Business Services Industry
Sale of Home Health Care Firm Questioned; L.A. Mayor Profited by $5 Million. (Originated from The Boston Globe)
Knight Ridder/Tribune Business News, July, 1994 by Golden, Daniel; Kurkjian, Stephen
Jul. 20--The sale last November of a home health care company that netted the mayor of Los Angeles more than $5 million in profits has been questioned in court documents that charge the buyer was cheated in the transaction.
Abbey Healthcare Group Inc., of Costa Mesa, Calif., charges that Total Pharmaceutical Care Co., which provided home-infusion therapy to patients in the Boston area through a subsidiary, Deaconess Home Health Care, inflated revenue projections and concealed illegal operations during the sale negotiations last year. Abbey now says it paid more for TPC than it was worth when it bought the company in 1993 for $197 million.
Abbey's claim, included in a court document filed this month in California, represents another blow to the lucrative but...
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