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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: BigKNY3 who wrote (6439)	12/8/1998 9:09:00 AM
From: BigKNY3	Read Replies (5) \| Respond to of 9523

Will Viagra be blamed for the weather, too? Have PFun! BigKNY3 Lenexa, Mo.-Based Men's Health Clinics File For Chapter 7 Liquidation Julius A. Karash, The Kansas City Star, Mo. 12/08/98 KRTBN Knight-Ridder Tribune Business News: The Kansas City Star, Mo Dec. 8--Integrated Medical Resources Inc., the Lenexa-based company that operated The Diagnostic Center for Men clinics, has gone out of business, leaving investors with more than 10 million mostly worthless shares. Integrated Medical, which specialized in treating male impotence, had filed for Chapter 11 bankruptcy protection in November. Last week, at the company's request, the U.S. Bankruptcy Court in Kansas City, Kan., converted the proceedings to a Chapter 7 liquidation, said Eric Rajala, an Overland Park lawyer and bankruptcy trustee for Integrated Medical. Rajala said Integrated Medical was insolvent and had closed all its clinics, including a facility in Overland Park. The company had operated about 30 clinics until recently and at one time had about 40. Rajala said it was his understanding that Integrated Medical's efforts to obtain new capital had been hindered by reports of an ongoing FBI investigation of the company. Integrated Medical disclosed in summer 1997 that the FBI was investigating its Medicare billing practices. The FBI has declined to comment. E. Stanley Kardatzke, Integrated Medical's chairman and chief executive officer, did not return calls Monday. Rajala said Integrated Medical's Lenexa headquarters was being used by its biggest creditor, California-based DVI Business Credit, to conduct the liquidation. The process mostly consists of collecting payments for past treatments, Rajala said. Integrated Medical had employed about 80 persons at its Lenexa headquarters. Some of the former employees may go to work temporarily for DVI, Rajala said. Rajala said holders of Integrated Medical stock probably would not receive anything for their shares, because their claims were subordinate to those of other creditors. The company had more than 10 million shares outstanding, according to Securities and Exchange Commission filings. Shares had been trading at about 1/32. The bankruptcy filing came after years of losses at Integrated Medical, which began in 1990 with one Olathe clinic. The company's problems have been attributed to overly rapid expansion and the use of the impotence drug Viagra instead of diagnostic tests.