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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

panies now value their interest in the Partnership at less than $3 million. Put another way, the Northstar companies themselves admit that in little more than two years, the Partnership has lost over 96% of its value and shows no sign of recovery. 17. Although aware of the Partnership's drastic decrease in profitability, the Northstar companies have failed to address its deteriorating condition. Specifically, in spite of repeated entreaties from its limited partners, the Northstar companies have failed to recruit additional physicians, thus denying the Partnership the much-needed revenue that surgeons with healthy practices would bring. The Northstar companies have also failed to re-syndicate the Partnership—which would attract physicians to work at Palladium - and have, without basis, blamed Dr. Donald Kramer for their failure to act. In fact, beyond just failing to recruit partners actively, on information and belief, the Northstar companies have refused to bring on qualified physicians who approached them to discuss the possibility of joining the partnership. 18. Further, the Northstar companies have suspended development of several marketing campaigns that have been extensively developed for Palladium by its partners. As a result, the Partnership has failed to increase patient awareness of Palladium and its services, and other sources of revenue have been squandered. In spite of the Partnership's declining condition, the Northstar companies have decreased Partnership meetings, making them a quarterly, rather than monthly, occurrence. 19. Indeed, rather than focus on repairing the Partnership and developing new sources of revenue, Northstar's management, including its CEO, has engaged in wasteful and potentially damaging activities, including sending pornographic email messages to Partnership employees
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SOURCE Brad Kovnat
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