13D Filing: Park City Capital, Llc and Adcare Health Systems Inc (NYSEMKT:ADK)

CUSIP No. 000650W300

13D/A

Page 7 of 8 Pages

 

 

This Amendment No.
7 (this “Amendment No. 7”) amends the Schedule 13D originally filed with the Securities and Exchange Commission on
April 4, 2013 (as amended, the “Schedule 13D” or this “Statement”), with respect to the Common Stock, no
par value (the “Common Stock”), of AdCare Health Systems, Inc., a Georgia corporation (the “Company”).
Except as amended and supplemented by this Amendment No. 7, the Schedule 13D remains unchanged.

Item 4. Purpose of Transaction.

On April 4, 2017, Park
City Capital, LLC issued the press release included as Exhibit 99.1 to this Statement. In the press release, Park City called on
the Company’s Chairman and CEO William McBride to immediately resign from all positions with the Company due to his resume
falsification committed against the Company. Based on third party research commissioned by Park City and another party, McBride
does not have an MBA from UCLA. Additional findings are included as Exhibit 99.2 to this Statement. If McBride does not resign
immediately, Park City believes the Company’s board of directors should terminate him.

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

Pursuant to Rule 13d-1(k) promulgated under
the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint
filing of this Amendment No. 7, which agreement is set forth on the signature page to this Statement.

 

Item 7. Material to Be Filed as Exhibits.

The following documents are exhibits to
this Amendment No. 7:

99.1       Press
Release.

99.2       Additional
Findings Regarding William McBride.