Quote:
Originally Posted by ROCKETMAN
The words used by the person in put in charge of villages health system. He said they need to borrow 24 million to sustain operations, which I assume to pay employees and leases on 10 buildings. By his comments the only way out of this situation is to be taken over by Humana, but I assume the bankruptcy judge would have to approve this. Still not clear on the overbilling. Does that mean Medicare was over billed but the money was never actually paid. Going back as long as it has, I would think they received some of that $350 billion.
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Dam, they must have already blown through the $39 million in DIP financing approved by the bankruptcy judge just over two weeks ago? Not surprising, but also not good. TVH stated in the latest court filing that more money is needed to sustain operations, and further stated that the only way to realistically avoid a shutdown is for the court to immediately allow TVH to proceed with the proposed sale to Humana’s Centerwell. This obviously cries of a desperate and dire situation and clearly highlights the bigger picture of available Health Care Service for the future of the rapidly growing senior population in the entire area. TVH is trying everything possible to rapidly fight their way out of a hornets nest filled with financial risk, liabilities, and the associated public relations disaster. There doesn’t appear to be any way this is going to turn out positive for Homeowners who have invested a significant chunk of their retirement portfolio in the Villages, ouch!