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Mayor Dawn Zimmer spoke Friday morning on saving Hoboken University Medical Center from the lobby to an audience of hospital employees.
She described the members of Hoboken Municipal Hospital Authority as “heroes.”
The mayor noted the judge’s ruling approving the creditors settlement and sale proves the allegations of impropriety made on the sale were “unfounded.” She requested that local officials apologize for their attacks adding, “they know who they are.”
Remarks of Mayor Dawn Zimmer
Hoboken University Medical Center
Hoboken, New Jersey
October 7, 2011
As Prepared for Delivery—
Good afternoon. By now you’ve heard the great news — that the federal bankruptcy Judge, Judge Steckroth, has approved the sale of Hoboken University Medical Center. This is the best possible outcome for the citizens of Hoboken; we will now be able to save our hospital and preserve the financial health of our City. This is a huge milestone and the final legal hurdle. We’re saving 1,200 jobs, maintaining our City’s and our County’s primary acute care medical facility and relieving our City of a $52 million bond guaranty that we could not afford and that had the potential to destroy our City’s finances.
A hearing scheduled today in Newark Federal Bankruptcy Court successfully closed out the creditors committee settlement and sale objection allowing the City of Hoboken to move ahead in selling the Hoboken University Medical Center to Holdco of Bayonne.
After a late start, the sticky issue of the nurse’s union JNESO and their filed objection was managed without the need for a hearing leading to the objection being withdrawn.
The bankruptcy judge will sign the official order on the settlement and sale leaving the NJ Health Department to issue a Certificate of Need before the sale of the hospital is completed.
A source close to the hearings on the settlement and hearing of the hospital informs MSV the planned early afternoon start has slipped with 3:00 seeing the hearing not yet underway.
The bankruptcy judge was attempting to broker a deal to what MSV suspects is the lone obstacle – JNESO the nurse’s union.
JNESO appears to be attempting to block the entire settlement among 5,000 creditors on the basis of the union contract, not the settlement terms.
The bankruptcy judge who was looking to move forward will likely need to act.
Much can be said of a man who’s impact in the digital realm spanned several technology landscapes: computing, music player, phone, tablet and beyond. More can be said of a career that exceeded several in its versatility, impact and breadth.
We’re not even going to try. Many of us have a love affair with Apple going back decades and grew up with it as “our” technology, our answer, our rebellion to the status quo.
Here’s a link to a story by a team of original Apple people who retell stories of working with Steve Jobs and the vision they created and what he took to heights never seen. The basis for that story is about Steve’s “Reality Distortion Field” and offers an insight to a man driven by a passion he carried as far as his illness allowed before it took his life.
The big news not to be overshadowed is the removal of the last major obstacle allowing the sale of the Hoboken University Medical Center to Holdco but there was a City Council meeting and with some important legislation passed, an ugly incident and again its source is the Russo clan.
During the meeting a vote was called by Council President Ravi Bhalla. Councilwoman Terry Castellano instead of submitting her vote said she wished to make an amendment. The Council President insisted the vote be continued as part of the governing rules of the council in Roberts Rules of Order.
Mayor Dawn Zimmer is announcing that the Official Committee of Unsecured Creditors has approved both the bankruptcy settlement agreement, as well as the agreement to sell Hoboken University Medical Center (HUMC) to HUMC Holdco LLC. These developments clear the way for completion of this transaction and will facilitate a bankruptcy court hearing scheduled for tomorrow that hopefully will result in judicial approval of both agreements.
From the office of the Mayor:
MAYOR DAWN ZIMMER COMMENTS ON THE STATUS OF NEGOTIATIONS WITH THE CREDITORS COMMITTEE REGARDING THE SALE OF HOBOKEN UNIVERSITY MEDICAL CENTER
HOBOKEN, NJ, October 5, 2011 — Mayor Dawn Zimmer is providing comment today regarding the status of negotiations with the creditors committee relating to resolution of issues pertaining to approval of the sale of Hoboken University Medical Center (HUMC).
“Last night (Tuesday), the Official Committee of Unsecured Creditors was presented with a final Settlement Agreement that would guarantee a minimum of a $10.2 million contribution to a creditors fund. The proposed Settlement Agreement, which was based on weeks of negotiation and met the previous economic demands made by the Creditors Committee, would provide unsecured creditors with approximately a 30 percent recovery on their claims, well above the 3-4 percent distribution typical of most hospital bankruptcies. This dividend is made possible only as a result of the proposed sale of the hospital to HUMC Holdco LLC, the State of NJ’s offer to contribute $5 million, if necessary, and the additional consideration offered by HUMC Holdco for the direct benefit of creditors.
Tonight’s City Council meeting sees a dispute over the Monarch development in the Second Ward. Councilwoman Beth Mason will have to face the opposition from her colleagues who likely don’t support it. Word on the street is she does.
| This is the resolution put forward by the Mayor’s Administration on the Monarch Development. A letter was featured in the Hudson Reporter by a resident complaining Councilwoman Beth Mason ignored their concerns on it and did not even acknowledge their constituent outreach. |
Also campaign finance reform is on tap. Wheely, it is.
Again, Councilwoman Beth Mason who has ardently fought this legislation will fight it and could even threaten a lawsuit to challenge it. Tim Occhipnti has called it unconstitutional in the past but alas Occhipinti is no source on legal matters and the law elsewhere in New Jersey has stood up to such challenges just fine.
The final showdown on the hospital is set. The critical hearing for the bankruptcy settlement is scheduled for tomorrow afternoon. There’s no more money and there’s no more time to be had.
One source close to the discussions noted the hospital needs this to end, or the hospital goes under from running out of money before a hearing that has been delayed several times for additional negotiations.
It’s not known what the final package for the creditors committee to evaluate is but it’s likely more than the average institutional bankruptcy.