Although three other organizations presented interest in Westerly, L&M was the only one to make a documented offer, according to Mark Russo, JD, the lawyer overseeing Westerly’s receivership.
L&M’s $69 million bid was called the “stalking horse” for the hospital, as it received incentives in return for making the first offer and agreeing to make the offer public. That bid was treated as a benchmark for other organizations to meet.
Mr. Russo said he expects to learn whether L&M is still interested in moving forward with its purchase within the next two weeks.
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