Edgemere’s bankruptcy follows filings by three other Texas age-in-place communities

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Edgemere’s bankruptcy follows filings by three other Texas age-in-place communities
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These amenity-rich communities are expensive to build, often saddling their operators with debt that can force them into bankruptcy as competition increases...

It’s often necessary for residents or their heirs to make concessions on their refunds, said Kristina Wesch, co-chair of the restructuring and distressed transactions practice group at Wiggin and Dana, which has offices in Connecticut, New York, Pennsylvania, Florida and Washington, D.C.Driscoll Otto said he was “livid” at the outcome.

“Mad as hornets” is how some families felt, said Lana Ledet, whose mother lived at Buckingham from 2016 to 2020. Ledet worked as team coordinator for a group of unsecured creditors, creating an email chain with 80 recipients, some of whom were lawyers, CEOs and financial professionals, so they could help each other understand what was happening.Leach said Buckingham signed up his mom shortly before filing for bankruptcy, ensuring she’d “get pennies on the dollar.

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