Aspects Of Haven Healthcare Sale Trouble Creditors

The Haven Healthcare nursing home chain began a new era Monday, as most of its 25 homes in New England were sold to three real-estate investment firms, while four Connecticut homes were placed in the hands of a ...

[Get Real]

...a continuing mess.

[Watching from afar]

AGH!!!!! and what, the state will contract the old haven crew to handle the AP, AR, billing, payroll? Under another geise. Same faces. I can't imagine the state having the people to set up shop as a home office as you call it for handling all of the above for the four referenced facilities. No matter. The big pays get the big pays. Poor average worker at the four facilities. Believed everything they were told, assured, and bammmmmm right in the kisser. I am glad I don't or ever have worked in healthcare or for the Haven crew. I feel so bad for the struggling families that work at the homes. I think its ruthless of the big guns to take advantage of them this way. And the article says this Mr. Coburn wants Ray involved? What is wrong with all of this., And the article says he owns a company? How is that possible!!!! What does "bankrupt" mean anyway. He should loose this company and his personal assets for all he owes his suppliers and even then it won't be enough.
Tough life for a carpenter.

[Haven Sucks]

So what was the point of all this? Haven screws all these people, pockets all the cash, files for bankruptcy and basically gets a free ticket to a fresh start?

How much more taxpayers money will be wasted on Ray and Anthony?

[what]

somebody help me out because I don't understand. When they say some homes will be managed by Haven, WHO is Haven now? Termini is out but does that mean that Father Doroehty? I've been following this story and the article left me with many questions. Also, I agree with "Watching from Afar" how can Termini own anything when he owes these creditors so much money? Why don't they take it all?????????

[Nick]

what wrote:

Also, I agree with "Watching from Afar" how can Termini own anything when he owes these creditors so much money? Why don't they take it all?????????

Termini and Haven are two seperate entities and the debts of one have nothing to do with he other.
I'm not sure but I dont think Termini declared personal bankruptcy so far.
Think of it like this. When Enron went under stockholders were not liable for any of the debts.
Also even with Enron if an officer of the corporation was lent money the courts decided wheter or not they had to pay it back and at what discount.
My big question is what does a "real estate investment" company know about healthcare?
Is this really a good thing for the patients?

[what]

thanks Nick for clearing that up. But, what do you mean by a "real estate investment" company? What company are you referring to?

[Frankly]

Omega is going to be landlord with Coburn's company as the tenant operator of the homes. Coburn was appointed by the court upon the AG's recommendation to oversee patient care during the bankruptcy. He has been a state court appointed receiver for nursing homes and other health facilites. He is a licensed nursing home administrator. He did the job the court asked him to do, he got inside the company and made sure he knew it well enough to try to make sure that good patient care was maintained. Omega picking him to run their homes going forward makes sense. With the sale to Genesis falling apart suddenly, its no surprise that Coburn/Omega would set up an arrangement to use some of the existing computer and record keeping systems at Haven Management until they can get their own set up. The Courant just took what ever mud the unsecrued creditors lawyers tried to throw at the deal at face value, even though they knew, that since there isn't enough money to pay them, their lawyers could only try to get money by throwing a monkey wrench at any deal. Don't forget the court approved the movement of these homes to the new operators despite the arguments and attacks of these lawyers.

[Fred]

Nick wrote:

<quoted text>
Termini and Haven are two seperate entities and the debts of one have nothing to do with he other.
I'm not sure but I dont think Termini declared personal bankruptcy so far.
Think of it like this. When Enron went under stockholders were not liable for any of the debts.
Also even with Enron if an officer of the corporation was lent money the courts decided wheter or not they had to pay it back and at what discount.
My big question is what does a "real estate investment" company know about healthcare?
Is this really a good thing for the patients?

Omega is a solid REIT which is full of employees with skilled nursing home management backgrounds.

[OHICSE]

Nick wrote:

<quoted text>
My big question is what does a "real estate investment" company know about healthcare?
Is this really a good thing for the patients?

