David R. Topper: Prospect co-owner and executive

analysisThe David & Alexa Topper Family Trust, U/D/T September 29, 1997, is a revocable trust whose settlors and trustees are David R. Topper and Alexa Topper, a married couple. With Samuel S. Lee the trust owned Alta Healthcare System, Inc. until PMH bought it in August 2007, and under the sale agreement the selling shareholders, Lee and the trust, agreed to indemnify PMH for specified litigation pending against Alta, Lee and David Topper. In the quarter ended September 30, 2008 Topper acquired 4,182,200 PMH shares at $5.00 a share, as did Lee, and an August 2008 Schedule 13D amendment reported that Topper, together with Alexa Topper, beneficially owned 5,192,435 PMH shares, 25.5% of the class. ^{1 2 3 4 5}

analysisTopper, then President of the Alta Hospitals System subsidiary, was one of the rollover investors in the December 2010 buyout, who together contributed 6,227,824 PMH shares to Ivy Holdings for 529,365 Ivy Holdings shares. The family trust held 14.9% of Ivy Holdings after the merger and 14.45% before the 2021 transaction. That transaction made Chamber Inc., owned by Lee and the trust, Ivy Holdings' sole owner, with the trust approved at 33.33% and Lee at 66.67%; the Rhode Island Department of Health's 2024 decision notes that the 2024 application reported 50% each and that it was unclear when the change occurred. ^{1 2 3 4}

analysisThe U.S. Senate Budget Committee's December 6, 2023 letter was addressed to Topper and Von Crockett as PMH's co-chief executive officers. PMH's website, retrieved in October 2026, still lists them as co-chief executives, with Topper as president of Alta Hospitals System, LLC; the page is an undated company self-description that may not reflect changes after the 2025–2026 sales. At the January 2025 petition date Topper was one of PMH's six directors. Topper signed the January 11, 2025 bankruptcy resolutions as a director of Prospect Waterbury, Inc. (with Lee) and of Prospect East Holdings, Prospect CT, Prospect ECHN and other subsidiaries (with Crockett), and as a member, with Crockett, of the board of managers of Alta Hospitals System, LLC. ^{1 2 3 4 5 6}

analysisA 2020 investigative report estimated that $94 million of the $645 million of dividends paid after Leonard Green's 2010 purchase went to Topper, and a 2026 follow-up stated that Topper received it through the family trust; these are journalists' estimates, not audited figures. Leonard Green and Prospect told the 2020 report, in written statements through a jointly retained public-relations firm, that they had kept their commitments, abided by the law, provided good patient care and invested hundreds of millions of dollars, saving many failing hospitals and preserving thousands of jobs; for the 2026 report Topper answered “no comment”, Leonard Green declined to respond and Lee could not be reached. ^{1 2}

analysisIn the bankruptcy, the Transaction Committee's chair stated in December 2025 that $199.4 million of about $203.6 million transferred by PMH in 2018–2021 to certain current directors and officers or entities they control went to Topper and Lee, and that the debtors have viable claims relating to some of these transfers; this is the committee's conclusion, not a court finding, and no judgment appears in the retained records. Topper and the family trust are on the plan's Non-Released Parties Schedule, which preserves possible estate claims without any finding of liability. Leonard Green and its affiliates did not respond to a December 2025 request for comment on the designation. A December 2025 newspaper report states that at a hearing that month Judge Stacey Jernigan noted that Leonard Green, Lee and Topper had been named non-released parties, and that an attorney for the trust managing Prospect's assets said people would have causes of action brought and the trust would work to bring as much money back in when the time was right; no such suit appears in the retained records. ^{3 4 5}

analysisTopper is also a named defendant in the Pennsylvania Attorney General's October 2024 suit over Crozer Health, whose allegations of mismanagement, neglect and breach of the purchase agreement are known from the description by PMH's chief restructuring officer; the defendants' answer is not retained. After the case was removed to federal court on October 31, 2024, Lee and Topper filed notices consenting to removal on November 25, 2024, and the Attorney General moved to remand; the retained docket, last retrieved on December 16, 2024, shows no merits ruling, and a proposed bankruptcy settlement among the debtors, the Attorney General, Lee and Topper was withdrawn by the debtors before April 21, 2025. ^{6 7 8}