Sunday, February 12, 2012

Peninsula Hospital Center Bankruptcy Update

Peninsula's vital signs showing symptoms of distress.

Plans by Revival Home Health Care, a for-profit health care company, to acquire Peninsula Hospital Center could collapse, as a creditors group asks the Bankruptcy Court to let creditors market Peninsula to other potential buyers, reported Crain's.

It is unclear if Peninsula's unsecured creditors are afraid that the New York State Department of Health and/or the Bankruptcy Court will block the Revival Home Health Care deal. But the Crain's reported added that an official report by a court-appointed examiner found serious, possible conflicts of interests between the Peninsula's board and its buyer, Revival.

The employees and creditors of Peninsula don't have much to worry about : the serious conflicts of interest that existed in the bankruptcy and sale of St. Vincent's Hospital to the Rudin family for pennies of the dollar, the Rudin family's campaign donations to City Council Speaker Christine Quinn that have the appearance of "pay-to-play" implications, and even an investigation by the Manhattan District Attorney's Office, have yet to stop the Rudin family's massive billion-dollar luxury condo and townhouse conversion plan for St. Vincent's.

The only thing that remains truly uncertain is how much of Peninsula's full hospital services will remain after the sale. By comparison, after St. Vincent's was closed, its full-service hospital and Level 1 Trauma Center services were downsized to an urgent care clinic to be operated by Lenox Hill Hospital.

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