Oil billionaire Kelcy Warren wants a judge to appoint trustees to help oversee completion of a proton therapy center after learning that his $20 million donation went to help struggling centers in Baltimore and Atlanta.
The developer, San Diego-based Dallas Proton Treatment Holdings LLC., requested Chapter 11 protection on September 17, court documents show. The planned 100,000 square foot facility would cost around $200 million to build, but the parent company has just $100,000 left for the facility, the filing says. It currently owes about $80 million to its lenders.
Warren alleges that his donation was treated like a “piggy bank” for facilities in other cities and that he has placed a lien against the land, a 4.67-acre tract near Dallas Market Center.
After Warren and other debtors moved forward with collections, Dallas Proton Treatment Holdings filed for Chapter 11. It already posted the facility for foreclosure, which Warren notes is stayed by the bankruptcy request. Warren says that there is evidence of fraud and breach of fiduciary duty, adding that Dallas Proton no longer has the money to develop the proton center. His lawyers are asking a bankruptcy judge to “immediately” assign a trustee to represent the debtors. In all, he claims Dallas Proton misappropriated $40 million.
The San Diego-based parent company has yet to comment. UT Southwestern is set to operate the proton center, should it get off the ground.
This facility is not to be mistaken with the Texas Center for Proton Therapy, the $105 million treatment facility located in Las Colinas that expects to begin seeing patients by year’s end.