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\f0\fs24 \cf2 \cb3 You always hope it is a quiet week when you leave for a summer vacation,
but it is not always the case. It was in the middle of earnings season, and although not
a surprise, the EBITDAR margin for Assisted Living Concepts is finally getting closer
to reality, dropping from 37% a year ago to 30% in the most recent quarter. And it should
be dropping further as the new management focuses on quality and spending money for
it. Investors finally got the message, and the stock has dropped 50% since the end of
July. Part of the investor concern is regarding the SEC investigation under way, including
an allegation that ALC was filling some units with employees to meet occupancy requirements
with a certain landlord. We had heard rumors about that a few months ago, but it was so
outlandish we assumed they were simply that, rumors, and didn\'92t report on it. But sometimes
when there is smoke\'85.And Brookdale Senior Living disclosed that Bell Sheriff will be
retiring as CEO and they are looking for a successor. Although not surprising news, it\'92s
too bad.\'a0 He\'92s one of the good guys.}