A New Hampshire judge has ruled that Portsmouth (N.H.) Regional Hospital will remain under the Hospital Corporation of America umbrella, according to a Foster's Daily Democrat report.
The ruling puts an end, for now, to a dispute between HCA and the Foundation for Seacoast Health. The dispute stems from the 1983 sale of the hospital, which created the foundation. A condition of the sale allowed the foundation to buy the hospital back if HCA ever put it up for sale or transfer.
Judge Kenneth McHugh found HCA must return the hospital to its place in the corporate structure prior to 1999, which is when an organizational change effectively transferred the assets of the hospital to another entity.
In Dec. 2009, Judge McHugh ruled that a 1999 organizational change effectively transferred the assets of the hospital to another entity in violation of the agreement. Both parties went to trial to find a remedy for that violation. The foundation was seeking $400,000 in damages that resulted from its inability to repurchase the hospital in 1999.
HCA, Hospital Foundation Begin Trial Over Ownership of New Hampshire Hospital
HCA's Portsmouth Regional Willing to Settle Ownership Suit Out of Court
The ruling puts an end, for now, to a dispute between HCA and the Foundation for Seacoast Health. The dispute stems from the 1983 sale of the hospital, which created the foundation. A condition of the sale allowed the foundation to buy the hospital back if HCA ever put it up for sale or transfer.
Judge Kenneth McHugh found HCA must return the hospital to its place in the corporate structure prior to 1999, which is when an organizational change effectively transferred the assets of the hospital to another entity.
In Dec. 2009, Judge McHugh ruled that a 1999 organizational change effectively transferred the assets of the hospital to another entity in violation of the agreement. Both parties went to trial to find a remedy for that violation. The foundation was seeking $400,000 in damages that resulted from its inability to repurchase the hospital in 1999.
Related Articles on Portsmouth Regional Hospital:
Judge to Rule in Dispute Between HCA, Hospital Foundation Over New Hampshire HospitalHCA, Hospital Foundation Begin Trial Over Ownership of New Hampshire Hospital
HCA's Portsmouth Regional Willing to Settle Ownership Suit Out of Court