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Hospital sale remains on stand-by

The hospital’s planned sale anticipated for Tuesday did not complete as hoped today. The complexity of the transaction with so many moving parts makes it difficult to align all the elements to conclusion, this according to a source outside City Hall who is looking to later this week to see the sale concluded.

Last Tuesday night, Councilman Mike Russo found it difficult to believe as he put it, “a multi-million dollar deal” would be delayed due to the lack of an essential parking agreement being in effect. He went back and forth with Corporation Counsel Mark Tabakin who assured him, it would not.

When the emergency resolution failed to make the parking agreement effective for the scheduled closing date Wednesday, the mayor amped up the process leading into Sunday’s special meeting.

The hospital is an extremely tight operating condition and sorely needs the closing with the Holdco’s financer MPT to come to conclusion.

Councilman Mike Russo with City Clerk
Jimmy Farina before the special meeting Sunday.

Every day costs are piling up and fluctuating market conditions for a transaction of this magnitude change making one day more favorable to the hospital’s financial condition than the next.

Talking Ed Note: Each day that passes also reduces the payout to the creditors committee.

It’s the MORTe gift that keeps on giving.

Thank you Beth.

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