AMERICAN RETIREMENT CORP, SC 13D, 1999-11-01

AMERICAN RETIREMENT CORP
SC 13D, 1999-11-01
SKILLED NURSING CARE FACILITIES

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<PAGE>

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13D

Under the Securities Exchange Act of 1934
(Amendment No. )*

American Retirement Corporation
- -------------------------------------------------------------------------------
(Name of Issuer)

Common Stock
- -------------------------------------------------------------------------------
(Title of Class of Securities)

028913-10-1
---------------------------------------
(CUSIP Number)

Brian Newman
Walton Street Capital, L.L.C.
900 N. Michigan Avenue
Suite 1900
Chicago, Illinois 60611
(312) 915-2800
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)

October 20, 1999
---------------------------------------
(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 (S)(S)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 (S)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 16
<PAGE>

- ----------------------- --------------------
CUSIP NO. 028913-10-1 13D PAGE 2 OF 16 PAGES
- ----------------------- --------------------

- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
DNMC Public Holdings, L.L.C.

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4320464
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3

- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC, BK
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0

SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,675,000 (See Item 5)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0

PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,675,000 (See Item 5)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,675,000 (See Item 5)

- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>

- ----------------------- --------------------
CUSIP NO. 028913-10-1 13D PAGE 3 OF 16 PAGES
- ----------------------- --------------------

- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Walton Street Real Estate Fund II, L.P.

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4208917
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3

- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0

- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

- ----------------------- --------------------
CUSIP NO. 028913-10-1 13D PAGE 4 OF 16 PAGES
- ----------------------- --------------------

- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Walton Street Managers II, L.P.

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4200292
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3

- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>

- ----------------------- --------------------
CUSIP NO. 028913-10-1 13D PAGE 5 OF 16 PAGES
- ----------------------- --------------------

- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
WSC Managers II, Inc.

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-4200554
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3

- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>

Item 1. Security and Issuer

This Schedule 13D (this "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.) (collectively, the
"Reporting Persons"). This Schedule 13D relates to the common stock, par value
$0.01 per share (the "Shares"), of American Retirement Corporation, a Tennessee
corporation (the "Company"). The principal executive offices of the Company are
located at 111 Westwood Place, Suite 402, Brentwood, Tennessee 37027.

Item 2. Identity and Background

DNMC Public Holdings, L.L.C. is a Delaware limited liability company with the
principal business of investing in securities and is located at 900 North
Michigan Avenue, Chicago, Illinois 60611.

Walton Street Real Estate Fund II, L.P. is a Delaware limited partnership with
the principal business of investing in real estate and securities and is located
at 900 North Michigan Avenue, Chicago, Illinois 60611. Walton Street Real
Estate Fund II, L.P. is also the sole member of DNMC Public Holdings, L.L.C.

Walton Street Managers II, L.P. is a Delaware limited partnership with the
principal business of investing in securities and is located at 900 North
Michigan Avenue, Chicago, Illinois 60611. Walton Street Managers II, L.P. is
also the sole general partner of Walton Street Real Estate Fund II, L.P.

WSC Managers II, Inc. is a Delaware corporation with the principal business of
investing in securities and is located at 900 North Michigan Avenue, Chicago,
Illinois 60611. WSC Managers II, Inc. is also the sole general partner of
Walton Street Managers II, L.P.

Attached as Schedule A to this Schedule 13D is information concerning other
persons and entities as to which such information is required to be disclosed in
response to Item 2 and General Instruction C to Schedule 13D.

The Reporting Persons may be deemed to constitute a "group" for purposes of
Section 13(d)(3) of the Securities Exchange Act of 1934. The Reporting Persons
expressly disclaim that they have agreed to act as a group other than as
described in this Schedule 13D.

During the last five years, none of the Reporting Persons or their executive
officers or directors has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).

Page 6 of 16
<PAGE>

During the last five years, none of the Reporting Persons or their executive
officers or directors has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which was such
person 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.

Item 3. Source And Amount of Funds or Other Consideration

DNMC Public Holdings, L.L.C. purchased an aggregate of 1,300,000 Shares for
total consideration of $7,663,743.75 (excluding brokerage commissions) derived
from the capital of DNMC Public Holdings, L.L.C. and margin indebtedness from
Banc of America Securities LLC. DNMC Public Holdings, L.L.C. also purchased
$9,000,000 aggregate principal amount of the Company's 5-3/4% Convertible
Subordinated Debentures due 2002 (the "Debentures"), which are convertible into
an aggregate of 375,000 Shares, for total consideration of $5,772,712.50
(including brokerage commissions) derived from the capital of DNMC Public
Holdings, L.L.C. and margin indebtedness from Banc of America Securities LLC.
Each $1,000 principal amount of the Debentures is convertible at the option of
the holder into 41.6667 Shares. The Reporting Persons also maintain various
credit facilities and arrangements, including customary margin arrangements,
with banks and other financial institutions in the ordinary course of business
and in connection therewith provide to the lenders as collateral thereunder the
Shares and the Debentures purchased by them or other securities of the Company
held by them.

