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Here is the cast text on the Lawsuit with John Erickson and Lain, a trustee in the bankruptcy. Keep in mind that Erickson Retirement Services was the development and management company for several communities. It was a privately held company with no residents on the board.
You guys are GREAT! Thanks so much to Linda and Enver for helpful updates and information!
Erickson Retirement Communities do not exist. They became Erickson Living under new management . . . and are now Erickson Senior Living. Corporations may pay firms to get negative material deleted from the Internet.
You may still find relevant information in Internet Archive and Legal Data Bases. Court records have an expunge date.
Does anyone know the outcome of the lawsuit? It was likely settled out of court. I have not been able to find any follow up stories. Erickson Retirement communities still exists.
Was there a Resident Board Member at Erickson when the Washington Post reported the following:
"John C. Erickson, who built one of the nation’s largest retirement community businesses, improperly diverted company assets to himself and his family, a trustee for creditors of the firm said in a lawsuit filed Thursday.
"The transfers included payments toward yachts, homes and a jet; advances for a television venture called RLTV; and a $55.9 million loan from the affiliated Erickson Group to a family trust in 2005, for which none of the principal or interest has been repaid, the lawsuit said."
Thanks Linda for sharing this interesting article. While it is not current, probably it is just as valid today as it was when written as not too much changed. You are a great researcher.
This article is a few years old. It is well written and has views on several communities and their boards, as well as personal participation in serving on a board. It notes that NJ and Nebraska are two states with law requiring residents be on boards as voting members.
There is also a box with info on NaCCRA and its view of residents on boards.
Resident of a CCRC