Navigation Links
Manor Care Files Motion with West Virginia Health Care Authority to Dissolve Stay and Issue an Immediate Ruling
Date:12/17/2007

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:
*Name:
*Comment:
*Email:
(Date:8/21/2017)... ... August 22, 2017 , ... PracticeMatch, a company that provides ... employers connect with physicians and advanced practitioners like nurse practitioners and ... in August through November of this year. The online career fairs will allow job ...
(Date:8/21/2017)... , ... August 21, 2017 , ... FCPX LUT Monochromatic ... Editors can quickly and easily add washed color grades to footage. A LUT is ... changes every pixel’s color to the corresponding color indicated by the table. This pack ...
(Date:8/21/2017)... ... August 21, 2017 , ... Duncan ... program serving the people of Michigan. The new initiative fundraises for the Kalamazoo ... the very forefront of animal protection and welfare by addressing the root causes ...
(Date:8/21/2017)... ... August 21, 2017 , ... San Diego physician and surgeon ... reform plan, has announced his candidacy for the 52nd Congressional District currently held by ... America’s Promise. Coming to this country at age eleven after suffering homelessness and hardship ...
(Date:8/20/2017)... , ... August 20, 2017 , ... ... HIPAA ComplyPAK™ Compliance Management System has assisted multiple clients in successfully ... Public Accountants, Service Organization Control Level 2 (AICPA SOC Level 2), and State ...
Breaking Medicine News(10 mins):
(Date:8/7/2017)... Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), ... Board of Directors has approved the payment of a quarterly ... The cash dividend of ... 27, 2017 to stockholders of record as of the close ... are subject to approval of the Board of Directors and ...
(Date:8/4/2017)... Aug. 3, 2017  Agragen, LLC, a ... in the biopharmaceutical, nutraceutical, and aquacultural feed sectors, ... its lead drug candidates, AGR131.  This drug is ... from the blood of patients suffering from inflammatory ... bowel disease. ...
(Date:8/2/2017)... WASHINGTON , Aug. 2, 2017 CaryRx, a ... same day delivery service for patients in the ... the traditional retail pharmacy by providing delivery of medications through ... scheduled for future delivery or delivered within one hour to ... "We are excited to bring this invaluable service to ...
Breaking Medicine Technology: