posted by Joe Polk at 12:51 AM /
Maurice Deul said he and other residents at Covenant at South Hills have invested $23 million in entrance fees in the seven years since the retirement community opened, and $6.5 million in monthly payments toward medical needs.
For their money, the retirees expected to spend the rest of their lives in apartments in the Mt. Lebanon community or, if their health declined, in assisted living or nursing centers on the campus. Now, with Covenant under Chapter 11 bankruptcy protection and attorneys trying to work out a sale, they worry that a new owner could force them out.
"Here we are paying our way after having invested a substantial amount, and we are at risk," said Deul, 88, who has lived at Covenant for four years and heads the council that represents around 190 residents.
Link: www.pittsburghlive.com/x/pittsburghtrib/news/mostread/s_625497.html
For their money, the retirees expected to spend the rest of their lives in apartments in the Mt. Lebanon community or, if their health declined, in assisted living or nursing centers on the campus. Now, with Covenant under Chapter 11 bankruptcy protection and attorneys trying to work out a sale, they worry that a new owner could force them out.
"Here we are paying our way after having invested a substantial amount, and we are at risk," said Deul, 88, who has lived at Covenant for four years and heads the council that represents around 190 residents.
Link: www.pittsburghlive.com/x/pittsburghtrib/news/mostread/s_625497.html
Labels: bankruptcy, covenant at south hills
1 Comments:
I would have thought the management knew the meaning of the word Covenant.
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