The Bert Fish Foundation has agreed to waive its interest in the potential sale or lease of Bert Fish Medical Center in New Smyrna Beach, Fla., in exchange for a payment to be determined through mediation, according to a report from The Daytona Beach News-Journal.
That would eliminate the possibility of the Foundation from exercising its reverter clause if the hospital's new owners didn't follow its benefactor's last will and testament, according to the report. The Foundation transferred ownership of the hospital to the Southeast Volusia Hospital District in 1966, under the condition that the district would comply with the terms of the will of the facility's benefactor, Judge Bert Fish. However, the Foundation now wants to relinquish its responsibility to ensure those terms are met, according to the report.
The Foundation's decision could make the hospital more attractive to potential partners, which the facility is seeking in the wake of two failed transactions in recent years. A lawsuit filed by the Bert Fish Foundation led to the an agreement with the Orlando-based system Florida Hospital being voided in 2010 after a judge determined the negotiations violated open meetings laws. This past August, Naples, Fla.-based Health Management Associates signed a letter of intent to enter into a long-term lease with Bert Fish. However, CHS has since acquired HMA and called off the deal last month, saying it wasn't interested in another hospital deal.
Following those two failed mergers, the hospital's board authorized its attorney last month to reach out to other potential partners. Florida Hospital and Daytona Beach, Fla.-based Halifax Health have publicly expressed interest.
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