Retirement living companies

[ghotib]

A year or so ago there was a fair bit of discussion here about companies like LVL (which changed its name to something I've forgotten), VLL, CLF that aimed to make a profit from the ageing population. It's all been swamped by resources lately, but I wondered if anyone is still following this company, or others like it.

VLL is in the news at the moment because residents of two of its villages are about to be evicted - or maybe just relocated to another town. The reasons are to do with lease agreements between VLL and MFT, inadequate capital in VLL, and I think strategic shifts in VLL, MFT, and various others that have been interested at various times.

This is the kind of thing that makes me unhappy about the whole concept of publicly-owned aged care facilities. Vulnerable people can get badly hurt even when no one does anything actively wrong. There are just too many potential conflicts of interest.

Anyone got an opinion? Anyone changed their opinion over the last year or so? Anyone changed their investments because of a changed opinion??

http://www.theaustralian.news.com.au/story/0,20867,21569715-2702,00.html

Ghoti

 

[Happy]

Health care, intensive care, nursing homes, hospitals, communication (phone, internet, news) should all be non profit or Government run, to be able to have their clients at heart of mission statement.

I would like to throw superannuation here too.

(Didn’t take me long to get off topic, but related to the issue)

 

[krisbarry]

I couldn't give a rats ar_se, I made money off LVL.

There is profit in all sectors of life, and death for that matter.

If you want to save the world with all these not for profit organizations then, you will have to expect higher taxes and the government to continue to bail them all out, when they get into financial troubles.

Whats wrong with making a profit from an emerging trend?

By the way the government would end up going broke if it had to look after the needs of all these grey nomads about to bombard the health/aged care facilites over the coming 20 years.

 

[CitySlicker]

I couldn't give a rats ar_se, I made money off LVL.

There is profit in all sectors of life, and death for that matter.

If you want to save the world with all these not for profit organizations then, you will have to expect higher taxes and the government to continue to bail them all out, when they get into financial troubles.

Whats wrong with making a profit from an emerging trend?

By the way the government would end up going broke if it had to look after the needs of all these grey nomads about to bombard the health/aged care facilites over the coming 20 years.

Maybe caravans are the next big investment...the number of them cruising the highways, it'd be hard to go wrong.

 

[Julia]

I couldn't give a rats ar_se, I made money off LVL.

There is profit in all sectors of life, and death for that matter.

If you want to save the world with all these not for profit organizations then, you will have to expect higher taxes and the government to continue to bail them all out, when they get into financial troubles.

Whats wrong with making a profit from an emerging trend?

By the way the government would end up going broke if it had to look after the needs of all these grey nomads about to bombard the health/aged care facilites over the coming 20 years.

Of course, when you get old yourself, you won't need any health care, support or assistance fom anyone, will you.

 

[billhill]

A year or so ago there was a fair bit of discussion here about companies like LVL (which changed its name to something I've forgotten), VLL, CLF that aimed to make a profit from the ageing population. It's all been swamped by resources lately, but I wondered if anyone is still following this company, or others like it.

VLL is in the news at the moment because residents of two of its villages are about to be evicted - or maybe just relocated to another town. The reasons are to do with lease agreements between VLL and MFT, inadequate capital in VLL, and I think strategic shifts in VLL, MFT, and various others that have been interested at various times.

This is the kind of thing that makes me unhappy about the whole concept of publicly-owned aged care facilities. Vulnerable people can get badly hurt even when no one does anything actively wrong. There are just too many potential conflicts of interest.

Anyone got an opinion? Anyone changed their opinion over the last year or so? Anyone changed their investments because of a changed opinion??

http://www.theaustralian.news.com.au...5-2702,00.html

Funny you bring this up today as my parents have been asking me to research some of these compnies lately because they want to move out of the more cyclic stocks into more defensive ones. These stocks may do well when the bull market slows or dies because of their defensive nature and usually good dividend yeild. ILF is another company in the retirement housing sector i have specifically been requested to have a look at.

 

[Happy]

From ABC, April 19, 2007


AMA CALLS FOR GOVT TO INTERVENE IN VILLAGE LIFE CASE



The Australian Medical Association (AMA) wants state and federal governments to intervene in the case of the sale of the Village Life retirement centres in four states.
Hundreds of elderly residents face possible eviction after investment company MFS bought 10 Village Life properties.

In Victoria, the Consumer Affairs department is fighting the eviction moves, saying proper notice has not been given to the residents of the termination of their agreements.
The AMA's Victorian president Doctor Mark Yates says doctors are very worried about the evictions.
He says the move could force many of the residents into hospital emergency departments until other supported accommodation is found.
"It seems very thoughtless and inhumane to evict a population of older people like this purely for financial reasons," he said.

"It really is desperately needed that both the Victorian and the Commonwealth Governments get involved here to somehow enforce a stay of this eviction until the financial situation is clear."
Meanwhile the New South Wales Fair Trading Minister Linda Burney says her department is meeting the Premier's Department and the Ageing and Housing departments this morning.

"There is an absolute onus on these two companies including the operator to take into account the age and the fragility of the residents and to work out a contingency plan," she said.
"If they can't continue with the license then lets find someone that can so that these people are not put out on the street."

I am sure that something will be worked out.

I am more than sure, that many little old people involved, will be terrified and will definitely have their health and life expectancy affected.

Any episode like that should be finalised without so much stress put on innocent elderly beings, simply heartless.

 

[Happy]

From ABC, April 19, 2007


VILLAGE LIFE RETIREMENT HOMES TO STAY OPEN



The company that owns 10 retirement villages which were facing closure has announced it has secured an agreement to keep them open.
About 400 Village Life residents from villages in New South Wales, Victoria, Tasmania and Western Australia were facing eviction because a lease on the centres had been terminated.
The MFS Diversified Group, which owns the sites, says the SCV Group Limited has agreed to run the 10 affected Village Life retirement centres.
The managing director of MFS, Craig White, says the agreement means the residents will be able to stay in their homes.
New South Wales Fair Trading Minister Linda Burney says the state's commissioner for fair trading will establish a task force to examine the agreement and review the leases to make sure the residents rights have been protected.
"We'll be very definitely examining what the contractual arrangements are with the new provider and very closely looking at what the tenancy agreements are," she said.
"We will also very much be looking at this as a lesson for us to take forward to make sure that we don't find that the older people are kept up night after night worrying about where they are going to be sleeping in five weeks time."
The federal Member for the central west NSW seat of Calare, Peter Andren, says the announcement is great news for Village Life residents who were fraught with concern about the future.
"It's good that a leading operator of community accommodation has been brought in by MFS," he said.
"But at the end of the day, we still need legislation at both state and federal level that covers these sorts of accommodation to absolutely ensure this doesn't happen again."

Fairly speedy solution, but how long it’ll take frightened little old people to recover from anguish, hard to tell.