Navigation Links
Manor Care Files Motion with West Virginia Health Care Authority to Dissolve Stay and Issue an Immediate Ruling

Delay Costing West Virginia State Pension Fund, Other Shareholders $1

Million a Day

CHARLESTON, W.Va., Dec. 17 /PRNewswire-FirstCall/ -- Manor Care, Inc. (NYSE: HCR) today filed a motion with the West Virginia Heath Care Authority (Authority) to dissolve the stay issued to the Authority's previous decision to approve a certificate of need (CON) application regarding the sale of Manor Care to The Carlyle Group. The motion also requests that the Authority issue an immediate decision in the matter.

On December 14, 2007, the Authority held a reconsideration hearing of its previous decision to approve the CON after District 1199 of the Health Care and Social Services Union and the Service Employees International Union (SEIU) requested reconsideration. As was clear from the day's proceedings, there was no evidence to support SEIU's request for reconsideration.

"We have been and continue to be committed to providing the highest quality of care to our patients in West Virginia -- and across the country -- and we are confident this transaction will only strengthen our efforts in that area. Quick approval from West Virginia is essential," said Stephen L. Guillard, executive vice president and chief operating officer of Manor Care. "Based on the failure of SEIU to raise any legitimate legal issues during the six-hour hearing on Friday, we believe there are no grounds to maintain the stay. We are filing a motion for an immediate lift of the stay and respectfully requesting that the Health Care Authority issue an immediate decision on the transaction."

The Authority approved Manor Care's CON application on October 19, 2007, and found that Manor Care had satisfied all of the requirements set forth in the CON application. Neither District 1199 nor the SEIU chose to participate in the proceedings surrounding that CON application. On November 16, 2007, nearly the last day before the deadline for requesting reconsiderations, District 1199 requested a stay and reconsideration of the decision. The Authority granted the motion to reconsider on November 20, 2007, setting December 14 as the reconsideration hearing date.

As of the latest posting of the West Virginia Investment Management Board, which manages state pension plans, the fund holds approximately 161,000 shares of Manor Care, Inc. stock. Each day this transaction is delayed results in a monetary loss of about $1 million for Manor Care shareholders nationwide, including West Virginia pension holders.

"We respectfully request that the Health Care Authority lift the stay and approve our transaction immediately so that we can focus on our core mission -- bringing quality care to our patients in West Virginia," continued Guillard.

Manor Care, Inc., through its operating group HCR Manor Care, is a leading provider of short-term post-acute services and long-term care. The company's nearly 60,000 employees provide high-quality care for patients and residents through a network of more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies. The company operates primarily under the respected Heartland, ManorCare Health Services and Arden Courts names.

SOURCE Manor Care, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Manor Care, Inc. Announces Record Date for Special Stockholder Meeting
2. Manor Care, Inc. Announces Change of Location for Special Stockholder Meeting
3. Manor Care, Inc. Stockholders Approve Proposed Merger
4. Manor Care Shareholders Vote to Approve $6.3 Billion Carlyle Buyout
5. Report to Detail How Manor Care Buyout by The Carlyle Group Could Hamper Care for Florida Nursing Home Residents
6. Alvarado Hospital Files Countersuit Against Blue Shield
7. Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts Meeting September 28, 2007
8. Pharsight Files Application for Nasdaq Capital Market Listing
9. Gentiva(R) Health Services Files Universal Shelf Registration Statement
10. Paramount Acquisition Corp. Files Amendment to Preliminary Proxy Statement for Proposed Acquisition of Chem Rx
11. CIGNA Behavioral Health Offers Members Online Provider Profiles
Post Your Comments:
(Date:11/25/2015)... ... November 25, 2015 , ... Privately owned Contract Development ... expansion of its current state of the art research, development and manufacturing facility ... increase its manufacturing capacity as well as to support its clients’ growing research ...
(Date:11/25/2015)... ... November 25, 2015 , ... Many people know of the common symptoms of ... and dry skin. But many people who find their cholesterol levels and weight are ... their thyroid, especially if they don’t have any of the other symptoms. , Thyroid ...
(Date:11/25/2015)... ... November 25, 2015 , ... Since its launch in ... involving adult stem cell therapies to patients with chronic degenerative medical conditions. Now, ... a Registered Trademark (RTM). , Organizations are required to hold a registered trademark ...
(Date:11/25/2015)... ... November 25, 2015 , ... Bunion Bootie ... an early celebration of the early holiday shopping season. Starting Wednesday November 25th, ... $33.95 ea). Black Friday promotional pricing is in addition to any automatic discounts ...
(Date:11/24/2015)... , ... November 24, 2015 , ... ... to offer their patients the many benefits of the revolutionary BIOLASE WaterLase iPlus ... cutting and scraping tools traditionally used by a dentist in Gettysburg, PA ...
Breaking Medicine News(10 mins):
(Date:11/25/2015)... N.Y. , Nov. 25, 2015  Henry Schein, ... and services to office-based dental, medical and animal health ... (GNYDM) Meeting the Henry Schein ConnectDental® Pavilion , ... broadest array of open solutions designed to help any ... Click here for a schedule of experts ...
(Date:11/25/2015)... SAN DIEGO , Nov. 25, 2015  Trovagene, ... molecular diagnostics, today announced that Chief Executive Officer Antonius ... at the 27 th Annual Piper Jaffray Healthcare ... Conference at the New York Palace Hotel in ... 2015 at 1:30 p.m. EST. Mr. Schuh will be ...
(Date:11/25/2015)... 2015 Endo International plc (NASDAQ: ENDP ) ... President and CEO, will discuss corporate updates at the 27 ... New York on Wednesday, December 2, 2015 at ... Investor Relations, and then the link to the event. Participants ... time to visit the site and download any streaming media ...
Breaking Medicine Technology: