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Private-equity firm buys 29 Iowa nursing homes in massive $85 million deal

on Wed, 10/23/2024 - 02:49   by Clark Kauffman

Iowa Capital Dispatch
October 21, 2024

The sale of one of Iowa’s largest nursing home chains has reportedly been completed, with 29 care facilities now in the hands of a private equity firm.

According to Skilled Nursing News, the real estate brokerage firm of Marcus & Millichap says the $85 million transaction represents the largest nursing home sale ever recorded in Iowa. The 29 facilities represent 7% of the 410 nursing homes operating in Iowa.

The sale involves the transfer of care facilities previously owned by one of Iowa’s largest employers, ABCM Corp. of Hampton, to the Chicago-based private equity firm Cascade Capital Group.

According to a statement that Marcus & Millichap provided Skilled Nursing News, the final sale price of $85 million equates to $36,000 for each of ABCM’s 2,346 skilled-nursing beds and 326 assisted living units.

In recent years, the acquisition of nursing homes by private equity investors has come under scrutiny by regulators, the media and members of Congress, with critics suggesting too many profit-minded investors target care facilities for acquisition, starve them of cash while collecting a reliable stream of income from Medicare, and then cash out.

No state fines for alleged abuse and ‘unsafe’ staffing levels at Iowa nursing home in Shenandoah

on Thu, 09/19/2024 - 02:47   by Clark Kauffman

by Clark Kauffman, Iowa Capital Dispatch
September 18, 2024

The state of Iowa has suspended $47,500 in fines against a southwest Iowa nursing home cited for inadequate staffing and the physical and verbal abuse of residents.

According to state inspectors, although the Garden View Care Center in Shenandoah has insufficient staff on hand, the home’s director of nursing recently informed them she was being pressured by management to make further cuts in staffing due to budget constraints — adding that she felt doing so was “unrealistic and unsafe.”

Garden View is owned by an out-of-state real estate investment trust that is designed to provide investors with returns tied to the profits generated by dozens of nursing homes in Iowa and other states.

Lee Enterprises digital revenue surpasses print revenue as company loses $3.7 million in 3rd quarter

on Mon, 08/05/2024 - 22:30   by news

Lee Enterprises, Inc. – owner of the QC Times and Daily Dispatch/Argus – says it hit a "revenue inflection point" with more digital than print revenue in its third quarter.

But despite the transition milestone in digital revenue, the company lost $3.7 million (73 cents per share) during the three-month period ended June 23. The previous year, Lee reported third quarter net income of $2.1 million (26 cents per share).

“Our investment thesis is grounded in this transformation as we replace print revenue and margin with digital revenue and margin that are growing at a rapid clip," Kevin Mowbray, Lee's President and Chief Executive Officer, stated in the company earnings news release. "Total digital revenue has grown 17 precent annually over the last three years, and we expect this strong growth to continue.”

IDNR fines Kraft Heinz $8,000; Muscatine plant failed to monitor wastewater pollution for years

on Mon, 07/29/2024 - 20:05   by Anonymous

by Jared Strong, Iowa Capital Dispatch
July 26, 2024

A large eastern Iowa facility that makes ketchup and other condiments failed for more than two years to monitor contaminants in the more than 1 million gallons of untreated wastewater it discharged into a creek each day, according to the Iowa Department of Natural Resources.

Kraft Heinz Foods Company recently agreed to pay an $8,000 fine for the violations at its Muscatine location. It uses municipal water to cool its equipment and discharges it along with stormwater into Mad Creek, which flows for less than a mile to the Mississippi River.

Defense Secretary Austin orders review of medals awarded in the wake of Wounded Knee Massacre

on Thu, 07/25/2024 - 23:24   by Anonymous

by Seth Tupper, North Dakota Monitor
July 25, 2024

The medals awarded to soldiers who participated in the 1890 Wounded Knee Massacre will be subjected to a review, the U.S. Department of Defense announced Wednesday.

The department said the review’s purpose is “to ensure no awardees were recognized for conduct inconsistent with the nation’s highest military honor.”

The move comes after years of activism by Lakota people — including descendants of massacre survivors — who want the medals rescinded.

Oliver “OJ” Semans, a member of the Rosebud Sioux Tribe, has been active in the effort with his wife, Barb, and their Four Directions nonprofit. He said it’s gratifying to see some momentum after a long struggle, including failed attempts to rescind the medals through congressional legislation.

Iowa Public Information Board sued over alleged violation of state Open Meetings Law

on Fri, 07/19/2024 - 23:35   by Clark Kauffman

Iowa Capital Dispatch
July 18, 2024

The state panel charged with ensuring transparency in government is being sued for allegedly violating Iowa’s Open Meetings Law.

Briana Reha of Polk County is suing the Iowa Public Information Board and its members for the manner in which they approved a pay raise for the board’s executive director, Erika Eckley.

The lawsuit alleges that on June 25, IPIB posted an agenda for its June 27 board meeting. Nine minutes into the meeting, Monica McHugh, the board chairman, proposed an increase to Eckley’s salary as a topic for board deliberation and action. After briefly discussing the matter, the board approved a 6% salary increase for Eckley by unanimous vote, bringing her total annual salary to $103,307.60.

Iowa's largest ethanol producer POET, LLC agrees to $53,000 in fines for air emission violations

on Sat, 07/13/2024 - 02:08   by news

Iowa's largest ethanol producer – POET, LLC – has agreed to fines totaling $53,000 for hazardous air emissions from its Shell Rock refinery over a two-year period.

The Iowa Department of Natural Resources (IDNR) imposed a $10,000 fine – the most the department is allowed to levy without submitting the case to the Iowa Attorney General's office – and assessed a $43,000 fee – or $70 per ton for the more than 600 tons of volatile organic compounds (VOC's) the plant released during 2021 and 2022.

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