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Tuesday, November 1, 2011

Hospital sale remains on stand-by

The hospital's planned sale anticipated for Tuesday did not complete as hoped today. The complexity of the transaction with so many moving parts makes it difficult to align all the elements to conclusion, this according to a source outside City Hall who is looking to later this week to see the sale concluded.

Last Tuesday night, Councilman Mike Russo found it difficult to believe as he put it, "a multi-million dollar deal" would be delayed due to the lack of an essential parking agreement being in effect. He went back and forth with Corporation Counsel Mark Tabakin who assured him, it would not.

When the emergency resolution failed to make the parking agreement effective for the scheduled closing date Wednesday, the mayor amped up the process leading into Sunday's special meeting.

The hospital is an extremely tight operating condition and sorely needs the closing with the Holdco's financer MPT to come to conclusion.

Councilman Mike Russo with City Clerk
Jimmy Farina before the special meeting Sunday.

Every day costs are piling up and fluctuating market conditions for a transaction of this magnitude change making one day more favorable to the hospital's financial condition than the next.


Talking Ed Note: Each day that passes also reduces the payout to the creditors committee.

It's the MORTe gift that keeps on giving.

Thank you Beth.

Has Hoboken had enough of Beth Mason?




If you think the question above is a loaded question, watch the less than five minute video at your leisure.
Hoboken has been subjected to Councilwoman Beth Mason's politrickin for some years now and her campaigns are legendary for pumping out volumes of misinformation and misdirection into the community.

But that's politics.

This however is different.  Her year long pursuit to undermine the sale of Hoboken University Medical Center, engaging with any and all parties who would play along came within an eyelash of destroying hundreds and hundreds of lives, forcing the hospital's closure, putting Hoboken on the brink of bankruptcy where massive layoffs including police and fire would be inevitable.

After leading council minority opposition to every piece of legislation this year presented to aid Hoboken University Medical Center's sale, Mason brought the hospital to its knees threatening a referendum on the council approved hospital parking agreement at the City's Midtown garage and had the new owners Holdco and their financing company rethinking their involvement.

There's far more to her litany this year of sabotage to the hospital, Hoboken and by proxy its mayor.
For now watch the video.

As the Council President Ravi Bhalla calls the meeting to order, Beth Mason pulls her typical stunt of asking for the floor but there is no point of order to her request.  She just wants to make a speech.  Imagine nine members of the City Council all demanding to make speeches at the beginning of a council meeting having nothing to do with city business within the council rules.

Later, as Beth Mason begins the launch of her latest political operation, a phony, possibly illegal side bar agreement the packed room has no stomach not even twenty seconds into the ploy.  Murmurs quickly lead to catcalls, hisses and booing.

Council President Ravi Bhalla quickly enforces council decorum but as Beth Mason continues with her concocted "deal" it's only a matter of time before the audience has had enough.

Mason continues droning on claiming credit for her council minority group negotiating a seven year guarantee with Holdco and a host of programs along with an additional seat with the new owner's board.  Eric Kurta who sat on the hospital authority board notes the condition was set and met previously by both the City and State.

Another hospital authority board member in an impromptu discussion inside Council Chambers after the vote would say the programs were already negotiated into the sale.

As the audience shows restraint for more of Beth Mason's fiction as her political commentary winds down, members of the audience risk ejection when a spontaneous reaction to one too many lies leads to an outburst of catcalls including "liar" promptly followed by a chant for her recall.

Councilman Mike Russo's reaction is especially amusing.  Later he himself would be booed for attempting to sell the same phoney side bar "agreement."

Hoboken residents have had enough


Talking Ed Note: The hospital's sale is anticipated to close today and/or tomorrow.  The creditors committee already approved an earlier settlement have had to sit and watch the sale needlessly delayed and with it the approximate one-third payout they are owed.  That final amount is determined when the sale to Holdco is completed.

Each day the creditors settlement and the hospital's operating funds dwindle further thanks to Beth Mason and her council minority colleagues, re: MORTe.

Next up: Councilman Dave Mello responds to the Beth Russo hydra.

Original video courtesy of Greg Bond