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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capital Senior Living Corp | NYSE:CSU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.54 | 0 | 01:00:00 |
1
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NAME OF REPORTING PERSONS
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HCRE Special Investment LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☒
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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1,666,619
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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1,666,619
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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1,666,619
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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5.6%
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14
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TYPE OF REPORTING PERSON
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OO
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1
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NAME OF REPORTING PERSONS
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Radix Partners LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☒
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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☐
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||||
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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1,666,619
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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1,666,619
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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||
1,666,619
|
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|
|||
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|
||||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
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☐
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||
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||||
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||||
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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5.6%
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14
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TYPE OF REPORTING PERSON
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OO
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1
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NAME OF REPORTING PERSONS
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Joshua Packwood
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a)
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☒
|
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(b)
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☐
|
||||
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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|
☐
|
||
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
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SOLE VOTING POWER
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0
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|||
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||||
8
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SHARED VOTING POWER
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1,666,619
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9
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SOLE DISPOSITIVE POWER
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0
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|||
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||||
10
|
SHARED DISPOSITIVE POWER
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|
||
1,666,619
|
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|
|||
|
|
||||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
||
1,666,619
|
|
|
|||
|
|
||||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
|
☐
|
||
|
|
||||
|
|
||||
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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5.6%
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|||
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14
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TYPE OF REPORTING PERSON
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IN
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1
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NAME OF REPORTING PERSONS
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Schuster Tanger
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2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a)
|
☒
|
||
(b)
|
☐
|
||||
|
|
||||
3
|
SEC USE ONLY
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|
||
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|
|||
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|
||||
4
|
SOURCE OF FUNDS
|
|
|
||
AF
|
|
|
|||
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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
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United States
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|
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|||
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|
||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE VOTING POWER
|
|
|
|
0
|
|
|
|||
|
|
||||
8
|
SHARED VOTING POWER
|
|
|
||
1,666,619
|
|
|
|||
|
|
||||
9
|
SOLE DISPOSITIVE POWER
|
|
|
||
0
|
|
|
|||
|
|
||||
10
|
SHARED DISPOSITIVE POWER
|
|
|
||
1,666,619
|
|
|
|||
|
|
||||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
||
1,666,619
|
|
|
|||
|
|
||||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
|
☐
|
||
|
|
||||
|
|
||||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
||
5.6%
|
|
|
|||
|
|
||||
14
|
TYPE OF REPORTING PERSON
|
|
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||
IN
|
|
|
|||
|
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Item 3. | Source and Amount of Funds or Other Consideration |
Item 4. | Purpose of Transaction |
Item 5. | Interest in Securities of the Issuer |
Reporting Person
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Trade Date
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Purchased (Sold)
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Price / Share
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||||||
HCRE
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11/30/2015
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13,500
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$
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22.92
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Item 7. | Material to be Filed as Exhibits |
Exhibit 2 | Letter to the Board of Directors of Capital Senior Living Corporation, dated December 10, 2015. |
Dated: December 10, 2015
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HCRE SPECIAL INVESTMENT LLC
|
||||
By:
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Radix Partners LLC, its managing member
|
|||
By:
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/s/ Schuster Tanger
|
|||
Name:
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Schuster Tanger | |||
Title:
|
Managing Member | |||
RADIX PARTNERS LLC
|
||||
By:
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/s/ Schuster Tanger
|
|||
Name:
|
Schuster Tanger | |||
Title:
|
Managing Member | |||
JOSHUA PACKWOOD
|
||||
By:
|
/s/ Joshua Packwood
|
|||
SCHUSTER TANGER
|
||||
By:
|
/s/ Schuster Tanger
|
· | If the Company has favorable projections that are credible, potential buyers will price CSU accordingly. The fact that a company has favorable prospects is hardly a reason not to explore a value-maximizing transaction. Just the opposite – often an ideal time to sell a company is when it has favorable prospects. |
· | As discussed above, credit markets may never be as good. The ability of an acquirer to pay a premium for CSU is, in significant part, informed by its ability to finance the purchase. Do not let this substantial opportunity slip away. |
· | Factoring in the time value of money and execution risk, in order to try to justify not pursuing strategic alternatives now, by our calculation, we believe the Board would have to be confident that the Company’s stock would exceed $47 per share within three years (at a 12% discount rate and assuming a $33.50 per share transaction). This means that the Board would have to be confident that Adjusted Cash From Facility Operations would have to start growing at a substantially faster rate. |
Sincerely,
|
|
Schuster B. Tanger
|
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Managing Member
|
|
Lucus Advisors LLC
|
1 Year Capital Senior Living Chart |
1 Month Capital Senior Living Chart |
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