SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
Amendment No. 4
Information to be Included in Statements Filed
Pursuant to Rule 13d-1(a) and Amendments Thereto
Filed Pursuant to Rule 13d-2(a)
Assisted Living Concepts, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
04543L109
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(CUSIP Number)
Lawrence D. Rovin, Esquire
Klehr, Harrison, Harvey, Branzburg & Ellers LLP
260 South Broad Street
Philadelphia, PA 19102
(215) 569-2898
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 12, 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 that is the subject of this Schedule 13D, and is filing this
Schedule because of Rule 13d-l(e), 13d-1(f) or 13d-1(g), check the following
box: | |
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CUSIP No. 04543L109 13D Page 2 of 7 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
BET ASSOCIATES, L.P.
23-2957243
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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:
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:
Delaware
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NUMBER OF 7. SOLE VOTING POWER
SHARES 799,908.30 SHARES OF ISSUER COMMON
BENEFICIALLY STOCK (REPRESENTS SHARES ISSUABLE TO
OWNED BY BET ASSOCIATES, L.P. UPON THE
EACH CONVERSION OF THE ISSUER 6% CONVERTIBLE
REPORTING BONDS DUE NOVEMBER 1, 2002 AND THE
PERSON ISSUER'S 5.62%.CONVERTIBLE BONDS DUE
WITH MAY 1, 2003).
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8. SHARED VOTING POWER
-0- Shares
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9. SOLE DISPOSITIVE POWER
799,908.30 SHARES OF ISSUER COMMON
STOCK (REPRESENTS SHARES ISSUABLE TO
BET ASSOCIATES, L.P. UPON THE
CONVERSION OF THE ISSUER 6% CONVERTIBLE
BONDS DUE NOVEMBER 1, 2002 AND THE
ISSUER'S 5.62%. CONVERTIBLE BONDS DUE
MAY 1, 2003).
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10. SHARED DISPOSITIVE POWER
-0- Shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
799,908.30 SHARES OF ISSUER COMMON STOCK (REPRESENTS
SHARES ISSUABLE TO BET ASSOCIATES, L.P. UPON THE
CONVERSION OF THE ISSUER 6% CONVERTIBLE BONDS DUE
NOVEMBER 1, 2002 AND THE ISSUER'S 5.62%. CONVERTIBLE
BONDS DUE MAY 1, 2003).
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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)
4.7
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. 04543L109 13D Page 3 of 7 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
BRU Holding Company Inc., LLC ("BRU")
52-2059411
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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:
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:
Delaware
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NUMBER OF 7. SOLE VOTING POWER
SHARES 2,303,600 SHARES OF ISSUER COMMON
BENEFICIALLY STOCK.
OWNED BY -----------------------------------------------
EACH 8. SHARED VOTING POWER
REPORTING -0- Shares
PERSON -----------------------------------------------
WITH 9. SOLE DISPOSITIVE POWER
2,303,600 SHARES OF ISSUER COMMON
STOCK.
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10. SHARED DISPOSITIVE POWER
-0- Shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,303,600 SHARES OF ISSUER COMMON STOCK.
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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)
13.5
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14. TYPE OF REPORTING PERSON
OO
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CUSIP No. 04543L109 13D Page 4 of 7 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
BRUCE E. TOLL
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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:
PF
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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:
UNITED STATES OF AMERICA
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NUMBER OF 7. SOLE VOTING POWER
SHARES MR. TOLL HOLDS, THROUGH BRU, 2,303,600
BENEFICIALLY SHARES OF ISSUER COMMON STOCK. BET
OWNED BY ASSOCIATES, L.P. HAS THE RIGHT TO
EACH RECEIVE 799,908.30 SHARES OF ISSUER
REPORTING COMMON STOCK UPON THE CONVERSION OF THE
PERSON ISSUER'S 6% CONVERTIBLE BONDS DUE
WITH NOVEMBER 1, 2002 AND THE ISSUER'S
5.625% CONVERTIBLE BONDS DUE MAY 2003.
