Forest Preston, founder of Aubrey Preston, the son of an American life care center.
Liper's Folk Foundation
The largest individual-owned nursing chain in America has been owned and operated by the same person for over 50 years. Tennessee Mogul Forest Preston founded the American Life Care Center in 1970 and built it in Juggernaut, which has more than 200 locations in 27 states.
Everything changed Tuesday after a brief trial in Bradley County, Tennessee. This concludes when the court discovered 91-year-old Preston was mentally inadequate to helm a $3 billion (revenue) business. Preston's son Aubrey, 65, was appointed permanent guardian of his father, but is in control of the LCCA.
Aubrey was the first to raise an alarm about her father last October. The billionaire son had claimed in an explosive court filing that Forest was abused and taken away by his much younger wife and former caregiver Kim Huong Nguyen Preston. Aubrey claimed the pair would help Kim Steel Resources out of Kim Care and put the business at risk. Both Kim and Preston's lawyers have denied these claims, claiming that the billionaire is “well cared for.”
According to court matters filed by Aubrey's attorney, a Forrest court order investigation by doctors at Vanderbilt University Medical Center found that billionaires “affect moderate to severe cognitive conditions that affect their own practices, property and ability to manage their healthcare needs.” The document is sealed because it contains personal health information.
According to one person in court on Tuesday, the hearing continued just 30 minutes ago after Premier Jerry Bryant of Bradley County Premier Court decided to determine a person with disabilities under state law, and decided that Aubrey was his guardian.
“I am grateful that the court has considered the facts of the situation and determined that the reserve is the correct course of action to protect my father,” Aubrey said in a statement shared with Forbes. “It was a difficult process, but it was always about protecting his father and helping him age with grace and dignity. It also ensuring that Lifecare and its sister company, Century Park, are protected for the future.”
Todd Fletcher, president of the American Life Care Center and one of those who supported Aubrey to become a guardian of Forest, explained that the business is embarking on a “new chapter.” “We are honored to be part of this historic moment,” Fletcher said in a statement. “Forest Preston hired me in 1990. I'm always grateful for that.”
Forest chose not to testify at trial “to avoid unnecessary tensions and conflicts.” According to Forest's lawyer Bill Horton. Horton also said a collateral lawsuit involving Forest's wife Kim and her family was settled in a secret settlement. Before trial Tuesday, Kim's lawyers submitted a response that he would not oppose Aubrey's appointment as his guardian if it turns out that Forest is “disabled and needs court assistance.”
In an email to Forbes, Horton said the court “pointed to the court that it praised Forest Preston's incredible legacy and record-breaking achievements as an icon in the elderly care industry, commenting that Aubrey has big shoes.”
After the trial ended, Horton told McKnights' Long-Term Care News that Elder Preston would “accept the final outcome.” “Anyone at that age, who has achieved so many of its amazing things himself, as the sole owner, over the years, is proud of what he created. “I think he had some fears about it and reservations about it, but he embraced the end result and I think they were the best results for the company and everyone involved.
