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Originally Posted by Normal
Here is pulled from a court record, it’s credible.
In a court document, UnitedHealthcare claims that it had taken seven weeks since the bankruptcy filing for it to be disclosed that The Villages Health paid out in a “three-year period from 2022 to 2024, a very substantial portion of $183 million, consisting of $64.2 million in ‘tax-related distributions’ and $118.8 million to pay down a supposed ‘line of credit with its major shareholder’ – to members of the Morse family, who own and control The Villages through various corporate entities.” UnitedHealthcare also charges that The Villages Health “claims not to know” how much money it distributed to shareholders in 2020 and 2021. UnitedHealthcare further contends that the $118.8 million purportedly spent paying down the line of credit was actually “disguised equity distributions” paid to the Morse family. During those years, The Villages Health also was paying roughly $10 million in annual rent to The Villages Operating Co. for the use of the clinics.
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So, without the $90 million dollars per year of excess payments from Medicare, would the developers have been able to make these distributions and pay down their line of credit? Or, would they have had to declare bankruptcy years ago?