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8. SHARED VOTING POWER
-0- Shares
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9. SOLE DISPOSITIVE POWER
MR. TOLL HOLDS, THROUGH BRU, 2,303,600
SHARES OF ISSUER COMMON STOCK. BET
ASSOCIATES, L.P. HAS THE RIGHT TO
RECEIVE 799,908.30 OF ISSUER COMMON
STOCK UPON THE CONVERSION OF THE
ISSUER'S 6% CONVERTIBLE BONDS DUE
NOVEMBER 1, 2002 AND THE ISSUER'S
5.625% CONVERTIBLE BONDS DUE MAY 2003.
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10. SHARED DISPOSITIVE POWER
MR. TOLL HOLDS, THROUGH BRU, 2,303,600
SHARES OF ISSUER COMMON STOCK. BET
ASSOCIATES, L.P. HAS THE RIGHT TO
RECEIVE 799,908.30 SHARES OF ISSUER
COMMON STOCK UPON THE CONVERSION OF THE
ISSUER'S 6% CONVERTIBLE BONDS DUE
NOVEMBER 1, 2002 AND THE ISSUER'S
5.625% CONVERTIBLE BONDS DUE MAY 2003.
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
MR. TOLL HOLDS, THROUGH BRU, 2,303,600 SHARES OF ISSUER
COMMON STOCK. BET ASSOCIATES, L.P. HAS THE RIGHT TO
RECEIVE 799,908.30 SHARES OF ISSUER COMMON STOCK UPON THE
CONVERSION OF THE ISSUER'S 6% CONVERTIBLE BONDS DUE
NOVEMBER 1, 2002 AND THE ISSUER'S 5.625% CONVERTIBLE
BONDS DUE MAY 2003.
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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) 18.1%
(MR. TOLL HOLDS, THROUGH BRU, 2,303,600 SHARES OF ISSUER
COMMON STOCK. BET ASSOCIATES, L.P. HAS THE RIGHT TO
RECEIVE 799,908.30 SHARES OF ISSUER COMMON STOCK UPON THE
CONVERSION OF THE ISSUER'S 6% CONVERTIBLE BONDS DUE
NOVEMBER 1, 2002 AND THE ISSUER'S 5.625% CONVERTIBLE
BONDS DUE MAY 2003).
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14. TYPE OF REPORTING PERSON
IN
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CUSIP No. 04543L109 13D Page 5 of 7 Pages
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ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock (the "Common Stock") of
Assisted Living Concepts, Inc., a Nevada corporation (the "Issuer"). The
principal executive offices of the Issuer are located at 11835 NE Glenn Widing
Drive, Bldg E, Portland, Oregon 97220-9057.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is being filed by (i) BET Associates, L.P., a
Delaware limited partnership ("BET"), with respect to shares beneficially owned
by it; (ii) by BRU Holdings Company Inc., LLC ("BRU") with respect to the shares
beneficially and by it and (iii) Bruce E. Toll with respect to shares
beneficially owned by Mr. Toll, BET and BRU. Mr. Toll is the sole member of BRU,
a Delaware limited liability company, which is the sole general partner of BET.
Mr. Toll, BET and BRU are sometimes referred to herein as the "Filing Persons."
Any disclosure herein with respect to persons other than the Filing Persons are
made on information and belief after making inquiry to the appropriate party.
(b) The business address of the Filing Persons is: 3103 Philmont
Avenue, Huntingdon Valley, Pennsylvania 19006.
(c) The principal business of BET and BRU is to invest in businesses.
Mr. Toll's principal occupation is as Vice-Chairman of Toll Brothers Inc., a
publicly-traded company engaged primarily in the business of developing and
constructing residential real estate.
(d) During the last five years, none of the persons referred to in
paragraph (a) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors.)
(e) During the last five years, none of the persons referred to in
paragraph (a) has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which he was or is
subject to a 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.
