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Biotech / Medical : FPA Medical Management - FPAMQ
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To: Ben Beale who wrote (1022)7/22/1998 8:41:00 AM
From: Kurthend  Read Replies (1) of 1110
 
Ben,

This just came out on the wire:

biz.yahoo.com

''We have taken steps to protect ongoing providers and provide a smooth transition for patients and employees of facilities that are
closing,'' Dr. Dresnick said. ''While shedding businesses and filing Chapter 11 is certainly not a pleasant experience, we believe that the
end result will be a Company that will be viable and profitable. Our goal ultimately is to fulfill our obligations to providers, payors and
patients and to save as many jobs as possible while we meet our obligations to creditors.''

No where does Dresnick say that they have obligations to the shareholders. I can almost quarantee you that they were able to get away with screwing the shareholders by convincing the judge that there main priority was the care of their patients and to keep the jobs of employees. I am sure FPAM did not explain the ramifications of the stockholders to the judge. Looking at it from a judge's perspective, I would think that FPAM was doing a good job since FPAM is stressing the health care for the "needy" and continued employment for the employees. This ain't a bad avenue for FPAM to take.

I suggest all those that are involved in a possible lawsuit try to get hold of that judge as soon as possible.

Kurt

I am not a shareholder and I am just sitting on the sidelines
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