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Higher Offer Made for Landmark Medical Center

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WOONSOCKET, R.I.--(BUSINESS WIRE)--

Last week, in an effort to save Landmark Medical Center (“the Hospital”), Landmark Hospital Holdco LLC submitted an offer to Jonathan Savage, the court-appointed Special Master overseeing the receivership of the Hospital, to acquire substantially all of the Hospital's assets. Landmark Hospital Holdco LLC is owned by the principals of Bayonne Medical Center, Hoboken University Medical Center, and Christ Hospital (three acute care hospitals in New Jersey), and CarePoint Health Plans (a Medicare Advantage Plan in New Jersey).

Despite our offer, it appears Mr. Savage has not appropriately considered it. We are disappointed by the decisions being made by Mr. Savage. The Hospital has now undergone three other failed attempts to bring it back to life over a four-year period. In his decision to back this most recent suitor, we are concerned that Mr. Savage's decisions are being made in haste, rather than in reason. These decisions, we believe, are negatively affecting the welfare of the Woonsocket, Rhode Island community, as well as the doctors and staff who faithfully serve it. We reached out to Mr. Savage last year in an effort to purchase the Hospital, but following Steward Health Care System's withdrawal of its bid, he did not contact or even consider us as a possible new buyer. Yet, recently, Mr. Savage affirmed in Court that the current offer was the only available option. This, plainly, was not a fair statement. We are also quite confused by Mr. Savage's public statements indicating his resistance to even consider our economically superior offer based on his representation to the Court that “the Special Master's acceptance of the Prime APA is expressly subject to the Court's receipt of better offers.”

Not only is our offer economically superior to other potential buyers, but more broadly, it is absolutely more favorable for patients, staff, and the Rhode Island community. Landmark Hospital Holdco's bid to acquire the Hospital should be accepted because: (1) our offer to purchase the Hospital is four million dollars greater than what we understand to be another existing offer; (2) the ownership group of Landmark Hospital Holdco has a history of success saving community-based, acute-care hospitals, including maintaining virtually all staff; (3) we employ long-term plans focused on care coordination among local providers that improves quality and lowers costs; (4) we intimately understand the importance of the community's voice and we are committed to working closely with the Woonsocket community to make the improvements necessary for the Hospital to thrive in the short-term and the long-term; and (5) our model has a clear focus on the local uninsured and underinsured population primarily emphasizing preventative care and assuring, above all else, equal access to care.

Our goals here are simple: save Landmark Medical Center, preserve the more than thousand jobs at stake, and continue to deliver and improve upon the quality of healthcare to this community.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50466202&lang=en

for Landmark Hospital Holdco LLC
Spencer Baretz, 212-763-8580
sbaretz@hellermanbaretz.com

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