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Texas Court Asked to Appoint Receiver for Key Subsidiary of TSX Listed Northstar Healthcare, Inc. (TSX NHC) on Claims of Mismanagement and Breach of Fiduciary Duty
Date:2/17/2010

15% of the Partnership. In total, the Northstar companies paid approximately $76 million for their 70% stake in the Partnership. This purchase price valued the Partnership at more than $108 million. 14. ASCs have become popular in recent years, as they provide patients with an alternative to traditional inpatient facilities, such as large hospitals. Indeed, there are approximately 400 ASCs currently operating in Texas alone. Like traditional hospitals, ASCs are licensed and regulated by the state, and provide facilities for a wide variety of surgical procedures. Physicians at Palladium, for example, perform surgeries in fields such as orthopedics, pain management, and podiatry. However, ASCs perform outpatient procedures exclusively, and do not provide overnight care. As a result of Palladium's focus on outpatient treatment, its patients are typically discharged within hours of their surgeries. These ambulatory surgery centers have been profitable entities in many different cities in Texas. 15. However, since the Northstar companies appointed new management in 2008, the Partnership's fortunes have taken a drastic turn for the worse. In 2008, net income for Palladium dropped by nearly 45% from 2007 levels. This poor performance accelerated in 2009, as Palladium's net income in December 2009 fell by nearly 55% compared to 2008. Palladium's hemorrhaging of revenue has shown no indication of halting, as just this month, partner distributions were cut by 50% due to the Northstar companies' concern over recent losses and declining future revenues. 16. The Northstar companies concede that the Partnership is in dire condition. In fact, on information and belief, the Northstar companies asserted as recently as last month that the Partnership's business had collapsed. Indeed, on information and belief, the Northstar com
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SOURCE Brad Kovnat
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