▁rates ▁with ▁the ▁passage ▁of ▁the ▁Bal anced ▁Bud get ▁Act ▁of ▁ 1 9 9 7 , ▁which ▁had ▁a ▁significant ▁impact ▁on ▁the ▁n urs ing ▁home ▁industry . ▁The ▁New ▁York ▁Times ▁business ▁writer ▁Kenneth ▁Gil pin ▁wrote ▁that ▁" The ▁drop ▁in ▁pay ments ▁was ▁so ▁dram atic ▁that ▁the ▁financial ▁structures ▁of ▁many ▁of ▁these ▁companies ▁were ▁not ▁flexible ▁enough ▁to ▁adjust ." ▁He ▁went ▁on ▁the ▁mention ▁that ▁as ▁of ▁the ▁summer ▁of ▁ 1 9 9 9 , ▁ 1 2 ▁percent ▁of ▁the ▁ 1 . 7 ▁million ▁n urs ing ▁home ▁b eds ▁were ▁operating ▁under ▁Chapter ▁ 1 1 ▁bank rupt cy ▁protection . ▁ ▁As ▁a ▁result ▁of ▁the ▁Medic are ▁cut s , ▁Ven cor ▁file d ▁for ▁Chapter ▁ 1 1 ▁protection ▁from ▁bank rupt cy ▁in ▁September ▁ 1 9 9 9 . ▁At ▁the ▁time , ▁five ▁of ▁the ▁top ▁seven ▁n urs ing ▁homes ▁file d ▁for ▁chapter ▁ 1 1 ▁protection ▁from ▁bank rupt cy , ▁however ▁Ven cor ▁( then ▁Kind red ) ▁was ▁the ▁first ▁to ▁emer ge . ▁ ▁Ven cor ▁was ▁renamed ▁Kind red ▁health care ▁in ▁ 2 0 0 1 . ▁ ▁During ▁the ▁Chapter ▁ 1 1 ▁re organ ization , ▁Ven cor ▁shares ▁lost ▁their ▁value ; ▁however , ▁Vent as ▁shares ▁improved ▁from ▁below ▁$ 4 ▁per ▁share ▁in ▁ 1 9 9 9 ▁to ▁trad ing ▁around ▁$ 5 0 ▁per ▁share ▁in ▁April ▁ 2