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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
American Retirement Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
028913-10-1
(CUSIP Number)
December 31, 2001
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*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).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB control number.
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CUSIP NO. 028913-10-1 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Holiday Retirement Corp.
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
Oregon
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----- ---------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 271,100
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
----- ---------------------------------------------
6 SHARED VOTING POWER
--0--
----- ---------------------------------------------
7 SOLE DISPOSITIVE POWER
271,100
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8 SHARED DISPOSITIVE POWER
--0--
--------------------------- ----- ---------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,100
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.6%
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12 TYPE OF REPORTING PERSON*
CO
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CUSIP NO. 028913-10-1 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Daniel R. Baty
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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----- ---------------------------------------------
5 SOLE VOTING POWER
2,000
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
----- ---------------------------------------------
6 SHARED VOTING POWER
271,100
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7 SOLE DISPOSITIVE POWER
2,000
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8 SHARED DISPOSITIVE POWER
271,100
--------------------------- ----- ---------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
273,100
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
-------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.6%
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12 TYPE OF REPORTING PERSON*
IN
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CUSIP NO. 028913-10-1 13G Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON,
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William E. Colson
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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 CITIZENSHIP OR PLACE OF ORGANIZATION United States
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----- ---------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 214,500
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
----- ---------------------------------------------
6 SHARED VOTING POWER
271,100
----- ---------------------------------------------
7 SOLE DISPOSITIVE POWER
214,500
----- ---------------------------------------------
8 SHARED DISPOSITIVE POWER
271,100
--------------------------- ----- ---------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
485,600
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 2.8%
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12 TYPE OF REPORTING PERSON*
IN
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Background.
This Schedule 13G/A is filed by Holiday Retirement Corp., Daniel R. Baty and
William E. Colson (the "Reporting Persons") and amends the statement on Schedule
13G filed by the Reporting Persons on January 23, 2001 (the "Original 13G").
As reported in the Original 13G, the Reporting Persons purchased shares of
Common Stock of the Issuer that would, if the persons listed on Exhibit A were
deemed to be a group, result in the deemed beneficial ownership by such group of
more than 5% of the Common Stock of the Issuer.
In 2001, subsequent to filing the Original 13G, the Reporting Persons purchased
additional shares of Common Stock of the Issuer resulting in the ownership
structure as set forth on the cover pages to this Schedule 13G/A.
The Reporting Persons disclaim the existence of a group pursuant to Rule 13d-5
with the persons listed on Exhibit A.
The information in this filing with respect to the first eight entities listed
on Exhibit A (the "Lehman Entities") is, to the best of the Reporting Persons'
knowledge, accurate as of December 31, 2001. On January 22, 2001, as amended
February 8, 2002, the Lehman Entities filed a Schedule 13G with respect to their
ownership of securities of the Issuer and reference is made to the more detailed
information contained therein, and in any amendments to such Schedules that may
be filed in the future.
Item 1 (a). Name of Issuer: American Retirement Corporation
Item 1 (b). Address of Issuer's Principal Executive Offices:
111 Westwood Place, Suite 200
Brentwood, TN 37027
Item 2
(a, b, c) Name, Address of Principal Business Office or Residence, and
Citizenship of Persons Filing:
The principal place of business of all of the filing persons is: 2250
McGilchrist Street S.E. Suite 200, Salem, OR 97302:
(1) Holiday Retirement Corp., an Oregon corporation.
(2) Daniel R. Baty, a United States citizen.
(3) William E. Colson, a United States citizen.
Item 2 (d). Title of Class of Securities:
Common Stock, par value $.01 per share ("Common Stock")
Item 2 (e). CUSIP Number: 028913-10-1
5 of 9
Item 3. If this Statement is filed pursuant to Rule 13d-1(b),
or 13d-2(b)or (c), check whether the person filing is a:
Not Applicable
Item 4. Ownership
See responses to Items 5, 6, 7, 8, 9 and 11 of the Cover
Pages.
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable.
Item 6. Ownership of More Than Five Percenton Behalf of Another Person
Not Applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent
Holding Company
Not Applicable.
Item 8. Identification and Classification of Members of the Group
Please see Exhibit A attached.
