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This story was originally published by Lookout content partner, ProPublica. On Sept. 30, we published an article examining how Prospect Medical Holdings, a hospital chain, and Leonard Green & Partners, its private equity owner, had extracted hundreds of millions of dollars in profits for investors while patients served by their hospitals suffered from a litany of problems. The article reported that on 14 occasions over a decade, government health inspectors had concluded that Prospect hospitals posed an “immediate jeopardy” to patients, defined by the federal government as problems that ...

Ruggerio submits bill to pause for-profit hospital conversions for one year R.I. SENATE PRESIDENT Dominick J. Ruggerio has submitted a bill that would pause hospital conversions in Rhode Island for one year if the acquiree or acquirer was a for-profit entity. / PBN FILE PHOTO/MICHAEL SALERNO PROVIDENCE – Senate President Dominick J. Ruggerio on Tuesday said he's filed legislation that would impose a one-year moratorium on hospital conversions involving for-profit corporations. “The questions swirling around the financial instability of [Our Lady of Fatima Hospital] and [Roger...

Battle over the hospital conversion of CharterCARE is emerging In 2017, GoLocal unveiled the collapse of the pension fund of St. Joseph Hospital and since then, there have been three-plus years of litigation to recover assets from a host of business entities including the parent company of CharterCARE, Prospect Medical Holdings, and the Diocese of Providence.  Now, a financing structure by Prospect and the private equity firm Leonard Green which has a majority stake in the hospital group is drawing the attention of regulators and the media. The Rhode Island Office of the Attorney General and...

Posted on 185 Frazier Healthcare Partners’ special purpose acquisition corporation, Frazier Lifesciences Acquisition Corporation, announced the pricing of its initial public offering of 12,000,000 units, at a price to the public of $10.00 per unit, for aggregate gross proceeds of $120,000,000. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share. The units are expected to begin trading on the Nasdaq Cap...