Unfortunately, I had to find an assisted living place for my father a couple months ago and made the mistake of choosing one of the Brookdale facilities. The staff is untrained and incompetent. I could go on and on about it but it would take too much room here. I�m sure not all the facilities are the same, but take my word for it�the people they get to work in these places don�t care and don�t know what they are doing. What might be worse for an investor in this company is that the corporate billing and record keeping is a complete mess. The billings coming out of headquarters are continually wrong. They put payments to the wrong accounts, overcharge, and then will not correct their obvious errors. I don't really care if any of you believe it or not but given what I've seen of this company up close as a customer, I wouldn't invest one dime in it because they don't know what they are doing. I�m moving my father out next month to another place. After my experience with Brookdale, I'll know to ask better questions. A word of advice if you are an investor, companies that cannot count their beans eventually won't be worth beans. Do yourself a favor and sell.
Truly unfortunate, but you shouldn't be surprised. BKD is simply the financial merger of two prior companies with dismal operating histories. Alterra's prior life: IPO 1996; financial difficulties starting in 1999, leading to Chaper 11. Brookdale's prior life was similar: short span as public co., financial difficulties and taken private. The current BKD's management is largely populated by the very people who previously managed these companies into financial distress (e.g., Ohlendorf, Ferge, etc.). Fortress Investments currently controls most of BKD's public stock, having acquired the distressed assets of Alterra and Brookdale on the cheap. Fortress recently filed for it's own IPO: perhaps the easy money's been made here and it's time to offload more of their BKD-exposure to the naive public. Take your father elsewhere. IMO, and history indicates, that these aren't competent managers. They appear to prefer "doing" endless real estate M&A deals rather than running a business serving the elderly. Totally different skill sets are involved.