Seems like when a business files, a second filing comes down the road a few years after they come out of the first one. The next step typically is closing for good.
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LERHSNY doesn't want Lakeshore to remain open as a full service hospital, period. If you know anyone who knows any of the former patients at Lakeshore's Nursing home, ask them how happy they are in their new digs. Answer: THEY AREN'T, and nobody gives a da_n. Anyway, I'm hoping a bankruptcy official will force them to sell, but remember, this isn't chapter 7, it's chapter 11, a different animal.
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They have a buyer why would they consider bankruptcy???
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Chapter 11 is a means of survival with ownership transferred to creditors. Contracts can be re-negotiated, debt re-structured and there could be losses of jobs and benefits but it does provide for continued operations. The future of the company lies in the hands of the creditors and the court. In the case of the hospital it does provide some hope for at least a downsized operation and it is surely better than chapter 7 which puts the company out of business.
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11 is to reorganize, which means a plan to operate, liquidation is not a plan, but consolidation of debt is, with creditor approval court will decide who and how LSH will operate unless a sale is arranged before courts get involved
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A new HONEST administrator, and mature, experienced and educated nurse supervisors/managers(which was the norm before JL came to town) would certainly be helpful to make Lakeshore what it was when it was created, and up until just a few years ago.It was always full, as was the ER. The people who live in that part of northern Chautauqua, southern Erie, Cattaraugus counties; the people of the Indian reservation all deserve to access to a hospital who will send them into Buffalo hospitals if needed!! Im hoping JL will for go that 2nd million he was promised, and pay for that fiasco for the corporate head quarters at the old fire hall inb Fredonia. He needs to spend some time wondering if he has enough food to last until the next check, like all the kind , smart employees forced out of Lakeshore by him and his minions!
There are too many unknowns for us to know the right decision. As I remember they said they were 7 million in debt. If that is so and they have a 15 million offer why not take it pay off the 7 million and have 8 million left? Why go through chapter 11. Doesn't make sense to me but then again I said many many unknowns to us.
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A question here, an honest question; did LERHSNY BUY Lakeshore, or just take it over through some other process? If they didn't pay for it, in a cash deal, then what difference does it make to LERHSNY what they get for the place, it'd all be profit, wouldn't it? They won't get ANY money if its closed. I'd say $15,000,000 is not a bad deal. I'm thinking it's all about maintaining control over what Lakeshore is allowed to become if it's sold.
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Why should bankruptcy matter? When the current owner of the steel plant made an offer exceeding $35 million it was rejected in favor of a higher offer from a Canadian firm. A short time later the original bidder was able to buy the facility, in bankruptcy, complete with inventory for about $4 million along with major adjustments to union wages. Bankruptcy does make a difference and the creditors are left licking their wounds. The good news is that the business is still in operation and employing people.
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