Item 4. Purpose of Transaction

The Reporting Persons have acquired the Shares and the Debentures because, in
their opinion, such securities are undervalued by the market at the present time
under the present circumstances. The Reporting Persons will monitor
developments at the Company, and may communicate with members of management of
the Company, with the Board of Directors of the Company and with others
concerning the Company.

The Reporting Persons may from time to time (i) acquire additional Shares,
Debentures and other derivative securities in the open market, in privately
negotiated transactions or otherwise, or (ii) dispose of Shares, Debentures and
other derivative securities in the open market, in privately negotiated
transactions or otherwise.

Item 5. Interest in Securities of the Issuer

(a) As of the date of this Schedule 13D, the Reporting Persons beneficially
owned in the aggregate 1,675,000 Shares, which includes 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 November 1, 1999.
Based upon (i) the 17,138,235 Shares outstanding on August 9, 1999 as set

Page 7 of 16
<PAGE>

forth in the Company's quarterly report on Form 10-Q for the quarterly
period ending June 30, 1999 filed August 16, 1999 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 November 1, 1999,
these 1,675,000 Shares represent 9.6% 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
---- -------------- ----------------- --------------------
<S> <C> <C> <C>
DNMC Public Holdings, L.L.C. 1,300,000 375,000 9.6%
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 1,300,000 375,000 9.6%
</TABLE>

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.

(b) DNMC Public Holdings, L.L.C. has the sole power to vote, direct the vote,
dispose or direct the disposition of Shares shown above as directly
beneficially owned by DNMC Public Holdings, L.L.C. 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 share with DNMC Public Holdings, L.L.C. the power to vote, direct
the vote, dispose or direct the disposition of such Shares.

(c) The Reporting Persons engaged in the following transactions in Shares of the
Company during the last 60 days. All transactions were completed on the New
York Stock Exchange.

Page 8 of 16
<PAGE>

<TABLE>
<CAPTION>
Price/
Principal $1,000
Nature of Price/ Amount of Principal
Direct Beneficial Owner Date Transaction Shares Share Debentures Amount
----------------------- ---- ----------- ------ ----- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
DNMC Public Holdings, L.L.C. 10/7/99 Purchase 30,000 8.0000 -- --

DNMC Public Holdings, L.L.C. 10/7/99 Purchase 10,000 8.0000 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 40,000 7.8750 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 35,000 7.8750 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 15,000 7.8750 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 10,000 7.8750 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 200 7.8125 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase 2,300 7.8750 -- --

DNMC Public Holdings, L.L.C. 10/8/99 Purchase -- -- 500,000 675.00

DNMC Public Holdings, L.L.C. 10/11/99 Purchase 1,000 7.7500 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 10,000 7.7500 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 5,000 7.7500 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 10,000 7.6250 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 15,000 7.6250 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 500 7.5625 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 5,600 7.5625 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 3,900 7.5625 -- --

DNMC Public Holdings, L.L.C. 10/12/99 Purchase 11,000 7.5625 -- --

DNMC Public Holdings, L.L.C. 10/13/99 Purchase 5,300 7.5000 -- --

DNMC Public Holdings, L.L.C. 10/13/99 Purchase 700 7.4375 -- --

DNMC Public Holdings, L.L.C. 10/13/99 Purchase 5,000 7.4375 -- --

DNMC Public Holdings, L.L.C. 10/13/99 Purchase 200 7.3125 -- --

DNMC Public Holdings, L.L.C. 10/13/99 Purchase 4,800 7.3750 -- --
</TABLE>

Page 9 of 16
<PAGE>

<TABLE>
<S> <C> <C> <C> <C> <C> <C>
DNMC Public Holdings, L.L.C. 10/13/99 Purchase -- -- 3,230,000 662.50

