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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Bidder who wrote (29357)2/20/2000 11:28:00 PM
From: Witold  Read Replies (1) of 150070
 
FSEMP:
sec.gov
NOTE 4. SPECIAL CHARGE FOR SETTLEMENT OF INVESTIGATIONS AND RELATED COSTS

Since 1995, NMC and its subsidiaries have been the subject of criminal and
civil investigations (the "OIG Investigations") by the Office of Inspector
General ("OIG") of the United States Department of Health and Human Services,
the United States Attorney for the District of Massachusetts (the "U.S.
Attorney's Office") and other authorities concerning possible violations of
federal laws, including the anti-kickback statutes and the False Claims Act.

NMC has reached a preliminary agreement (the "Preliminary Agreement") with
the United States Government to resolve the matters covered in the OIG
Investigation and NMC's administrative appeals of an estimated $150 million of
outstanding Medicare receivables for IDPN therapy rendered on and before
December 31, 1998 (collectively, the "Settlement"). Consummation of the
Settlement is subject to negotiation of certain material currently unresolved
terms of the Settlement, completion and execution of definitive Settlement
documents, satisfaction of certain conditions, and court approval. (See Note 6 -
"Commitments and Contingencies - Legal Proceedings").

As a result of the Preliminary Agreement, the Company has recorded a
special pre-tax charge of $590 million ($412 million, net of income taxes) which
includes (i) a charge of approximately $485 million for tentative civil and
criminal settlement payment obligations to the government; (ii) a reserve of
approximately $80 million for the resolution of the Company's IDPN accounts
receivable; and (iii) a reserve for other related costs of $25 million.
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