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CEO of bankrupt nursing home gets bonus

Published on March 3rd, 2009

This is incredible.  One of the largest assisted-living facility operators in the nation has been asked to pay its former CEO up to $54,000 a month.  Jon Harder founded the company that went bankrupt last year.  Harder turned over control of Sunwest to corporate turnaround consultant Clyde Hamstreet after Harder filed for Chapter 11 bankruptcy on Dec. 31 and later resigned as Sunwest CEO.   Sunwest manages about 250 senior housing projects that serve 17,000 people in 37 states, according to the company Web site.

Harder and other Sunwest principals irresponsibly borrowed heavily and owe about $2 billion.  Harder has assigned all of his worthless economic interest in Sunwest and hundreds of affiliated businesses back to the company. 

The Oregonian newspaper reported that, in addition to the allowance requested by Harder, senior Sunwest executives Darryl Fisher and J. Wallace Gutzler were given comfortable compensation packages of their own. Fisher will get $360,000 a year, Gutzler $180,000. Sunwest also agreed to pay the trio’s tax obligations, legal and accounting fees and other expenses, including car allowances.

Investors who stand to lose all or some of the $400 million they poured into individual Sunwest retirement homes across the country are upset about the executive compensation.

See article from here.

Joe Pioletti
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