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Universal Health offers for CEDU Posted: Friday, Jul 01, 2005 - 08:56:32 am PDT By ELIZABETH CIEPIELA Hagadone News Network
Bankruptcy auction is set for Aug. 10 BONNERS FERRY -- Thursday, with a bid of $7.7 million, Brown Schools bankruptcy trustee George Miller identified Universal Health Services Inc. -- one of the nation's largest hospital companies -- as the stalking horse, or best offer, on four of Idaho's former CEDU properties. The auction date has been set for Aug. 10.But just because the company has presented the best offer, that doesn't mean it will win the auction, Miller said. "The last few auctions the stalking horse did not end up being the highest bidder."
Milestones Transitional Program was not included in the bid because it's tied up in litigation, Miller said. "This is a major corporation," Miller said. "So if they buy it you don't have to worry about a bankruptcy with these people." While Miller said he didn't ask whether Universal Health Services plans to open the former Brown Schools as behavioral health schools, he did say the company operates therapeutic schools, as well as charter schools. He also said Universal Health Services bought some charter schools out of bankruptcy court during the last two years, and all are fully operational at this time. The company operates the Stonington Institute, a residential substance abuse treatment facility in Connecticut, the Coastal Harbor Treatment Center, a Georgia facility for children and adolescents with behavioral and psychiatric disorders, and three other behavioral health facilities in Arkansas, Kentucky and Nevada. Universal Health Services also operates behavioral health facilities, acute care hospitals, ambulatory surgery and radiation centers throughout the nation. The corporate offices of the public corporation are in King of Prussia, Penn., its employees number 30,000 and it was founded in 1978 by Alan B. Miller, no relation to George Miller. For bids, Miller split the former Brown Schools properties into regions: Idaho, California, Vermont, Texas and Florida. Universal Health Services bid on three of the properties, offering $4.6 million for the California properties, $3.5 million for properties in Vermont and $7.7 million for properties in Idaho. The corporation had the highest bid for each of the three regions. A representative for Universal Health Services could not be reached Thursday evening. Miller said there's been a lot of interest in the schools: More than 180 people were interested in the former facilities. Former Brown Schools employees made a competitive offer but came in second. Miller predicted former Brown Schools employees will increase their bid at auction time. "Their level of interest is very high and I believe that they will be an avid bidder. And they're not going to be the only one," Miller said. "We're gonna have a competitive auction." The hearing date to approve the results of the auction is set for Aug. 12, and the closing date will be sometime at the end of August, Miller said. On Friday, March 25, Brown Schools closed abruptly with no warning, citing financial insolvency and filing Chapter 7 bankruptcy. The sudden closure left about 290 people in Boundary and Bonner counties without work. Until its sudden closing, CEDU was tied with the Boundary County School District as the county's largest employer. "It has been a long, arduous task. It took a lot longer than I expected to, but I'm really happy," Miller said. "I think it will be a great situation. Because at least it will get us operating sooner." POST YOUR OPINION
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Bonner County Daily Bee
P.O. Box 159 / Sandpoint, Idaho 83864 / 208-263-9534
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