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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. ____)*
Assisted Living Concepts, Inc.
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(Name of Issuer)
Class A Common Stock, par value $0.01 per share
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(Title of Class of Securities)
04544X102
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(CUSIP Number)
December 20, 2006
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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).
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Page 1 of 10
CUSIP No.
04544X102
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1. Name of Reporting Persons:
JMB Capital Partners, L.P.
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization:
California
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Number of Shares 5. Sole Voting Power:
Beneficially Owned By 2,965,800
Each Reporting Person -----------------------------------------------------
With 6. Shared Voting Power:
0
-----------------------------------------------------
7. Sole Dispositive Power:
2,965,800
-----------------------------------------------------
8. Shared Dispositive Power:
0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
2,965,800
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9):
5.2%
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12. Type of Reporting Person (See Instructions):
PN
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Page 2 of 10
CUSIP No.
04544X102
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1. Name of Reporting Persons:
Smithwood Partners, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization:
California
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Number of Shares 5. Sole Voting Power:
Beneficially Owned By 2,965,800
Each Reporting Person -----------------------------------------------------
With 6. Shared Voting Power:
0
-----------------------------------------------------
7. Sole Dispositive Power:
2,965,800
-----------------------------------------------------
8. Shared Dispositive Power:
0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
2,965,800
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9):
5.2%
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12. Type of Reporting Person (See Instructions):
OO
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Page 3 of 10
CUSIP No.
04544X102
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1. Name of Reporting Persons:
Smithwood Advisers, L.P.
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) [ ]
(b) [X]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
California
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Number of Shares 5. Sole Voting Power:
Beneficially Owned By 2,965,800
Each Reporting Person -----------------------------------------------------
With 6. Shared Voting Power:
0
-----------------------------------------------------
7. Sole Dispositive Power:
2,965,800
-----------------------------------------------------
8. Shared Dispositive Power:
0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
2,965,800
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9):
5.2%
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12. Type of Reporting Person (See Instructions):
PN, HC
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Page 4 of 10
CUSIP No.
04544X102
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1. Name of Reporting Persons:
Smithwood General Partner, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) [ ]
(b) [X]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
California
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Number of Shares 5. Sole Voting Power:
Beneficially Owned By 2,965,800
Each Reporting Person -----------------------------------------------------
With 6. Shared Voting Power:
0
-----------------------------------------------------
7. Sole Dispositive Power:
2,965,800
-----------------------------------------------------
8. Shared Dispositive Power:
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person:
2,965,800
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9):
5.2%
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12. Type of Reporting Person (See Instructions):
OO, HC
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Page 5 of 10
CUSIP No.
04544X102
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1. Name of Reporting Persons:
Jonathan Brooks
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization:
United States of America
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Number of Shares 5. Sole Voting Power:
Beneficially Owned By 2,965,800
Each Reporting Person -----------------------------------------------------
With 6. Shared Voting Power:
0
-----------------------------------------------------
7. Sole Dispositive Power:
2,965,800
-----------------------------------------------------
8. Shared Dispositive Power:
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person:
2,965,800
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9):
5.2%
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12. Type of Reporting Person (See Instructions):
IN
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Page 6 of 10
CUSIP No.
04544X102
ITEM 1.
(a) NAME OF ISSUER:
Assisted Living Concepts, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
111 West Michigan Street
Milwaukee, Wisconsin 53203
ITEM 2.
(a) NAMES OF PERSONS FILING:
(i) JMB Capital Partners, L.P., a California limited
partnership;
(ii) Smithwood Partners, LLC, a California limited liability
company;
(iii) Smithwood Advisers, L.P., a California limited
partnership;
(iv) Smithwood General Partner, LLC, a California limited
liability company; and
(v) Jonathan Brooks, an individual
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1999 Avenue of the Stars, Suite 2040
Los Angeles, California 90067
(c) CITIZENSHIP:
See row 4 of each filer's cover page
(d) TITLE OF CLASS OF SECURITIES:
Class A Common Stock, par value $0.01 per share
(e) CUSIP NUMBER:
04544X102
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS:
(a) [ ] A Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o);
(b) [ ] A Bank as defined in section 3(a)(6) of the Act
(15 U.S.C. 78c);
(c) [ ] An Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d) [ ] An Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8);
(e) [ ] An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Section 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance
with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] A group, in accordance with Section
240.13d-1(b)(1)(ii)(J).
Page 7 of 10
CUSIP No.
04544X102
ITEM 4. OWNERSHIP
(a) AMOUNT BENEFICIALLY OWNED:
2,965,800
(b) PERCENT OF CLASS:
5.2%, calculated based on 57,543,165 shares of Class A common
stock outstanding, which is the number of shares of Class A
common stock outstanding as of November 21, 2006 as set forth
in the Issuer's most recent Quarterly Report on Form 10-Q.
(c) NUMBER OF SHARES AS TO WHICH EACH FILER HAS:
(i) Sole power to vote or to direct the vote:
2,965,800
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
2,965,800
(iv) Shares power to dispose or to direct the disposition of:
0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If the statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following .
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON 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
Not applicable.
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 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.
A Joint Filing Agreement is attached hereto as Exhibit 1.
Page 8 of 10
CUSIP No.
04544X102
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.
Date: December 28, 2006
JMB CAPITAL PARTNERS, L.P.
By: Smithwood Partners, LLC,
its General Partner
By: /s/ Jonathan Brooks
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Name: Jonathan Brooks
Title: Sole Member and Manager
SMITHWOOD PARTNERS, LLC
By: /s/ Jonathan Brooks
--------------------------------------
Name: Jonathan Brooks
Title: Sole Member and Manager
SMITHWOOD ADVISERS, L.P.
By: Smithwood General Partner, LLC,
its General Partner
By: /s/ Jonathan Brooks
--------------------------------------
Name: Jonathan Brooks
Title: Managing Member
SMITHWOOD GENERAL PARTNER, LLC
By: /s/ Jonathan Brooks
--------------------------------------
Name: Jonathan Brooks
Title: Managing Member
JONATHAN BROOKS
/s/ Jonathan Brooks
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Jonathan Brooks, an individual
Page 9 of 10
CUSIP No.
04544X102
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned agree that only one statement containing the
information required by Schedule 13G need be filed by each of the undersigned
with respect to the ownership by each of the undersigned of shares of common
stock of Assisted Living Concepts, Inc. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original.
Date: December 28, 2006
JMB CAPITAL PARTNERS, L.P.
By: Smithwood Partners, LLC,
its General Partner
By: /s/ Jonathan Brooks
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Name: Jonathan Brooks
Title: Sole Member and Manager
SMITHWOOD PARTNERS, LLC
By: /s/ Jonathan Brooks
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Name: Jonathan Brooks
Title: Sole Member and Manager
SMITHWOOD ADVISERS, L.P.
By: Smithwood General Partner, LLC,
its General Partner
By: /s/ Jonathan Brooks
------------------------------------
Name: Jonathan Brooks
Title: Managing Member
SMITHWOOD GENERAL PARTNER, LLC
By: /s/ Jonathan Brooks
------------------------------------
Name: Jonathan Brooks
Title: Managing Member
JONATHAN BROOKS
/s/ Jonathan Brooks
----------------------------------------
Jonathan Brooks, an individual
Page 10 of 10