(f) Mr. Toll is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS.
Purchase of 6% Convertible bonds due November 1, 2002. On July 12,
2001, BET purchased a face amount of $3,350,000 of 6% Convertible Bonds in the
open market for an aggregate price of $927,391.67.
Purchase of 5.625% due May 1, 2003. On July 12, 2001, BET purchased a
face amount of $1,000,000 of 5.625% Convertible Bonds in the open market for an
aggregate price of $276,093.75. On July 16, 2001, BET purchased a face amount of
$1,000,000 of 5.625% Convertible Bonds in the open market for an aggregate price
of $300,000. The 6% and 5.625% Convertible Bonds are collectively referred to as
"Issuer Convertible Bonds."
Previous Purchases and Sales. Previous purchases and sales by BET, BRU
and Mr. Toll are set forth on the Schedule 13D filed on October 27, 1999,
amendment numbers 1, 2 and 3 thereto, filed on November 12, 1999, November 20,
2000 and November 22, 2000, respectively.
ITEM 4. PURPOSE OF TRANSACTION.
BET, BRU and Mr. Toll have acquired the Issuer Convertible Bonds and
the shares of the Issuer's Common Stock for investment purposes and intend to
evaluate the performance of such securities as an investment in the ordinary
course of business.
Neither BET, BRU nor Mr. Toll has any plans or proposals which relate
to, or could result in, any of the matters referred to in paragraphs (a) through
(j), inclusive, of Item 4 of Schedule 13D, although they reserve the right to do
so at any time.
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CUSIP No. 04543L109 13D Page 6 of 7 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BET Beneficial Ownership. BET beneficially owns 799,908.30 shares
of Issuer Common Stock, which represents shares issuable upon the conversion of
the Issuer Convertible Bonds, which if converted would constitute 4.7% of the
Issuer Common Stock outstanding (based upon 17,120,745 shares of Common Stock
outstanding as reported in the Issuer's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2001 filed on May 15, 2001).
BRU and Bruce Toll Beneficial Ownership. Mr. Toll, through BRU,
beneficially owns 3,103,508.30 shares of Issuer Common Stock (including the
799,908.30 shares of Issuer Common Stock issuable to BET Associates, L.P. upon
the conversion of the Issuer Convertible Bonds), which constitutes 18.1% of the
Common Stock outstanding (based upon 17,120,745 shares of Common Stock
outstanding as reported in the Issuer's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2001 filed on May 15, 2001). Such securities were
acquired pursuant to the transactions described in Item 3 and the Schedule 13D
filed on October 27, 1999 and amendment numbers 1, 2 and 3 thereto, filed on
November 12, 1999, November 20, 2000 and November 22, 2000, respectively.
(b) Mr. Toll, through BRU, has sole voting power and power to dispose
of the 2,303,600 shares of the Issuer's Common Stock he owns. BET has sole
voting power and power to dispose of the 799,908.30 shares of the Issuer's
Common Stock issuable upon the conversion of the Issuer Convertible Bonds it
owns.
(c) Transactions Since Most Recent Filing on Schedule 13D.
On July 12, 2001, BRU transferred 187,000 shares of Common Stock to
Mr. Toll's adult daughter, Jennifer Toll, for no consideration.
On July 16, 2001, BRU transferred 40,000 shares of Common Stock to
Mr. Toll's adult daughter, Jennifer Toll, for no consideration
(d) N/A.
(e) N/A.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
See Items 3 and 4.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
N/A.
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CUSIP No. 04543L109 13D Page 7 of 7 Pages
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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: July 18, 2001
BET ASSOCIATES, L.P.
By: BRU LLC
Its General Partner
By: /s/ Bruce E. Toll
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Bruce E. Toll
Member
/s/ Bruce E. Toll
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Bruce E. Toll
BRU HOLDING COMPANY INC., LLC
By: /s/ Bruce E. Toll
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Bruce E. Toll
Member