$80M bid for Harborside retirement community in Port Washington faces court review
The only buyout offer for the bankrupt Harborside retirement community in Port Washington is expected to be discussed at a federal court hearing on Monday in Central Islip, according to a court schedule.
Attorneys for The Harborside, its debtors, residents and others will make presentations to Judge Alan S. Trust about the $80 million buyout offer put forward earlier this month by Focus Healthcare Partners.
Two deadlines have passed without objections to the offer being submitted to the court, records show.
The judge is expected to consider if a 30-day due diligence period should commence where Chicago-based Focus would examine The Harborside’s finances and operations.
The facility is home to about 180 residents whose average age is 90. It has gone bankrupt three times in the past 10 years.
Focus, an investor in senior care facilities, has said it would initially only keep open The Harborside’s independent-living apartments, meaning residents of the assisted-living units, nursing home and dementia care unit would have to move elsewhere.
Residents and their families have expressed dismay at the prospect.
Many blame the state Department of Health for the collapse of a $104 million sale agreement reached with Life Care Services Communities LLC and the Amsterdam Continuing Health Care System Inc., which built The Harborside.
The judge had approved the agreement a year ago but LCS, the nation’s third-largest operator of senior care communities, and the health department fell into a dispute that ultimately scuttled the deal in October. All of The Harborside's living units would have remained open and entrance-free refunds would have been paid under the deal.
LCS was among three bidders in a court-supervised auction last year. Focus and an unidentified company were in negotiations with The Harborside’s management, but only Focus submitted a bid.
The only buyout offer for the bankrupt Harborside retirement community in Port Washington is expected to be discussed at a federal court hearing on Monday in Central Islip, according to a court schedule.
Attorneys for The Harborside, its debtors, residents and others will make presentations to Judge Alan S. Trust about the $80 million buyout offer put forward earlier this month by Focus Healthcare Partners.
Two deadlines have passed without objections to the offer being submitted to the court, records show.
The judge is expected to consider if a 30-day due diligence period should commence where Chicago-based Focus would examine The Harborside’s finances and operations.
The facility is home to about 180 residents whose average age is 90. It has gone bankrupt three times in the past 10 years.
Focus, an investor in senior care facilities, has said it would initially only keep open The Harborside’s independent-living apartments, meaning residents of the assisted-living units, nursing home and dementia care unit would have to move elsewhere.
Residents and their families have expressed dismay at the prospect.
Many blame the state Department of Health for the collapse of a $104 million sale agreement reached with Life Care Services Communities LLC and the Amsterdam Continuing Health Care System Inc., which built The Harborside.
The judge had approved the agreement a year ago but LCS, the nation’s third-largest operator of senior care communities, and the health department fell into a dispute that ultimately scuttled the deal in October. All of The Harborside's living units would have remained open and entrance-free refunds would have been paid under the deal.
LCS was among three bidders in a court-supervised auction last year. Focus and an unidentified company were in negotiations with The Harborside’s management, but only Focus submitted a bid.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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