Attention:

But I’m Afraid of Needles: The Sale of Health Care Assets


Level: Intermediate
Runtime: 76 minutes
Recorded Date: December 04, 2020
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Agenda

  • Perspectives to Consider
  • Circumstances Leading to Distress
  • Challenges Arising in the Context of a Sale
  • Political and Community-Based Concerns
  • Impact of Valuable Real Estate
  • Considerations when Evaluating Healthcare Real Estate
  • Regulatory Hurdles in Healthcare Bankruptcy Sales
  • Issues with Gov't Receivables
  • Best Practices
Runtime: 1 hour, 16 minutes
Recorded: December 4, 2020

Description

This panel will discuss various issues and challenges accompanying sales of health care assets, including factors to consider in determining whether or not a sale is the best alternative. Such factors include the role of regulatory authorities, political challenges, reimbursement issues, issues related to urban vs. rural facilities, the evolution of the health care business, and best practices in navigating such challenges.

This program was recorded as part of ABI's 2020 Virtual Winter Leadership Conference on December 4th, 2020.

Provided By

American Bankruptcy Institute

Panelists

Thomas W. Waldrep

Co-Managing Partner
Waldrep Wall Babcock & Bailey PLLC

Tom represents secured creditors, debtors, unsecured creditors’ committees, and trustees in business bankruptcy cases. He has extensively represented buyers and sellers of assets in bankruptcy. Tom has noteworthy experience in cases involving healthcare debtors, especially hospitals, and regularly represents private equity groups and other financial institutions in buying and managing distressed healthcare assets, particularly in the Southeast. He also represents healthcare providers, particularly those looking to purchase or sell assets in or out of bankruptcy.

Prior to starting Waldrep Wall Babcock & Bailey PLLC, Tom founded and managed Waldrep LLP, a boutique bankruptcy practice. Prior to that, Tom was a partner in the Winston-Salem, North Carolina office of Womble Carlyle Sandridge & Rice, LLP. From 2004 to 2013, Tom was a United States Bankruptcy Judge with the United States Bankruptcy Court for the Middle District of North Carolina.

Tom is a 1983 graduate of the Indiana University School of Law. He has served the North Carolina Bar Association in several different capacities, including as Chair of the Bankruptcy Section and as a member of the Board of Governors. Tom is a frequent lecturer at continuing legal education seminars and law schools, and he has authored articles on insolvency issues.

Andrew Turnbull

Managing Director
Houlihan Lakey

Mr. Turnbull is a Managing Director in Houlihan Lokey’s Financial Restructuring Group. For more than two decades, he has specialized in assisting companies, lenders, creditors, and investors in financially distressed situations. His experience includes conducting acquisitions and divestitures of financially troubled assets, raising various forms of capital, and negotiations relating to the restructuring of private and public securities, both in Chapter 11 and in out-of-court situations. Mr. Turnbull is based in the firm’s Chicago office.

Mr. Turnbull has worked in a variety of industries, including automotive, consumer and food, healthcare, metals, paper and packaging, retail, and real estate. His notable transactions include GMAC Resort Finance (sale of timeshare loan portfolio), Westgate Resorts (advisor to secured lenders), Forum Healthcare (sale of hospital system), J.L. French (restructuring of automotive supplier), Pacific Monarch (sale of timeshare company), Saint Vincents Catholic Medical Centers (restructuring), Wells Dairy (refinancing), The National Benevolent Association (sale of senior living facilities), Atlantis Plastics (sale of company), and Meridian Automotive (restructuring of automotive supplier). He is also a frequent speaker on various topics, including trends in restructurings, distressed M&A, and leveraged finance.

Before joining Houlihan Lokey in 2004, Mr. Turnbull was a Director of PricewaterhouseCoopers Corporate Finance LLC, where he led the Chicago restructuring practice.

Mr. Turnbull holds a B.S. in Biology from the University of Western Ontario and a Business Administration degree, with honors, from the Ivey Business School at the University of Western Ontario. He is a member of the American Bankruptcy Institute and the Turnaround Management Association.

David N. Crapo

Counsel, Financial Restructuring & Creditors' Rights
Gibbons, P.C.

Mr. Crapo has extensive experience in the fields of bankruptcy, debtor/creditor law, commercial law, and equipment leasing. He represents debtors, secured lenders, creditors, landlords, governmental entities, non-debtor licensees of debtor’s intellectual property, bidders at bankruptcy sales, and trustees and other fiduciaries. His experience includes the negotiation and preparation of loan agreements and pleadings in connection with debtor-in-possession financing and/or use of the cash collateral of financial institutions and other lenders, as well as the analysis of commercial, corporate, and municipal bond transactions to assess bankruptcy and insolvency-related risks and to make recommendations for minimizing those risks. Mr. Crapo has also drafted numerous insolvency-related bankruptcy opinions in connection with corporate and municipal bond transactions and has authored and co-authored many articles on bankruptcy-related subjects.

Mr. Crapo, who holds an LL.M. in Health Law and Policy, also represents hospitals and other institutional healthcare providers, medical practices, lenders, bidders, insurers and insurance agencies, employers, and a pharmacy chain in connection with healthcare issues.

He was awarded the designation, Certified International Privacy Professional – US. He has written and spoken extensively on healthcare related issues, particularly in the area of data privacy and security. He has also edited the newsletter of the Health Law Committee of the American Bankruptcy Institute.

Monique B. DiSabatino

Partner
Saul Ewing Arnstein & Lehr LLP

An attorney in the Bankruptcy and Restructuring Practice, Monique DiSabatino concentrates her practice on a broad range of commercial bankruptcy, workout and restructuring matters in which she represents debtors, trade creditors, landlords, equity holders and other parties. Monique has served as counsel in many large chapter 11 cases over the years, representing clients in a range of industries including manufacturing, distribution, retail, hospitality and construction and real estate development.

Monique has also served as lead or co-counsel to numerous chapter 11 debtors. Monique has been recognized as a leading lawyer in Chambers USA and as a Rising Star in Super Lawyers. She also frequently publishes articles on the subject of bankruptcy and restructuring law in a variety of publications.

Elizabeth A. Green

Partner
Baker& Hostetler LLP

Elizabeth A. Green is a partner with BakerHostetler in Orlando, Fla., and chairs its National Bankruptcy and Restructuring Group. She represents debtors, creditors and committees in a wide range of industries and has represented a number of health care-related entities, including skilled nursing facilities, hospitals, pharmacies, health care practices and health care CROs in chapter 11 cases nationally. She also has represented buyers of health care facilities in chapter 11 cases across the country.

Ms. Green is a Fellow in the American College of Bankruptcy, has been recognized in Chambers USA, The Best Lawyers in America, Florida’s Legal Elite and Super Lawyers. The Best Lawyers in America named her “Lawyer of the Year in Orlando” for bankruptcy and restructuring in 2012 and for bankruptcy litigation in 2015 and 2016. She was also selected as one of five Law360 MVPs in Bankruptcy in 2016. Ms. Green has served as an adjunct professor at the University of Florida Levin College of Law in advanced bankruptcy.

She received her B.A. in 1984 from the New College of Florida and her J.D. with honors in 1986 from the University of Florida Levin College of Law, where she was a member of the Order of the Coif.


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