Sell or Own?
by July 7, 2003 12:00 am 71 views
Remember Alan Kilgore, president of Cornerstone Health Care of Rogers?
You might recall that he has pretty much left the picture as a would-be buyer of Woodland Heights retirement center in west Little Rock.
We understand that his days as a would-be buyer of two nursing homes (also owned by Arkansas Teacher Retirement System) are numbered.
Folks at the state’s largest pension fund are growing more comfortable with retaining ownership of the 222-bed Woodland Hills Rehabilitation and Health Care Center in Little Rock, once called Riley’s Oak Hill Manor South, and Northridge Rehabilitation and Health Care Center in North Little Rock (which housed 224 beds when it was known as Riley’s Oak Hill Manor North).
Rather than sell, ATRS is looking at keeping the projects as ongoing sources of income to help recoup money lost in dealing with the financial mess caused by Little Rock businessman Pat Riley Sr.
Riley, as you no doubt recall, defaulted a $14 million loan with ATRS. The three aforementioned properties he gave up to the pension fund all required additional investment to be viable and marketable.