IPA failure. (Health Care).Another of the region's individual physicians practice associations is bankrupt, but this time there's a twist. The Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Physicians Individual Practice Association filed a Chapter 7 petition last month, but that came a year after the IPA IPA - International Phonetic Alphabet sold off its patient contracts in April 2001. The West Covina-based IPA wanted to dissolve A Web site design technique borrowed from the film and video industry in which the transition between two Web pages is represented visually by one page fading into another. Also known as a "soft cut," the result is achieved in the HTML coding of the images to gradual pre-determined itself without 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. protection, but filed the petition after being named in two lawsuits, said attorney Matthew Fairshter. "At that point it became clear there was no way to exit this (cleanly clean·ly adj. clean·li·er, clean·li·est Habitually and carefully neat and clean. See Synonyms at clean. adv. In a clean manner. clean )," he said. Even though the IPA had just $7,156 in assets and $664,557 in debts at the time of the April 1 filing, Fairshter said the IPA could have reached voluntary agreements with its creditors since most were owed little. (The petition listed nearly 220 creditors who, on average, were owed just over $3,000 each.) Staff reporter Laurence Darmiento can be reached at (323) 549-5225 ext. 237, or at ldarmiento@labusinessjournal.com. |
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