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Elder Law

: Illinois Nursing Home Abuse Blog

Nursing Home Operator?s CEO gets Salary despite Bankruptcy

By Levin & Perconti

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One of the nation?s largest assisted-living facility operator?s has been asked to pay its former CEO up to $54,000 a month while development projects liked to the company have stalled. The CEO founded the company that defaulted on numerous loans after it began running out of cash last year and could not get any more credit. The CEO turned over control of the company to a corporate turnaround consultant after filing for Chapter 11 bankruptcy. The management company still manages 250 senior housing projects that serve 17,000 people in 37 states. The turnaround manager said that if courts give the company the time to stabilize and improve operations as its remaining assisted-living centers rather than unload them in a fire sale, the company could realize an additional $400 million in proceeds. While courts focus on the legal issues associated with the bankruptcy, the turnaround director should be focused on limiting elderly negligence during the transition period. Oftentimes, when nursing homes undergo transitions, nursing home negligence ensues. To read more about the nursing home CEO, click here.

Full post as published by Illinois Nursing Home Abuse Blog on February 25, 2009 (boomark / email).