![]() ![]() The lender claims Mercy’s financial liquidity declined by over 50% in the past nine months and is in a cash burn of $2.6 million per month. “If they're looking forward and thinking, 'Okay, I may be getting paid now, but this is not going to end well,' then they want to get the debtor into a situation where somebody else is looking over their shoulder.” But as I say, what's ultimately at stake is control.”ĭiane Lourdes Dick, a professor at the University of Iowa College of Law, says outside the court, debtors have control over management decisions and setting goals so long as creditors are paid. “The ultimate big picture here, is the receiver is supposed to be relatively even handed between the two, but to try to maximize or to preserve the value of the asset. Pat Bauer is an emeritus professor at the University of Iowa College of Law. They say the institution is in “financial free fall.” And according to experts, the bid is a means of securing the nearly $42 million the Texas-based Preston Hollow Community Capital invested in 2018. A private equity firm asked a judge to appoint a receiver of Iowa City’s Mercy hospital. ![]()
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