Farlie Turner's Special Situations Group Completes Sale of Hollywood Hills Rehabilitation Center to Larkin Community Hospital
FORT LAUDERDALE, Fla., Aug. 18, 2015 /PRNewswire/ -- Farlie Turner & Co., a Fort Lauderdale, Florida-based investment bank, announced today that its Special Situations Group has completed the going concern sale of Hollywood Hills Rehabilitation Center, LLC ("Hollywood Hills") and certain associated real property to an affiliate of Larkin Community Hospital under Section 363 of the U.S. Bankruptcy Code.
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Hollywood Hills specializes in long term custodial care for senior patients on a residential basis and short term, more complex, rehabilitation services for post-acute patients. Hollywood Hills' services include 24-hour nursing care, advanced nursing care, physical therapy, clinical laboratory services, radiology and other services.
Farlie Turner, in collaboration with the estates' other professionals, conducted an auction for Hollywood Hills on June 24, 2015 involving four different prospective buyers, including an affiliate of Larkin and the stalking horse buyer, which had an agreement to purchase Hollywood Hills, subject to higher and better offers. Larkin's affiliate prevailed at the auction bidding 37% more than the stalking horse bid, an extraordinary result given the overhang of various regulatory and litigation issues.
"This remarkable result could not have been achieved without the strong collaboration among the various professionals involved in this case, including Jerry Markowitz, Grace Robson and Timothy Bow (Markowitz Ringel Trusty + Hartog) and Mark Albright, Stephen V. Hoffman and Selena Samale (Perlman, Bajandas, Yevoli & Albright, P.L.), and Soneet R. Kapila and David Greenblatt (Kapila & Company) who represented the Debtors (Kapila & Company served as financial advisor to the Debtors), and Paul Battista and Glenn Moses (Genovese, Joblove & Battista) who represented the Official Committee of Unsecured Creditors" commented Steve Zuckerman, a Managing Director of Farlie Turner and Head of its Special Situations Group. In addition to Mr. Zuckerman, Farlie Turner's transaction team included Scott Saunders, Kerensa Jimenez, Daniel Vetrano and Keita Iwabuchi.
About Farlie Turner's Special Situations Group
Farlie Turner's Special Situations Group specializes in representing underperforming and financially distressed companies. This Group complements Farlie Turner & Co.'s traditional investment banking practice, which focuses on serving growth-oriented middle market companies with enterprise values typically between $30 million and $300 million. Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with the FINRA, provide merger and acquisition, private placement, and financial advisory services. Please visit www.farlieturner.com for more information.
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