Capital Senior Living Corp (CSU): Value Investor Arbiter Partners Backing Up The Truck

Page 4 of 7 – SEC Filing

Page 3

Item 1. Security and Issuer

This statement amends Schedule 13D filed on 11/7/2016 as
previously amended on 12/13/2016 which relates to the Common Stock of Capital
Senior Living Corporation, with principal offices at 14160 Dallas Parkway, Suite
300, Dallas, Texas.

Item 2. Identity and Background

	(a)	This statement on this Amendment 2 to Schedule 13D is being jointly filed by Arbiter Partners Capital Management, LLC. (“APCM”), a Delaware limited liability company, and Paul J. Isaac (“Mr. Isaac”) (collectively, the “Reporting Entities”). The execution and filing of this Amendment 2 to Schedule 13D shall not be construed as an admission that the Reporting Entities are a group, or have agreed to act as a group.
	(b)	The address of the principal business and principal office of each of the Reporting Entities is 530 Fifth Avenue, 20th Floor, New York, NY 10036
	(c)	APCM is a registered investment adviser. The principal business of APCM is to act as an investment adviser to various private investment limited partnerships and securities reported on this Amendment 2 to Schedule 13D as being beneficially owned by APCM were purchased on behalf of certain of such partnerships and individual accounts managed and administered by APCM. Mr. Isaac is a United States citizen and is a controlling person of APCM. As such, he may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934 (the Exchange Act), as amended, of the securities beneficially owned by APCM. Pursuant to Exchange Act Rule 13d-4, APCM and Mr. Isaac declare that the filing of this statement on this Amendment 2 to Schedule 13D shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on this Amendment 2 to Schedule 13D.
	(d)	None of the Reporting Entities have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the past five years.
	(e)	None of the Reporting Entities have been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which 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 during the last five years.
	(f)	APCM is a Delaware Limited Liability Company, and Mr. Isaac is a citizen of the United States of America

Item 3. Source and Amount of Funds or Other Considerations

Certain private investment limited partnerships and individual
managed accounts advised by APCM have been purchasing shares in the issuer since
March 2010. The total amount of funds used to purchase the shares is $61
million. The source of funds is the capital of the private investment limited
partnerships and individual managed accounts.