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Erickson

BUSINESS
By Lorraine Mirabella and Jamie Smith Hopkins | February 25, 2010
John C. Erickson, founder of a national chain of retirement communities that began with a senior-living campus in Catonsville, plans to step down as chairman of his company after it emerges from bankruptcy this year. He and five top managers, including the chief executive and chief financial officer and Erickson's two sons, will be replaced by a team chosen by Redwood Capital Investments LLC, a Baltimore-based investment firm that is buying Erickson Retirement Communities. The new team will take over once the company emerges from Chapter 11 bankruptcy by late March or early April, an Erickson spokesman said Wednesday.
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BUSINESS
By Jay Hancock and Jay Hancock,jay.hancock@baltsun.com | February 5, 2010
William Brattain, former head of construction for Erickson Retirement, had his Country Coach motor home repossessed on Monday. That was a few days after lawyers from DLA Piper billed Erickson $779,000 for one month's work, including $3,000 in restaurant expenses. Clearly, some folks are doing better as a result of Erickson's bankruptcy filing than others. Brattain and scores of others who got laid off by the company are doubly unlucky. First they lost their jobs. Now Erickson has withheld severance pay that it promised and that they were counting on for rent, health insurance, and mortgage and car payments.
BUSINESS
By Jay Hancock | February 5, 2010
W illiam Brattain, former head of construction for Erickson Retirement, had his Country Coach motor home repossessed on Monday. That was a few days after lawyers from DLA Piper billed Erickson $779,000 for one month's work, including $3,000 in restaurant expenses. Clearly, some folks are doing better as a result of Erickson's bankruptcy filing than others. Brattain and scores of others who got laid off by the company are doubly unlucky. First they lost their jobs.
BUSINESS
By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | December 24, 2009
In a "grueling" 18-hour auction that finished early Wednesday, Erickson Retirement Communities selected a local investment firm over a New York bidder as its buyer - part of the effort to bring the Catonsville senior-living firm out of bankruptcy reorganization. Erickson did not disclose the terms of the transaction but said Hanover-based Redwood Capital Investments LLC was the successful bidder in the auction, which put on the block almost all of the company's assets. The sale will require bankruptcy court approval.
BUSINESS
By Jay Hancock and Jay Hancock,jay.hancock@baltsun.com | October 30, 2009
The bankruptcy proceeding of Erickson Retirement Communities has understandably upset the 23,000 residents of the company's 19 communities and their families. People who live with Erickson at Charlestown, Oak Crest, Riderwood and other places have a substantial investment in the communities in the form of their apartments. When residents die or move out of a community, Erickson has always paid back the "entrance fees" for the apartments, which can run up to $600,000. Residents want to know if the bankruptcy will affect Erickson's ability to do that.
NEWS
October 24, 2009
Man dies in Abingdon when pickup hits tree 3 A man was killed in Abingdon early Friday when his pickup truck hit a tree, according to state police. The crash was reported at 1:47 a.m. on southbound Emmorton Road just before Porter Drive, according to police. The man was not immediately identified, pending notification of relatives. - Liz F. Kay Bankruptcy filing unlikely to harm communties' ratings 4 Fitch Ratings said this week that Catonsville-based Erickson Retirement Communities' Chapter 11 bankruptcy filing should have "no effect" on the bond ratings of the Baltimore-area communities it developed, Charlestown and Oak Crest.
BUSINESS
By Jamie Smith Hopkins and Lorraine Mirabella and Jamie Smith Hopkins and Lorraine Mirabella,jamie.smith.hopkins@baltsun.com and Lorraine.Mirabella@baltsun.com | October 21, 2009
Seniors having trouble selling their homes are seniors who can't move, so Erickson Retirement Communities rolled out a plan of attack last year: personal moving consultants to help prospective clients find buyers in the toughest housing market in decades. It's starting to pay off now, the company says. Seniors are moving into 200 to 300 of its apartment homes a month, up more than 10 percent from a year ago, said Tom Neubauer, executive vice president of sales. But that improvement - after several years of worsening economic conditions - wasn't quick enough to prevent the Catonsville-based senior-living provider from filing for bankruptcy protection this week in order to reorganize.
BUSINESS
By JAY HANCOCK | October 21, 2009
If any business proposition ever looked like a sure thing, betting on aging Americans, rising home values and the advantages of tax-exempt companies might have been it. For a quarter-century it paid off for John C. Erickson, who built the retirement-home chain bearing his name into a billion-dollar operation that spread from Massachusetts to Texas. Along the way he acquired a yacht and multimillion-dollar homes and started a charitable foundation that had $139 million in assets in 2007, the most recent year information is available.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | October 6, 2009
Erickson Retirement Communities, a struggling developer that has built retirement communities in 11 states, is working to separate its building and management entities, restructure debt and bring in an equity investor. The Catonsville-based company's real estate arm, which acquires land for campuses and builds projects, has been burdened by heavy debt amid the recession, Mel Tansill, a spokesman, said Monday. "The real estate side ... has been greatly impacted by the national recession, causing debt that we will work to eliminate through the business separation of the two entities," Tansill said in an e-mail.
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