Arkansas Business' 25 Great Whispers (25th Anniversary)

by Arkansas Business Staff  on Monday, Mar. 23, 2009 12:00 am  

July 9, 2001
Unhealthy Loan
The Riley Co. defaulted last month on an $11.5 million loan with the Arkansas Teacher Retirement System last month.

Or it didn't.

Whether you choose to believe our source at ATRS or Pat Riley Sr., chairman of the Little Rock company, on the default question, you can expect Riley to turn over three properties to ATRS. Both sides agree on that.

Riley said negotiations should be completed by the end of this week.

The properties are Riley's Oak Hill Manor North, a 224-bed nursing home at 2501 John Ashley Drive in North Little Rock; Riley's Oak Hill Manor South, a 222-bed nursing home at 8701 Riley Drive in Little Rock; and Woodland Heights, a 63-unit retirement center at 8700 Riley Drive in Little Rock.

The North Little Rock center ranked fourth among the state's least profitable nursing homes, losing more than $1 million during fiscal year 2000.

Sept. 23, 2002
Timeout, Please
In case you didn't know it, the state's largest pension fund has a self-imposed moratorium on real estate investing.

The Arkansas Teacher Retirement System board of trustees adopted the stance until January.

They will review the position when David Malone, the newly hired executive director, joins ATRS to start 2003.

The ATRS board called a timeout on real estate investing after a series of unpleasant revelations left them chagrined and frankly somewhat numb.

Financial performances aren't matching up with expectations, and some projects are stumbling out of the starting blocks.

Sept. 15, 2003
Ready to Rumble
Darrell Walker and Dr. Carl Johnson, the well-known combatants in the Aug. 31 "Brawl at Chenal," shouldn't feel too bad.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?