An emergency petition on Tuesday was filed to expedite the conservatorship action brought by the son of Life Care Centers of America CEO Forrest Preston, as other executive members cited year-end obligations.
Executives of the company say Preston’s son, Aubrey Preston, should be appointed as his conservator on an emergency basis due to the critical and time-sensitive needs of Life Care and its affiliates. They claim in court filings that Forrest is incapable of attending to his duties as CEO in his “disabled status”.
Life Care CFO Steve Ziegler, said in the filings, “[Forrest] is often the sole decision maker for essential business decisions or sole authorized signatory for essential documents.”
A new court date of Nov. 12 was set to hear the emergency request, while a hearing on the original petition was scheduled for mid-January.
Life Care President Todd Fletcher also submitted a statement in the court filing saying, “Forrest’s extended absences have occurred even when pivotal action items were required of him, including [failure] to timely execute loan documents that almost caused the default of an over $100,000,000 loan on one occasion.”
Significant business decisions on the immediate horizon for Life Care include loan renewal documents and vote equity shares to guide the businesses’ direction, court documents show.
As we reported yesterday, Aubrey Preston says his father may be a potential flight risk because he claims Forrest’s wife, Kim Preston, asked an employee of Life Care to begin the process of renewing a passport for Forrest.
Executives of the company say Preston’s son, Aubrey Preston, should be appointed as his conservator on an emergency basis due to the critical and time-sensitive needs of Life Care and its affiliates. They claim in court filings that Forrest is incapable of attending to his duties as CEO in his “disabled status”.
Life Care CFO Steve Ziegler, said in the filings, “[Forrest] is often the sole decision maker for essential business decisions or sole authorized signatory for essential documents.”
A new court date of Nov. 12 was set to hear the emergency request, while a hearing on the original petition was scheduled for mid-January.
Life Care President Todd Fletcher also submitted a statement in the court filing saying, “Forrest’s extended absences have occurred even when pivotal action items were required of him, including [failure] to timely execute loan documents that almost caused the default of an over $100,000,000 loan on one occasion.”
Significant business decisions on the immediate horizon for Life Care include loan renewal documents and vote equity shares to guide the businesses’ direction, court documents show.
As we reported yesterday, Aubrey Preston says his father may be a potential flight risk because he claims Forrest’s wife, Kim Preston, asked an employee of Life Care to begin the process of renewing a passport for Forrest.
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