Aubrey B. Preston has been granted the role of emergency conservator for Forrest Preston, CEO of Tennessee-based nursing home giant Life Care Centers of America. 

Bradley County Chancery Court Chancellor Jerri Bryant ruled in favor of the conservatorship, which will last 60 days. Aubrey Preston is authorized during this period to take “any and all actions Forrest could take as an owner, officer, and/or director” of Life Care Centers and — with “consultation and agreement” of Life Care Centers President Todd Fletcher and CFO Steve Ziegler — make decisions related to the company, according to an order filed Nov. 27.

Once those 60 days are up, Aubrey will likely be elected to the company’s Board of Directors as an officer, as needed, pursuant to the court’s order, according to Gary Patrick, founding and senior partner at law firm Patrick Beard Schulman & Jacoway. Patrick represented Aubrey in the conservatorship case.

A hearing on the permanent conservatorship of the elder Preston and oversight of Life Care Centers, which operates 200-plus facilities across 28 states, is expected to take place on Jan. 13 to Jan. 15.

An emergency petition was filed earlier this month to expedite the conservatorship action, as other Life Care Centers executives said Aubrey should be appointed as Forrest’s conservator on an emergency basis due to the critical and time-sensitive needs of Life Care and its affiliates. Forrest is incapable of attending to his duties as CEO in his disabled status, the executives allege in the court filings.

“We’re grateful that the court looked at the facts of the situation and determined that an emergency conservatorship is the right course of action,” Aubrey said in a statement. “First and foremost: This has always been about protecting Dad and helping him age with dignity, without being taken advantage of. Additionally, this is about ensuring that Life Care is stable and able to operate without interference.”

Life Care serves more than 20,000 patients and families and employs 30,000 caregivers, Aubrey noted in his statement.

“Today is an important day. But we know there’s a lot of work to do in the coming weeks,” he said when the conservatorship ruling was initially made.

Court filings, citing violations of the Tennessee Adult Protection Act, allege the wife of Forrest Preston and her siblings engaged in conspiracy and civilly aided one another in misappropriating Forrest’s assets. The filing also claims that since marrying Forrest in 2018, Kim Preston has progressively isolated Forrest from his family and friends.

Now, Aubrey will also have control over personal spending – and veto power – if Kim Preston and Forrest want to spend above $25,000 on a weekly basis, according to the court order. Aubrey Preston and guardian ad litem Katherine Lentz are authorized to make personal expenditures on Forrest’s behalf in excess of $25,000 per week; however, the limitation does not apply to Forrest’s non-Life Care business assets and his assets requiring carrying expenses.

The Nov. 27 order also directed that Forrest Preston must submit to two examinations by medical specialists at Vanderbilt, to be completed “as soon as practical” and submitted under seal to the court.