Soreide Law Group, PLLC, has announced that it is currently investigating Erickson Retirement Community STAMPS (Subordinated Tax Advantaged Mezzanine Put Securities) sold by B.C. Ziegler and Company in particular, or by any other brokers/dealers.
Erickson Retirement Communities develops and manages retirement communities for middle-income clients in the United States. Erickson Retirement Communities, LLC was formerly known as Senior Campus Living, LLC. According to its website, Erickson has retirement communities in Pennsylvania, Texas, Virginia, Massachusetts, Maryland, Michigan, New Jersey, Kansas and Illinois.
The Erickson Retirement Community STAMPS are believed to be subordinated unsecured debt, issued for the general corporate purposes of Erickson Retirement Community, including investments in its projects. The Erickson Retirement Community STAMPS are believed to have carried an initial interest rate of 11% and a ten-year term.
On April 18, 2010, the attorneys for Erickson Retirement Communities, LLC, and its affiliated debtors, emerged from bankruptcy after the U.S. Bankruptcy Court for the Northern District of Texas confirmed the debtors' plan of reorganization and sale to Redwood Capital Investments, LLC. The exit from Chapter 11 culminated with Redwood Capital agreeing to purchase all of Erickson's assets for $365 million after Erickson spent just over six months in the bankruptcy process. The conditions of Redwood Capital's successful bid required that a consensual plan of reorganization be agreed to by Erickson's numerous creditors holding in excess of $2 billion of debt no later than April 30, 2010. Erickson's organization included 20 continuing-care retirement communities that serve more than 23,000 residents throughout 11 states.
Jim Davis of Redwood Capital, acknowledged to the Baltimore Sun, that the company must reverse negative perceptions stemming from the financial collapse, especially among seniors who pay $400,000 or more to live in the retirement campuses. He must also continue to contend with an economy and real estate market that haven't fully recovered.
If you or a family member have experienced losses through Erickson Retirement Community STAMPS, sold by B.C. Ziegler and Company, or other broker/dealers, call Lars K. Soreide, a Securities Arbitration Lawyer, for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit our website at http://www.securitieslawyer.com.
Soreide Law Group, PLLC, representing investors nationwide before FINRA, the Financial Industry Regulatory Authority.