Published January 28, 2007 01:43 pm - An order issued last week by Oklahoma City federal bankruptcy judge T.W. Weaver clears the way for the sale of the bankrupt Moore Medical Center, court documents show.
Judge OKs bid for Moore Medical Center
By M. Scott Carter
The Norman Transcript
OKLAHOMA CITY
—
An order issued last week by Oklahoma City federal bankruptcy judge T.W. Weaver clears the way for the sale of the bankrupt Moore Medical Center, court documents show.
Weaver's order, which was filed Jan. 23, states that "all objections to the motion (filed earlier by HCI Special Purpose Corporation and which could have derailed the hospital's sale) have either been resolved or should be overruled and the motion as modified in open court ... should in all aspects be granted."
That order apparently opens the door for the facility to be sold to MMC Holdings, LLC and Oklahoma Healthcare Systems, LLC.
MMC Holdings was formed by doctors from the Moore facility and the surrounding area; records show Oklahoma Healthcare Systems was founded Dec. 29, 2006.
The joint bid by both companies totaled about $49 million and, according to an official with the group, is now the top bid for the facility.
"We're in the lead," Fred Minter, a representative of MMC-Oklahoma Health Care, told The Transcript last week. "We're the only bidder that's currently there."
Last Tuesday, Minter, along with Oklahoma City attorney Brad Carter and Stan Carter, CEO of Carter Healthcare, met with Moore Mayor Glenn Lewis and Moore City Manager Steve Eddy seeking their help in obtaining property tax exemptions for the hospital. Lewis said Carter told him the trio represented the MMC Holdings-Oklahoma Healthcare group.
"They told me they were going to buy the hospital," Lewis said. "And that Mr. Carter (Stan) had been elected to represent the physicians' group at the meeting."
Lewis said Moore city officials told the men they would "do all they could" to help keep the hospital open, but added city officials couldn't offer property tax exemptions.
That meeting was held the same day Weaver's order was issued.
The MMC-Oklahoma Healthcare bid is about $6 million less than a earlier, "stalking horse" bid by Acadiana Healthcare of Oklahoma. That bid totaled about $55 million but was thrown out after one of the hospital's major creditors -- HCI Special Purpose Corporation -- objected to the offer because "HCI was not satisfied with either Acadiana's treatment of the HCI collateral or with Acadiana's financing."
The company also opposed Acadiana's offer because Acadiana, it said, had "failed to deposit the $1 million security deposit required by its 'stalking horse' status."
Weaver's order also effectively eliminates a bid made by Norman Regional Hospital.
Lisa Beckloff, a NRH spokeswoman, told The Transcript earlier this month that Norman hospital officials "do not know whether (their) bid will be accepted."
Beckloff said NRH officials attended meetings Jan. 10 about their bid, but added that "...the other bidder also met with the committee the same day. We have not heard anything from them since that time."