Over 150 Total Lots Up For Auction at One Location - CA 05/31

Shuttered hospital reopens to care for COVID-19 patients

by John R. Fischer, Senior Reporter | April 14, 2020

His family foundation offered to buy the facility out of bankruptcy for $135 million and turn it into a COVID-19 care and research center, though Soon-Shiong said last week that he would buy St. Vincent’s himself rather than use a foundation to facilitate the sale. The decision was met with objections by California Attorney General Xavier Becerra, according to the Los Angeles Times.

“We made a good faith bid to acquire St. Vincent Medical Center, in the hope that it would enable the state to prepare the facility for the surge in COVID-19 cases that is certain to come,” Soon-Shiong said in a statement Wednesday. “Although our tax attorneys had assured us that the foundation’s bid complied with all state and federal laws, we have informed those attorneys that I shall fund the purchase personally, instead of through the foundation, so as to avoid the baseless appearance of a conflict.”

The revamping of the facility also comes amidst the sale of another Verity property, St. Francis Medical Center, which is set to be sold to Prime Healthcare for a net consideration of $350 million.

Funding for St. Vincent’s and its operations will be provided by the state, which is responsible for obtaining all federal and state permits, licenses and waivers to operate.

All those chosen to work in the hospital will be licensed. No employees from Kaiser or Dignity will be used.

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