By Zahida Siddiqi
Aubrey B. Preston will serve as the sole conservator for his father, Life Care Centers of America CEO and founder Forrest Preston, following a swift court decision Tuesday morning.
The trial in Bradley County Chancery Court was a short hearing, lasting about 30 minutes, according to sources present. And following statements from attorneys of various parties involved, Chancellor Jerri Bryant ruled that Aubrey, currently serving as the emergency conservator, would be the sole conservator for his father.
Upon reviewing the documentation in the case, including
health-related assessments filed under seal, Bryant found that Forrest
Preston was disabled under Tennessee law and in need of a conservator.
The written order will be issued at a later date.
“We’re grateful that the court looked at the facts of the situation and determined that a conservatorship is the right course of action to protect my father,” Aubrey Preston said in an email statement to Skilled Nursing News. “This has been a difficult process, but it has always been about protecting Dad and helping him age with grace and dignity. This has also been about ensuring that Life Care and its sister company, Century Park, are protected for the future.”
Life Care Centers and Century Park together have 20,000 patients and more than 30,000 employees across 200 skilled nursing facilities and other long-term settings in 27 states.
“We’ve got an outstanding management team, and they’ll have the
support they need. Our family is fully committed to caring for Dad and
providing stewardship for the businesses in the months and years ahead,”
the younger Preston said.
In late November, a judge made Aubrey the emergency conservator on a limited basis for his 91-year old father. Court documents at the time described turmoil within the company related to the elder Preston’s alleged inability to make executive decisions, including related to crucial financial matters. During that time, Aubrey Preston was allowed to make decisions in consultation with Life Care Centers’ executive leaders.
Todd Fletcher, president Life Care Centers of America, applauded the court’s decision and thanked Aubrey for stepping in for his father in an email statement to Skilled Nursing News.
“As Life Care embarks on a new chapter, I’m honored to be part of this historic moment. Forrest Preston hired me in 1990, and for that I will always be grateful,” said Fletcher. “The future looks bright, and I look forward to working together with Aubrey to continue serving the mission and legacy that have made Life Care a leader in the industry.”
Aubrey’s precise corporate role and responsibilities at Life Care Centers will be discussed in the very near future, in consultation with Life Care’s board, according to sources familiar with the situation. In the past, Aubrey has closely worked alongside his father in overseeing the company’s real estate strategy.
Forrest Preston founded Life Care Centers in 1970.
Full Article & Source:
[UPDATED] Sole Conservatorship Granted to Son of CEO of Nursing Home Giant Life Care Centers
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