L&M's 'stalking horse' bid accepted
Lawrence & Memorial Hospital's "stalking horse" bid to purchase The Westerly Hospital received a Rhode Island Superior Court judge's approval on Wednesday.
The bid, proposed in a petition to Judge Brian Stern from Attorney Mark Russo, the court-appointed special master for Westerly Hospital's receivership case, will now serve as the benchmark against which rival bids will be considered. Other potential buyers have until July 30 to submit a competing proposal to purchase the financially troubled hospital.
Russo on Wednesday declined to comment other than to confirm that the judge had granted his bid petition.
Mike O'Farrell, spokesman for L&M, said no objections were raised during the hearing.
"We now continue our process of due diligence," he said.
The New London-based nonprofit hospital has proposed acquiring The Westerly Hospital for $69 million in financial and other assets. Hospital officials have characterized it as both a growth opportunity and a defensive strategy to keep for-profit hospital management companies out of its patient service area. Westerly Hospital Holdco, an affiliate of a New Jersey-based for-profit hospital management company, is among health care firms that previously expressed interest in purchasing The Westerly Hospital.
During a previous interview, Russo said he expected that a sales hearing would take place in mid-August, with a closing in January. Health care regulators in both Rhode Island and Connecticut would have to give final approval of the sale.
Stories that may interest you
The owners of the former Edgerton School property plan to make a third attempt to secure state funding for a planned housing project this year, this time for a scaled-back plan with less than half of the units originally proposed.
Car enthusiasts view some of the cars on display at Motor Jam at Ocean Beach Park in New London on Sunday. Three "Dukes of Hazzard" stars were there too.
Carin Savel comes to the New London federation from North Carolina.
An unofficial record, now at the Connecticut State Library, provides a statistical summary of each legislator's votes.