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Looking at Whitehead.

Looking at Whitehead

Another telephone visitor to Arkansas Business recently was Iowa's Attorney General's office. They're pursuing an investigation of nursing home broker Texan Bruce Whitehead and called for a reprint of a 1989 Arkansas Business article on the Lone Star entrepreneur.

Whitehead, you recall, is the Texan who last year failed to court millions in AFDA tax-exempt bonds in order to buy Beverly Enterprise's nursing homes in Arkansas. In Iowa. Whitehead used similar financing and bought 47 nursing homes from Beverly, then sold them to Mercy Health Initiative. Whitehead's Britwell Co., we're told, now manages the homes.

James Strohman of the Iowa AG's office says no charges have been filed yet and wouldn't release details of the investigation..But he did say the deal didn't set too well with some Iowans.

"Concern has been expressed that Whitehead made a lot of money on the use of tax-exempt bonds," says Strohman, "but there was nothing illegal about it." Strohman says that Britwell and Mercy currently are involved in a legal wrangle with the state regarding property taxes on the 47 homes.
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Title Annotation:Whispers; Bruce Whitehead
Publication:Arkansas Business
Date:Sep 24, 1990
Previous Article:No money at First Money.
Next Article:A healthy practice: urban doctors flourish in central Arkansas with some pulling down salaries of over $1 million.

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