One of the largest nursing home chains in the U.S., HCR ManorCare Inc. has filed for bankruptcy protection on March 4, 2018 in the Bankruptcy Court in Wilmington, Delaware. Quality Care Properties Inc., HCR’s landlord, will take control of the company.
The private-equity firm Carlyle Group owns HCR ManorCare Inc. The departing CEO, Paul Ormond received $115 million in deferred compensation and severance even though HCR is approximately $230 million in debt. Continue reading
“The last thing Detroit needs is a bailout. What it needs is to sweep away a city charter that protects only bureaucrats, civil-service rules that straightjacket municipal departments, and obsolete union contracts. A bailout would just keep the dysfunction in place. Time to start over.”
– Bill Nojay, Former COO of Detroit’s Department of Transportation
Detroit, the former “Paris of the West” is now oozing blight, rust, decay, garbage, and union corruption. It is now a pathetic example of its former greatness, the city of the auto industry, envied around the world, the city of a thriving middle class.
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