The board of Bert Fish Medical Center in New Smyrna Beach, Fla., has voted on how to use the $6 million settlement it received from the law firm that bungled its 2010 merger agreement, according to an Orlando Sentinel report.
Half of the settlement will pay back legal fees, but the rest will go into the hospital's cash reserves, bringing Bert Fish closer to its 2009 financial position before the merger talks started.
Orlando-based law firm Lowndes, Drosdick, Doster, Kantor & Reed advised Southeast Volusia Hospital District, which oversees Bert Fish, through its 2010 merger with Altamonte Springs, Fla.-based Adventist Health System.
In 2011, a judge ruled that 21 closed-door meetings held leading up to the merger violated Florida's Sunshine Law, which requires business pertaining to the public be conducted in open meetings. The merger was overturned.
Bert Fish officials have estimated the failed deal cost the hospital and district roughly $22 million. Today, Bert Fish remains a freestanding facility looking for a buyer.
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Half of the settlement will pay back legal fees, but the rest will go into the hospital's cash reserves, bringing Bert Fish closer to its 2009 financial position before the merger talks started.
Orlando-based law firm Lowndes, Drosdick, Doster, Kantor & Reed advised Southeast Volusia Hospital District, which oversees Bert Fish, through its 2010 merger with Altamonte Springs, Fla.-based Adventist Health System.
In 2011, a judge ruled that 21 closed-door meetings held leading up to the merger violated Florida's Sunshine Law, which requires business pertaining to the public be conducted in open meetings. The merger was overturned.
Bert Fish officials have estimated the failed deal cost the hospital and district roughly $22 million. Today, Bert Fish remains a freestanding facility looking for a buyer.
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