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« Big trucks to be banned from Pawtucket bridge | Today | Judge lets mom, 91, share Thanksgiving with daughter » November 21, 2007Nursing home outfit with R.I. ties declares bankruptcyHARTFORD, Conn. -- A nursing home company run by the same executive who heads up the record label for country star Travis Tritt has declared bankruptcy amid allegations of poor care and a state inquiry into whether it illegally used federal funds meant for patients for other purposes, including a lakeside home and the record company's launch. Middletown-based Haven Healthcare Corporation filed for voluntary Chapter 11 yesterday in New Haven bankruptcy court, asking for protection from the tens of millions of dollars it owes creditors while it restructures. The company operates more than 40 health-related companies in New England, including nursing homes, clinic and medical supplies. According to its Web site, it operates four health centers in Rhode Island, in Coventry, Greenville, Pawtucket and Warren. The company's largest debt listed in the bankruptcy documents is $13.7 million owed to Kentucky-based Omnicare Value Health Care, which provides pharmaceutical care to the elderly. In Connecticut, the company owes the state tax department nearly $600,000. It owes Connecticut Light & Power more than $400,000 in utility bills, according to the bankruptcy records. It also owes taxes in Vermont and Rhode Island. State officials alleged that the company let bills go unpaid while using company funds to launch a Nashville record label among other investments. That record company, Category 5 Records, does not appear in the bankruptcy filings. Ray Termini, the record company's chief executive officer, is also the CEO of Haven Healthcare. -- The Associated Press Termini has said much of the company's problems were caused by a low Medicaid reimbursement rate for health care services. He has denied misusing Haven Healthcare money. "Haven Healthcare has taken the extraordinary step of filing for Chapter 11 protection in federal court to protect our company, our staff, and most importantly the thousands of patients and residents that we care for each day," Termini said in a statement. Allegations against the company have drawn the attention of Tritt, who records under the Category 5 label. Tritt's manager, Duke Cooper, has said that Tritt is prepared to protect his interests by taking legal action, if needed against Termini. Connecticut Attorney General Richard Blumenthal was set to announce plans today to appoint an independent trustee to take over the nursing home operations. Posted by Mike McKinney CommentsPost a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006