Wednesday, February 1, 2012

Breaking news - Prime withdraws offer

Prime Healthcare pulls out (The Jersey Journal, 2/1/12); Breaking: Prime Healthcare withdraws its bid (Hudson Reporter, 2/1/12); and Controversial Jersey City Hospital Sale Scuttled (WNYC, 2/1/12)

WNYC's Fred Mogul quotes Christ Hospital CEO saying that Christ Hospital has only "days worth of cash on hand," and that the Board is meeting this afternoon to consider their options.

Both Prime and the hospital attributed the deal's collapse to "highly vocal opposition from the community." In fact, the deal collapsed when the community stood up to ask for public scrutiny of the dubious proposal.

The Attorney General's office made it apparent that the state review would bring to light many questionable details. It is a shame that so much time and effort has been wasted on such a shoddy plan. Any deal will be better if the community has a meaningful voice in the process. And that should be the next step.

See our Press Release. "Prime Healthcare’s withdrawal of its offer to buy Christ Hospital is an opportunity to get a better deal for the hospital and the people of Hudson County."

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