SeaChange Capital Partners Writes "Coming Back from Bankruptcy: How We Fixed Healing Arts Initiative"
When Healing Arts Initiative, formerly Hospital Audiences Inc., declared bankruptcy a year ago, it was the last in a series of tragic events that was seemingly the death knell for the 47-year-old nonprofit. Former executive director D. Alexandra Dyer had been attacked with drain cleaner, causing severe burns to her face. Dyer had exposed the embezzlement of $750,000 at the organization and was attacked to cover up the scam.
But the organization’s story wasn’t finished when it declared bankruptcy.
Soon after, SeaChange Capital Partners and others took over the organization because we thought its vital programs could be saved. That choice was vindicated on Friday, June 2, when another nonprofit, YAI, purchased Healing Arts’ programmatic assets and committed to resume its programs. The revival of this nonprofit, after such difficult circumstances, shows what can be done to rescue an organization even after the most desperate measures have failed. . .