Item 9. Notice of Dissolution of Group
Not Applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
6 of 9
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: February 11, 2002
Holiday Retirement Corp.
By: /s/ William E. Colson
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Name: William E. Colson
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Title: President
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/s/ Daniel R. Baty
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Daniel R. Baty
/s/ William E. Colson
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William E. Colson
Exhibit A
IDENTIFICATION OF MEMBERS OF THE GROUP
LB/HRC Bond Investors LLC, a Delaware limited liability company
LB/HRC Bond Investors II LLC, a Delaware limited liability company
LB Bond Investors LLC, a Delaware limited liability company
LB Bond Investors II LLC, a Delaware limited liability company
PAMI, LLC, a Delaware limited liability company
Property Asset Management Inc., a Delaware corporation
Lehman ALI Inc., a Delaware corporation
Lehman Brothers Holding Inc., a Delaware corporation
HRC Bond Investors LLC, a Delaware limited liability company
Daniel R. Baty
William E. Colson
Norman L. Brenden, a U.S. citizen
Patrick F. Kennedy, a U.S. citizen
Thilo D. Best, a U.S. citizen
Holiday Retirement Corp.
The above entities (the "Entities") may be deemed to be a group pursuant to Rule
13d-5, although such status as a group is disclaimed by the Reporting Persons.
The control of HRC Bond Investors is as follows: Daniel R. Baty has a 50%
membership interest in HRC Bond Investors LLC, is the managing member, and has
the exclusive right to make all investment decisions on its behalf. The
remaining membership interests in HRC Bond Investors LLC are held as follows:
William E. Colson (5%); Norman L. Brenden (5%); Patrick F. Kennedy (2.5%); Thilo
D. Best (4%); and Holiday Retirement Corp. (33.5%).
To the best of the Reporting Persons' knowledge, LB Bond Investors LLC has a 90%
membership interest in LB/HRC Bond Investors LLC, is its managing member, and
has the exclusive right to make all investment decisions on its behalf. The
remaining 10% membership interest is held by HRC Bond Investors LLC. LB Bond
Investors II LLC has a 90% membership interest in LB/HRC Bond Investors II LLC,
is its managing member, and has the exclusive right to make all investment
decisions on its behalf. The remaining 10% membership interest is held by HRC
Bond Investors LLC.
LB Bond Investors II LLC has a 90% membership interest in LB/HRC Bond Investors
II LLC, is its managing member, and has the exclusive right to make all
investment decisions on its behalf. The remaining 10% membership interest is
held by HRC Bond Investors LLC.
Both LB Bond Investors LLC and LB Bond Investors II LLC are wholly owned by PAMI
LLC.
PAMI LLC is wholly owned by Property Asset Management Inc.; Property Asset
Management Inc. is 99.75% owned by Lehman ALI Inc., and Lehman ALI Inc. is
wholly owned by Lehman Brothers Holdings Inc., a publicly held corporation.
To the best of the Reporting Persons' knowledge, assuming the conversion of the
convertible bonds of the Issuer ("ARC Bonds") the members of the Lehman Entities
are beneficial owners of shares of Common Stock of the Issuer as follows: LB/HRC
Bond Investors LLC owns 262,500 shares, LB/HRC Bond Investors II LLC owns
657,667 shares. More detail as to ownership of securities of the Issuer by the
Lehman Entities can be found in Schedule 13G/A filing by such persons made or to
be made on or about the date of this filing.
In the event that the Entities were deemed to be a group pursuant to Rule 13d-5
(such status is disclaimed by the Filing Persons), upon conversion of all of the
ACR Bonds held by LB/HRC Bond Investors LLC and LB/HRC Bond Investors II LLC,
the Entities would collectively own 1,407,767 shares of Common Stock,
constituting 7.7% of the Common Stock.
Exhibit B
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13G/A filed
herewith (and any amendments thereto), relating to the common stock, par value
$0.01 per share, of American Retirement Corporation, is being filed jointly with
the Securities and Exchange Commission pursuant to Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934, as amended, on behalf of each such person.
DATED: February 11, 2002
Holiday Retirement Corp.
By: /s/ William E. Colson
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Name: William E. Colson
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Title: President
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/s/ Daniel R. Baty
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Daniel R. Baty
/s/ William E. Colson
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William E. Colson