The Company is in a much stronger financial position after recently extending its $40.5 million bridge loan with BBVA USA Bancshares, Inc. The Company’s occupancy rates have steadily improved throughout the year and are now nearing pre-pandemic levels. Despite the Board’s claims that Capital Senior Living may face financial ruin without the Amended Transactions, we firmly believe the facts indicate otherwise: We see no justification for stockholders to support a deal that includes the litany of drawbacks and disincentives detailed in this letter. We also cannot support a deal that hands control of a majority of the Company’s Board to Conversant and Silk, whose collective actions cause us to doubt their alignment with fellow stockholders and willingness to uphold the tenets of sound corporate governance. We cannot support an exceedingly costly and highly-dilutive deal that was clearly restructured to gain the support of a subset of large investors, Arbiter and Silk, at the direct expense of other common stockholders. ![]() This is why we plan to vote AGAINST the Amended Transactions announced by Capital Senior Living and Conversant after the close of the market on Friday, October 1 st. Ortelius, a 12.7% stockholder of Capital Senior Living, is squarely aligned with you. Stockholders can view the accompanying presentation that we have released with today’s letter by visiting We urge Capital Senior Living’s stockholders to vote AGAINST the Amended Transactions recommended by the Company’s Board of Directors (the “Board”) at the upcoming meeting of stockholders (the “Special Meeting”) on October 22, 2021. The Amended Transactions are also supported by Arbiter Partners QP, LP (“Arbiter”) and Silk Partners, LP (“Silk”). ![]() (together with its affiliates, “Ortelius” or “we”) today sent the below letter to stockholders of Capital Senior Living Corporation (NYSE: CSU) (“Capital Senior Living” or the “Company”) regarding its opposition to the Company’s amended financing transactions (the “Amended Transactions”) with Conversant Capital LLC (“Conversant”).
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