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Alterra Healthcare Corp. (ALI) Message Board

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  • okjustthefacts okjustthefacts Oct 29, 2001 11:43 AM Flag

    HCR to the Rescue!!

    While HCR agreed to take back the joint partnerships (a way for the two companies to share the dogs and hide losses - don't even get me started on that one), reducing Alterra Debt a little - they also did a little more:

    From Alterra Aug 13th 2001 10-Q - search for Manor Care:

    On or about March 26, 2001, Manor Care filed a statement of claim in arbitration with respect to certain payments that Manor Care alleges it made on a bank debt facility related to the Company's development joint venture with Manor Care. As originally filed, Manor Care's statement of claim seeks $655,000 plus attorneys' fees and costs. On or about July 24, 2001, Manor Care filed a Motion seeking leave to amend its statement of claim to: (i) increase the amount of its existing claim against the Company to $2,645,000; and (ii) seek to recover an additional $28,489,000 from the Company, which represents one-half of the amount that Manor Care alleges that it paid the bank pursuant to its guarantee of this bank facility upon its maturity on June 30, 2001. The Company has asserted counterclaims against Manor Care in this arbitration proceeding and intends to vigorously defend against the claims alleged by Manor Care in this statement of claim