DNMC Public Holdings, L.L.C. 10/14/99 Purchase 5,000 6.9375 -- --

DNMC Public Holdings, L.L.C. 10/14/99 Purchase -- -- 750,000 652.50

DNMC Public Holdings, L.L.C. 10/15/99 Purchase 50,000 6.8750 -- --

DNMC Public Holdings, L.L.C. 10/15/99 Purchase 100,000 6.8750 -- --

DNMC Public Holdings, L.L.C. 10/15/99 Purchase 10,000 6.8750 -- --

DNMC Public Holdings, L.L.C. 10/15/99 Purchase -- -- 265,000 647.50

DNMC Public Holdings, L.L.C. 10/18/99 Purchase 4,000 6.2500 -- --

DNMC Public Holdings, L.L.C. 10/18/99 Purchase 300 6.2500 -- --

DNMC Public Holdings, L.L.C. 10/18/99 Purchase 3,900 6.3750 -- --

DNMC Public Holdings, L.L.C. 10/18/99 Purchase 1,200 6.3750 -- --

DNMC Public Holdings, L.L.C. 10/18/99 Purchase 145,700 6.5000 -- --

DNMC Public Holdings, L.L.C. 10/19/99 Purchase 10,000 4.9375 -- --

DNMC Public Holdings, L.L.C. 10/19/99 Purchase 15,000 4.9375 -- --

DNMC Public Holdings, L.L.C. 10/20/99 Purchase 50,000 5.0000 -- --

DNMC Public Holdings, L.L.C. 10/20/99 Purchase 257,200 5.0000 -- --

DNMC Public Holdings, L.L.C. 10/20/99 Purchase 140,000 5.0000 -- --

DNMC Public Holdings, L.L.C. 10/20/99 Purchase 152,800 5.0000 -- --

DNMC Public Holdings, L.L.C. 10/21/99 Purchase -- -- 2,000,000 612.50

DNMC Public Holdings, L.L.C. 10/26/99 Purchase 90,500 4.1250 -- --

DNMC Public Holdings, L.L.C. 10/26/99 Purchase 1,000 4.2500 -- --

DNMC Public Holdings, L.L.C. 10/28/99 Purchase 10,000 5.0000 -- --

DNMC Public Holdings, L.L.C. 11/01/99 Purchase -- -- 2,255,000 625.00

DNMC Public Holdings, L.L.C. 11/01/99 Purchase 2,900 5.0000 -- --
</TABLE>

(d) Not Applicable.

(e) Not Applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer

Except as disclosed under Items 2, 3 and 4 of this Schedule 13D, to the best
knowledge of the Reporting Persons, there are no contracts, arrangements,
understandings or relationships (legal or

Page 10 of 16
<PAGE>

otherwise) among the Reporting Persons or between the Reporting Persons and any
other person with respect to any securities of the Company, including but not
limited to transfer or voting of any Company securities, finder's fees, joint
ventures, loan or option arrangements, put or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies.

Item 7. Material to be Filed as Exhibits

A. Joint Filing Agreement.

Page 11 of 16
<PAGE>

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: November 1, 1999

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

Page 12 of 16
<PAGE>

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

WSC MANAGERS II, INC.

By: /s/ Ira J. Schulman
---------------------
Name: Ira J. Schulman
Its: Vice President

Page 13 of 16
<PAGE>

Schedule A

Director of WSC Managers II, Inc.

<TABLE>
<CAPTION>
Name Address of Principal Business Office Citizenship
- ----------------- ------------------------------------ ------------------------
<S> <C> <C>
Ira J. Schulman 900 North Michigan Avenue United States of America
Chicago, Illinois 60611
</TABLE>

Executive Officers of WSC Managers II, Inc.

<TABLE>
<CAPTION>
Name and Title Address of Principal Business Office Citizenship
- ------------------------ ------------------------------------ ------------------------
<S> <C> <C>
Neil G. Bluhm 900 North Michigan Avenue United States of America
President Chicago, Illinois 60611

Ira J. Schulman 900 North Michigan Avenue United States of America
Vice President Chicago, Illinois 60611

Jeffrey S. Quicksilver 900 North Michigan Avenue United States of America
Vice President Chicago, Illinois 60611

Eric C. Mogentale 900 North Michigan Avenue United States of America
Vice President Chicago, Illinois 60611

K. Jay Weaver 900 North Michigan Avenue United States of America
Vice President Chicago, Illinois 60611
</TABLE>

Page 14 of 16
<PAGE>

Exhibit A

Joint Filing Agreement

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, the persons named below agree to the joint filing on behalf of them of
a statement on Schedule 13D (including amendments thereto) with respect to the
common stock, par value $0.01 per share, of American Retirement Corporation, and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filing. In evidence thereof, the undersigned hereby execute this
Agreement this 1st day of November, 1999.

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

Page 15 of 16
<PAGE>

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

WSC MANAGERS II, INC.

By: /s/ Ira J. Schulman
---------------------
Name: Ira J. Schulman
Its: Vice President

Page 16 of 16