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Landmark- the best birthday present a girl could ask for

May 10, 2011

Ok, so Judge Michael Silverstein didn’t give me Landmark Medical Center for my birthday.  He did what we all sort of expected- he delayed his decision again.

Bidders on the Woonsocket hospital have until May 27th to take care of any unresolved issues.  For RegionalCare it’s a contract negotiation with Landmark’s union. For Transition it’s a purchase agreement with Landmark.  For Prime it’s… we don’t know.

Judge Silverstein didn’t mention any problems with Prime.  Prime’s lawyers say they have an agreement with Blue Cross Blue Shield.  We know they have an agreement with the union.  Does the judge just not like them?

Another unresolved issue- can Landmark’s Special Master Jonathan Savage work with new bidders?  During the last court appearance, the judge said Savage had to wait until May 10th to work with new potential buyers.  The judge didn’t say anything about that today and the Special Master wouldn’t comment on the issue.

I might know more when Landmark sends me the documents the bidders gave Judge Silverstein last week.  I’ll throw those up on the blog as soon as I have them.

Meanwhile, Landmark is running out of money.  Currently the hospital only has about 1.3 million dollars in cash on hand.  Landmark will get a little bit of extra cash from CVS for the sale of its parking lot, but that money won’t last forever.

Even if Judge Silverstein picks a buyer by May 27th, The Attorney General’s former health care advocate says  it would take at least 4-6 weeks for the state to process Landmark’s merger application.  Considering that the Attorney General is new and his office hasn’t processed a hospital conversion act application before it might take longer.

Will Landmark fall apart before Silverstein picks a buyer?  What do you think?

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