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2 Iowa Nursing Homes File for Bankruptcy
DES MOINES, Iowa (AP) -- Two Iowa nursing homes run by a man who once declared he was a candidate for governor have filed for bankruptcy protection.
The Des Moines Register reports (http://dmreg.co/1lMCXTQ ) All-American Restorative Care of Washington and All-American Care Center in Muscatine are owned by Jerry Rhoads, a Muscatine accountant.
Rhoads claims $7.2 million in debt and $889,000 in assets including two homes each worth more than $360,000 and $35,000 in equity in a Mexican beach resort timeshare.
Potential liabilities are five wrongful-death claims filed against an Arkansas facility Rhoads once operated.
Rhoads, who said last September he would run for governor, says he is not a bad person. He says the state sometimes treats nursing home owners like criminals.
The federal government fined the Washington facility after investigating a death last June.
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