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Rockefeller Center Up For Sale
The Associated Press reported today that Rockefeller Center in New York
is up for sale. Rockefeller Center Properties Inc. acquired the
12-building art deco complex located in midtown Manhattan four years ago
for $308 million in addition to assuming an $800 million liability.
Yesterday, the trust announced it would seek bids for the complex. Since
its 1996 purchase, the center has undergone the restoration of the
renowned Radio City Music Hall. Office vacancies are 25 percent below
what they were four years ago, even though the center houses many new
shops including Banana Republic, Sephora and J. Crew. The trust company
bought the complex from the Japan Mitsubishi Estate Co., which had
purchased the center in 1989. Subsequently, the property deteriorated
and its holding company slipped into bankruptcy. NBC's 'Today' show
operates from a street-level venue in the center, and other original
buildings in the complex include the Associated Press. The complex
earned $43.5 million last year.
NYSE To Resume Mossimo Trading
Reuters reported yesterday that the New York Stock Exchange (NYSE) would
recommence trading of the sportswear designer Mossimo Inc. today. After
assessing the listing status of Mossimo, NYSE said that the company's
stockholder equity and international market capitalization had fallen
below $50 million. On Wednesday, a bankruptcy request was filed against
Mossimo by three other companies, and its shares closed at a 52-week low
of 7/8 last Thursday. Mossimo was suspended prior to the open last
Friday.
CMGI Affiliate CraftShop.com Files Bankruptcy
According to Reuters, CraftShop.com Inc., an affiliate of CMGI Inc.,
filed for chapter 11 protection yesterday. In papers filed in the U.S
Bankruptcy Court in Delaware, the online provider of craft products
listed assets as 'uncertain' and liabilities of $1.9 million. 'That's
what's new about these dot-com cases,' said Jillian Aylward, the
bankruptcy attorney retained by Craftshop.com. 'How are you going to
determine the value of the assets of a dot-com?' CMGI has invested
millions of dollars in dozens of such Internet start-ups, and at least 5
percent or more of CraftShop is owned by CMGI.
Health Extras Comments on Washington Post Bankruptcy
Study
HealthExtras Inc., Rockville, Md., commented yesterday on the recent
report in The Washington Post announcing the results of a new survey
conducted by bankruptcy expert and Harvard law professor Elizabeth
Warren, which indicated that approximately half of the one million
bankruptcy filings last year were due in part because of medical bills
or the financial consequences of a medical event, according to a
newswire report. The study also found that in the majority of
bankruptcies, families had health insurance, but their insurance was
inadequate to fully cover the families' medical costs. 'Americans
understand the need for health insurance; however, most people are
unaware of the limits in health plans until they are faced with a major
medical event,' said David Blair, HealthExtras Chief Executive Officer.
The combination of unforeseen medical costs and ever-increasing consumer
debt has led to the majority of bankruptcy filings being medically
related. When coupled with a lack of affordable health insurance
coverage for working Americans, the company said, the average family is
more vulnerable to financial devastation in the wake of a major medical
event than ever before. HealthExtras is an Internet-based health and
disability insurance company.
Ophthalmic Imaging Announces Planned Investment
Ophthalmic Imaging Systems announced yesterday that a private investor
has agreed to make a substantial investment in the company, providing
working capital, according to a newswire report. The group has agreed to
purchase the shares of OIS Common Stock held by the controlling
shareholder, which recently filed for chapter 11 protection. The
transactions are expected to be concluded by mid-summer. Ophthalmic
Imaging Systems is a provider of ophthalmic digital imaging systems and
develops, manufactures and markets digital imaging and image enhancement
systems and analysis software.
Adventist HealthCare Acquires Bankrupt Psychiatric
Hospital
Officials reported that yesterday, Adventist HealthCare Inc., which owns
Shady Grove Adventist Hospital in Rockville, Md., has acquired a
neighboring psychiatric hospital in a bankruptcy proceeding, according
to The Washington Post. Adventist bid $7.2 million for Charter
Behavioral Health System at Potomac Ridge in a bankruptcy auction, the
first psychiatric hospital for the company, which owns Shady Grove,
Washington Adventist Hospital in Takoma Park, Md., a New Jersey
hospital, seven Maryland nursing homes and home health agencies. It will
begin operating Potomac Ridge, situated on 10 acres adjacent to Shady
Grove hospital, after the transaction is completed, most likely in late
June or July. Potomac Ridge will continue to operate solely as a
psychiatric facility, although that could change, said Adventist
HealthCare's new chief executive officer, William G. Robertson. The
263-bed hospital has been under pressure since October, when The
Washington Post reported that doctors were complaining about
patient-care breakdowns, medication errors, lab mistakes, patient
injuries and a death. The Joint Commission on Accreditation of
Healthcare Organizations placed Shady Grove on conditional accreditation
and subjected the facility to continued special inspections. State and
federal officials are considering whether to cut off Medicare payments
to the hospital because of the problems.
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