,000
Direct Nature of Price/ Amount of Principal
Beneficial Owner Date Transaction Shares Share Debentures Amount
---------------- ---- ----------- ------ ----- ---------- ------
DNMC Public
Holdings, L.L.C. 10/4/01 Sale 1,200 3.5000 -- --
DNMC Public
Holdings, L.L.C. 10/5/01 Sale 1,000 3.5300 -- --
DNMC Public
Holdings, L.L.C. 10/9/01 Sale 1,000 3.5000 -- --
DNMC Public
Holdings, L.L.C. 10/15/01 Sale 20,000 3.3000 -- --
DNMC Public
Holdings, L.L.C. 11/15/01 Sale 102,100 2.4291 -- --
DNMC Public
Holdings, L.L.C. 11/15/01 Sale 3,600 2.2500 -- --
DNMC Public
Holdings, L.L.C. 11/16/01 Sale 144,100 2.3000 -- --
DNMC Public
Holdings, L.L.C. 11/28/01 Sale 415,500 1.9568 -- --
DNMC Public
Holdings, L.L.C. 11/29/01 Sale 300,000 1.9500 -- --
DNMC Public
Holdings, L.L.C. 11/29/01 Sale 203,000 1.9500 -- --
DNMC Public
Holdings, L.L.C. 11/30/01 Sale 8,000 1.8713 -- --
DNMC Public
Holdings, L.L.C. 12/3/01 Sale 5,000 1.9500 -- --
DNMC Public
Holdings, L.L.C. 12/4/01 Sale 95,500 1.9500 -- --
Page 7 of 9
Signatures
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned, as to themselves only, certify that the information set forth in
this statement is true, complete and correct.
Dated: December 4, 2001
DNMC PUBLIC HOLDINGS, L.L.C.
By: Walton Street Real Estate Fund II, L.P.
Its: Member
By: Walton Street Managers II, L.P.
Its: General Partner
By: WSC Managers II, Inc.
Its: General Partner
By: /s/ Ira J. Schulman
-----------------------------
Name: Ira J. Schulman
Its: Vice President
WALTON STREET REAL ESTATE FUND II, L.P.
By: Walton Street Managers II, L.P.
Its: General Partner
By: WSC Managers II, Inc.
Its: General Partner
By: /s/ Ira J. Schulman
-----------------------------
Name: Ira J. Schulman
Its: Vice President
WALTON STREET MANAGERS II, L.P.
By: WSC Managers II, Inc.
Its: General Partner
By: /s/ Ira J. Schulman
-----------------------------
Name: Ira J. Schulman
Its: Vice President
Page 8 of 9
WSC MANAGERS II, INC.
By: /s/ Ira J. Schulman
-----------------------------
Name: Ira J. Schulman
Its: Vice President
Page 9 of 9