Tuesday, December 11, 2007

163 more on Haven Healthcare

(To read the scanned article, go here. The picture posted on the blog is low-resolution.)
Basically, to sum it up, Ray Termini (brother of my father's friend Rick) sucked millions out of the Haven Healthcare facilities, leaving them unable to pay their bills and filing for bankruptcy.
He took "$15 million in assets from nursing home businesses for 'personal investments'," plus he gave $5 million to his wife so she could buy a $1.5 million yacht and several rental properties in Bristol, Seymour and here in Wallingford. His wife, with those funds, bought a $650,000 home in Palm Bay, Florida, and of course Ray bought his record label for $2.1 million.
The CEO claims that he took no "government money" and therefore did nothing wrong. I guess it is perfectly legal to suck a business dry and then claim bankruptcy from the deck of your yacht moored off the dock of your Florida mansion.
The article closes with "The nursing home chain has had trouble paying its bill in the last two years. One home ran out of heating oil and others lack supplies such as juice and bandages."
Maybe it's better my dad died rather than keep living in such a place.

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