I'm sure they know the market, key statistics and the like but not the day to day operations. My guess is the state told them the only way they can come in and take there facilities over was with a management company of experiencee LTC professionals. How come the other states are key in this, do they not care or is CT making a proverbial mountain.

[remy1]

OHICSE wrote:

<quoted text>
I'm sure they know the market, key statistics and the like but not the day to day operations. My guess is the state told them the only way they can come in and take there facilities over was with a management company of experiencee LTC professionals. How come the other states are key in this, do they not care or is CT making a proverbial mountain.

In CT. REITs cannot operate nursing homes. They need to have a management company, even if the management company is controlled by the REIT.

[OHICSE]

remy1 wrote:

<quoted text>
In CT. REITs cannot operate nursing homes. They need to have a management company, even if the management company is controlled by the REIT.

thanks for that info, I did not know that. Why are the other states not so involved in this?

[Snaggletooth]

WHERE IS BLUMENTHAL!!!

[Hugh Jazz]

Teenie Weenie Termini

[concerned]

DOES ANYBODY CARE ABOUT THE EMPLOYEES IN WATERFORD? THE MANAGEMENT FROM HAVEN IS FINE. WHERE IS PEPPERBOY?

[Message]

concerned wrote:

DOES ANYBODY CARE ABOUT THE EMPLOYEES IN WATERFORD? THE MANAGEMENT FROM HAVEN IS FINE. WHERE IS PEPPERBOY?

Pepperboy gave his notice today. He will be missed by all.

[Song]

Tribute to Pepperboy

Where it began,
I can't begin to knowin'
But then I know it's growing strong
Was in the spring
And spring became the summer
Who'd have believed you'd come along.

Hands, touchin' hands
Reachin' out, touchin' me touchin' you
Sweet Caroline
Chapter 11 never seemed so good
I've been inclined
To believe they never would
But now I, look at the New Management Co
And it don't seem so lonely
We fill it up with only two.

And when I hurt,
Hurtin' runs off my shoulders
How can I hurt when I'm getting recouped
Warm, touchin' warm
Reachin' out, touchin' me touchin' you
Sweet Pepperboy
Interim Rates never seemed so good
I've been inclined,
To believe they never would recoup from you again
Oh, no, no

Sweet Pepperboy
Chapter 11 never seemed so good
Sweet Pepperboy,
I believe they never will recoup from you again
Sweet Pepperboy.........

[soprano]

Song wrote:

Tribute to Pepperboy
Where it began,
I can't begin to knowin'
But then I know it's growing strong
Was in the spring
And spring became the summer
Who'd have believed you'd come along.
Hands, touchin' hands
Reachin' out, touchin' me touchin' you
Sweet Caroline
Chapter 11 never seemed so good
I've been inclined
To believe they never would
But now I, look at the New Management Co
And it don't seem so lonely
We fill it up with only two.
And when I hurt,
Hurtin' runs off my shoulders
How can I hurt when I'm getting recouped
Warm, touchin' warm
Reachin' out, touchin' me touchin' you
Sweet Pepperboy
Interim Rates never seemed so good
I've been inclined,
To believe they never would recoup from you again
Oh, no, no
Sweet Pepperboy
Chapter 11 never seemed so good
Sweet Pepperboy,
I believe they never will recoup from you again
Sweet Pepperboy.........

YOU DA MAN FREDDIE D

[Song]

soprano wrote:

<quoted text>YOU DA MAN FREDDIE D

Thanks Anthony. Omerta

[Pepperboy]

I'll miss you all.
I'm sorry to leave a great organization.

[ed milton]

Did anyone notice what the state
(tax payers!) paid Coburn to "over-
see" the Haven mess????$30,000 A MONTH

O MY LORD !!!!!! And than he sets up
shop to "manange them ?!!!???

Blumenthal has lost a great deal of
respect....he has really let the
operators treat him like a butt boy!

Oh, and Haven will play a role in
Coburn's management of the homes..

It just can't get any better and
it is no wonder that the workers
seek protection by going union.

Aide makes $9 to $10 per hour...

Creditors, well, get out the KY
Jelly.

Coburn makes $30,000 a month.

Yes, I can see, these nursing homes
are truly underfunded....