Seacoast Health v. Hospital Corp. of America

VERDICT

Trial
09/08/09 – 09/11/09

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Summary

Further trial proceedings starting May 2.

http://www.seacoastonline.com/apps/pbcs.dll/article?AID=/20110205/NEWS/102050319/-1/NEWSMAP

In 1983, the trustees of the Portsmouth Regional Hospital decided to sell the hospital and entered into an Asset Purchase Agreement with Hospital Corporation of America (HCA), a for-profit corporation.

The proceeds of the sale went to the creation of the Foundation to ensure that the hospital continued to meet the community's health care needs. The Asset Purchase Agreement afforded the Foundation a right of first refusal to repurchase the hospital in the event of any "merger or transfer of stock" or other attempt to "sell, transfer, assign, or otherwise dispose of all or any substantial part of the assets of the Hospital."

The trial revolved around whether a 1999 transfer of corporate ownership, which was a transfer not to a wholly owned subsidiary but upstream to a parent entity, should have resulted in a right of first refusal offer allowing the Seacoast Health Foundation to repurchase the hospital.

Outcome

The court ruled that Portsmouth Regional Hospital would remain under ownership and control of Hospital Corporation of America.

Sessions

Recording Disclaimer: This proceeding was recorded in full.

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