HCA and the Foundation for Seacoast Health are scheduled to return to court over the ownership of Portsmouth (N.H.) Regional Hospital on May 2, according to a Seacoast Online news report.
The lawsuit stems from the 1983 sale of the hospital, which created the foundation. A condition of the sale allowed the foundation to buy back the hospital if HCA ever put it up for sale or transfer, according to the report.
The Foundation filed suit in 2006, claiming the private equity purchase of HCA that year activated the buy-back condition.
While the New Hampshire Supreme Court upheld a previous decision that a leveraged buyout of HCA did not activate the buy-back condition, it also determined that a 1999 transfer of the hospital's assets through an HCA corporate restructuring may have triggered the condition, according to the report.
Read the Seacoast Online report on Portsmouth Regional Hospital.
Read previous coverage on Portsmouth Regional:
- HCA's Portsmouth Regional Willing to Settle Ownership Suit Out of Court
The lawsuit stems from the 1983 sale of the hospital, which created the foundation. A condition of the sale allowed the foundation to buy back the hospital if HCA ever put it up for sale or transfer, according to the report.
The Foundation filed suit in 2006, claiming the private equity purchase of HCA that year activated the buy-back condition.
While the New Hampshire Supreme Court upheld a previous decision that a leveraged buyout of HCA did not activate the buy-back condition, it also determined that a 1999 transfer of the hospital's assets through an HCA corporate restructuring may have triggered the condition, according to the report.
Read the Seacoast Online report on Portsmouth Regional Hospital.
Read previous coverage on Portsmouth Regional:
- HCA's Portsmouth Regional Willing to Settle Ownership Suit Out of Court