- 8 -
project and vouching for the family's business and personal
reputation.
The planning authority issued a certificate of need for the
Van Orden project on December 17, 1980. After several plan
submissions, the planning authority approved the construction
plan on March 15, 1982. The certificate of need required
construction on the Van Orden project to commence by May 15,
1982, and to be completed by March 15, 1983. Adult Living
Centers had difficulty obtaining financing for the Van Orden
project and obtained a 6-month extension to September 15, 1983,
for the construction completion date.
As of February 1983, the Van Orden project still had no
construction or permanent financing for the project. A planning
authority inspection report, dated February 18, 1983, stated that
no foundations had been poured for the project, and only
preliminary site work had been performed for the project.
In the spring of 1983, Adult Living Centers’ shareholders,
with the assistance of Phoenix Federal Savings & Loan Association
(Phoenix Federal), arranged a financing package for the Van Orden
project. Under the financing package, Phoenix Federal's
subsidiary, Eastern Oklahoma Service Corp. (Eastern Oklahoma),
acquired 51 percent of Adult Living Centers’ stock. Petitioner's
stock interest was reduced from 48 percent to less than 20
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011