Medical Capital Holdings, the California health finance company facing allegations of fraud by the Securities and Exchange Commission (SEC) has negotiated a tentative deal to sell its interest in Integrated Healthcare Holdings of Santa Ana, California.
In a monthly report to U.S. Judge David Carter, the court appointed receiver for Medical Capital, Thomas Seaman, stated that Integrated Healthcare's interest is valued at $81.4 million under three separate agreements. Under the deal, all three of them would be sold for $55 million.
Integrated Healthcare has asked for the court's permission to sue Medical Capital for breach of contract when Medical Capital defaulted on a $12.7 million financing commitment to Integrated, putting its four area hospitals at risk. Integrated owns Western Medical Center-Santa Ana, Western Medical Center-Anaheim, Coastal Communities Hospital in Santa Ana, and Orange County's Chapman Medical Center.
A letter of intent to sell Medical Capital's interest in Integrated Healthcare is expected in the next few days.
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