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Originally Posted by golfing eagles
They are requiring THE VILLAGES HEALTH to provide accurate accounting. It seems a lot of people are conflating the Morse family with TVH.
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Based in the 29 page bankruptcy court filing by UnitedHealth Care, TVH is trying very hard to avoid providing full and accurate accounting. UHC’s attorneys are trying to stop the court from approving TVH’s latest DIP financing motion. Their attorneys claim that the DIP financing is being provided by the same parties that control TVH, is not an arms length transaction that was competitively bid, is not at fair market value, and is in fact being provided by insiders. They further claim this transaction breaches TVH’s fiduciary responsibility of acting fairly toward all constituents involved in the bankruptcy, including creditors. Providers of DIP financing are privy to accounting statements others are not when a private entity is involved. UHC claims TVH is trying to force a hurried sale, with insider provided DIP financing, in order to avoid accounting discovery and potential creditor clawback of monies diverted away from TVH prior to filing bankruptcy.
If the arguments UHC’s attorneys made to the court are valid, and the court denies TVH’s DIP financing motion, or opts to not decide on the motion without full evidentiary discovery, it will force much fuller disclosure of TVH’s accounting and might provide true answers to things being speculated about.
Although it’s not easy reading, I would encourage anyone following this with interest to take the time to read and understand it. It is very well researched and prepared by UHC’s big league legal counsel and sites numerous case references backing their arguments to the court. Every time there is another court filing involving this case it gets more complex and interesting. It’s very clear that things went very bad between TVH and UHC, and UHC is prepared to fight TVH tooth and nail through this process.
Unfortunately, I can’t see any way this is going to turn out good for the general population of Villages residents : (