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Forty Million Dollars
July 19, 2011 - Joe Gorman
Someone makes money in a bankruptcy case.
The lawyers and consultants.
In a hearing in federal court today involving Forum Health, a consultant testified that so far $40 million has been racked up by both sides for attorneys fees and experts.
It's a staggering figure. I am not the Forum expert here but I would gather that all of Forum's debts combined did not add up to $40 million.
I could be wrong, but even if I am, think of what that much money could have done for the ailing health system. It could have bolstered their finances and even kept them out of bankruptcy.
We are lucky they were purchased by someone who has kept them here and kept things status quo for the most part. Those two hospitals, especially North Side, shutting down would have been a disaster for our economy and our collective health.
There was some pain for some, to be sure, but if you're a consultant or a firm specializing in bankruptcy, it's a big payday. The trick is staying on the right side of the ledger.
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