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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
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Hey Slattery...not so fast...
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<p>[QUOTE="anonymous, post: 5574015"]"On the eve of a crucial bankruptcy court hearing, <a href="http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994" rel="nofollow">a long-simmering dispute</a> over a $1.8 billion loan to Millennium Health LLC on Wednesday boiled over into a federal-court racketeering lawsuit.</p><p><br /></p><p>Funds associated with Voya Investment Management Co. sued Millennium’s owners, founder James Slattery and private-equity firm TA Associates Inc., alleging they failed to warn lenders of a Justice Department investigation into the company’s practices.</p><p><br /></p><p>Across the street <a href="http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994" rel="nofollow">in bankruptcy court</a>, Millennium, Mr. Slattery and TA clashed Thursday with Voya over a chapter 11 plan that would shield the company’s owners from legal action over the financing. During arguments, lawyers for Mr. Slattery and TA said the complaint had no merit, and would likely mean years of litigation that wouldn’t pay off.</p><p><br /></p><p>Millennium says its survival as a company depends on getting approval of the chapter 11 plan. Mr. Slattery and TA have agreed to contribute $325 million to the reorganization of one of the nation’s largest drug-testing companies. With that money, Millennium would be able to get from under “corporate-killing” enforcement action by the government, which has threatened to strip the laboratory-testing company of the right to bill Medicaid and other taxpayer-funded programs, said company lawyer Ken Ziman.</p><p><br /></p><p>The company is seeking Judge Laurie Selber Silverstein’s signature on a chapter 11 plan that hands ownership of the company to lenders that took part in the $1.8 billion loan in 2014 and removes the threat of litigation from Mr. Slattery, TA Associates and many others. The judge is expected to rule Friday.</p><p><br /></p><p>Without the contribution from the owners, Millennium can’t cover <a href="http://www.wsj.com/articles/millennium-health-settles-federal-allegations-for-256-million-1445288157" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.wsj.com/articles/millennium-health-settles-federal-allegations-for-256-million-1445288157" rel="nofollow">a $256 million settlement</a> with the Justice Department that quiets fraud accusations that grew out of a multiyear investigation. Millennium must pay up by the end of the year or lose its right to bill taxpayer-funded programs. Once the government shuts off Millennium, insurers will follow suit, and the company’s revenue will fall to a trickle, Mr. Ziman said."[/QUOTE]</p><p><br /></p>
[QUOTE="anonymous, post: 5574015"]"On the eve of a crucial bankruptcy court hearing, [URL='http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994']a long-simmering dispute[/URL] over a $1.8 billion loan to Millennium Health LLC on Wednesday boiled over into a federal-court racketeering lawsuit. Funds associated with Voya Investment Management Co. sued Millennium’s owners, founder James Slattery and private-equity firm TA Associates Inc., alleging they failed to warn lenders of a Justice Department investigation into the company’s practices. Across the street [URL='http://www.wsj.com/articles/millennium-healths-bankruptcy-shows-dangers-of-leveraged-loans-1447802994']in bankruptcy court[/URL], Millennium, Mr. Slattery and TA clashed Thursday with Voya over a chapter 11 plan that would shield the company’s owners from legal action over the financing. During arguments, lawyers for Mr. Slattery and TA said the complaint had no merit, and would likely mean years of litigation that wouldn’t pay off. Millennium says its survival as a company depends on getting approval of the chapter 11 plan. Mr. Slattery and TA have agreed to contribute $325 million to the reorganization of one of the nation’s largest drug-testing companies. With that money, Millennium would be able to get from under “corporate-killing” enforcement action by the government, which has threatened to strip the laboratory-testing company of the right to bill Medicaid and other taxpayer-funded programs, said company lawyer Ken Ziman. The company is seeking Judge Laurie Selber Silverstein’s signature on a chapter 11 plan that hands ownership of the company to lenders that took part in the $1.8 billion loan in 2014 and removes the threat of litigation from Mr. Slattery, TA Associates and many others. The judge is expected to rule Friday. Without the contribution from the owners, Millennium can’t cover [URL='http://www.wsj.com/articles/millennium-health-settles-federal-allegations-for-256-million-1445288157']a $256 million settlement[/URL] with the Justice Department that quiets fraud accusations that grew out of a multiyear investigation. Millennium must pay up by the end of the year or lose its right to bill taxpayer-funded programs. Once the government shuts off Millennium, insurers will follow suit, and the company’s revenue will fall to a trickle, Mr. Ziman said."[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Laboratory/Diagnostic Sales
>
Millennium Laboratories
>
Hey Slattery...not so fast...
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Laboratory/Diagnostic Sales
>
Millennium Laboratories
>
Hey Slattery...not so fast...
>