Buckingham Resident Meeting

What Happens to Our Entrance Fees?

Hunters Creek City Hall is less than four miles north of the Buckingham campus. If you are able to drive, please consider helping transport other residents.

When Focus Healthcare purchased the Buckingham, the Bankruptcy Court ordered approximately $105,000,000 of the sale proceeds placed into escrow.

The key legal question now before the Court is who has priority to the $105,000,000 of the funds.

• The Bond Trustee claims the bondholders should receive the funds first.

• Residents believe Texas law gives them a statutory lien securing repayment of Entrance Fees.

• The Court will decide whether residents may assert those lien rights.

At This Meeting You Will Learn

• How the $105 million escrow affects residents.
• Why residents may have lien rights under Texas law.
• How residents may join together in seeking recovery from the bondholders.
• What steps residents may wish to take next.

$105 Million Escrow Dispute

Sale of the Buckingham will generate approximately $105,000,000 that is to be placed in escrow by the Bankruptcy Court. The Bondholders have asserted a first priority claim to all the funds but the Residents have statutory lien rights that may supersede the bondholders.

Proofs of Claim

In early April, The Buckingham will send each resident a notice explaining how to file a Proof of Claim. You may have additional damages to assert beyond a claim just for your Entrance Fee. Losing the Life Care Contract has financial consequences.