Bankruptcy Court Orders Auction for PHS Facilities.Business Editors CLEVELAND--(BUSINESS WIRE)--April 4, 2000 Primary Health Systems, Inc. ("PHS (Personal Handyphone System) A TDMA-based cellular phone system introduced in Japan in mid-1995. Operating in the 1880-1930 MHz band, PHS uses microcells that cover an area only 100 to 500 meters in diameter, resulting in lower equipment costs but requiring more base ") today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware has ordered the solicitation of additional bids to purchase the three medical facilities that PHS proposed to sell to the Cleveland Clinic Cleveland Clinic (formally known as the Cleveland Clinic Foundation) is a multispecialty academic medical center located in Cleveland, Ohio, USA. Cleveland Clinic was established in 1921 by four physicians for the purpose of providing patient care, research, and medical Foundation: the Integrated Medical Campus in Beachwood, St. Michael Hospital in Cleveland, and Mt. Sinai-East in Richmond Heights. On March 31, 2000, the Court selected a public auction, one of two options offered in a motion by PHS, and ordered auction procedures which are different from those specified in the agreement between PHS and the Cleveland Clinic. PHS is continuing the active marketing of these assets and expects the Cleveland Clinic's offer to be a standard against which to measure the legitimate interests of other parties. The highest price available for these assets will be presented to the Court for its review. PHS welcomes anyone in the community having an interest in purchasing any of these assets to contact William Kosturos of Arthur Andersen LLP LLP - Lower Layer Protocol at 216/421-5636. PHS said it is gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that the process specified by the Court will effect a prompt and orderly resolution of the future of these three medical facilities. |
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