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Letter of intent confirmed

Local businessman leads group interested in buying Lake Shore Hospital

October 29, 2013

Tony Borrello, a businessman from Silver Creek, confirmed Monday that a group he leads has submitted a letter of intent to purchase Lake Shore Hospital....

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(31)

Christopher

Oct-30-13 7:57 AM

It's sometimes referred to as "earnest money".

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concerned

Oct-29-13 7:46 PM

Marcia the non refundable deposit is common in large real-estate transactions it simply means put your money where your mouth is this ensures only serious buyers are considered. If the buyer backs out they lose their deposit but if the seller backs out it is returned and may be subject to interest. No court would allow a seller to demand a deposit and then keep it if they decide not to sell or sell to another buyer.

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Localone

Oct-29-13 5:35 PM

I should proof read my posts before hitting enter.

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Localone

Oct-29-13 5:33 PM

Tony like to make money, and he's made a lot based on sound business decisions. Unless its urgent care, this isnt one of those sound decisons, there's not a sane businessman on earth that would want to be in the hospital business in NYS with the direct our nations healthcare is headed. Reduced payments, more regulatory oversight, increased disputes with insurers and rising costs are just a couple of the reasons.

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DKexpat

Oct-29-13 5:19 PM

I don’t think there’s anything in the purchase proposal that says the hospital would stay open – maybe he’d just turn it into senior housing, an out-patient clinic, doctor offices, or something.

Around me, there are "urgent care" centers that provide basic emergency services, where you can see an MD without an appointment, and which are really funnels for adding/directing patients to a huge medical practice.

Wait a sec, does Silver Creek need another outside-the-village highway building? :-)

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Captain

Oct-29-13 4:04 PM

Localone: if you believe he's offering between $11M-$15M just b/c he wants the land, then I'll have whatever you're drinking. ;)

My guess is Borrello is just a front man for a group of silent investors who prefer to remain anonymous. I'd also wager the majority (if not all) of this group are medical professionals who see this as a profitable endeavor. If so, it won't be the first medical facility owned & operated by a group of wealthy doctors.

The main goal is to keep LHS open and the employees working, regardless of who buys it.

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Localone

Oct-29-13 1:51 PM

Its funny to read the positive comments when MrBorrello's intent has not been made public. This guy's not in the hospital or health care business and is building a hotel/waterpark next door. Do any of you really think he wants to buy it so he can run a hospital? Of course not, he wants the real estate.

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commentor

Oct-29-13 1:24 PM

Hmmmm all of a sudden we have interest in purchasing the hospital and purchasing property in Dunkirk on central ave? Something going on behind the scenes that we, the general public, do not know? Some behind the scenes deals going on here? Just asking.

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DarkStar

Oct-29-13 12:01 PM

Captain,

Are you actually living in Chautauqua County? I have to ask due to your comment that the current economic climate "causes people to overlook, even deliberately ignore, obvious concerns. I wouldn't be surprised if they supported a nuclear waste dump site here."

If you actually lived here and read the paper every day you would see that even something as simple as building a few rustic cabins in the woods is objected to by residents of the area and buried in paperwork by the locality, County and State.

I don't remember any business that wanted to open in Chautauqua County that didn't have to fight residents of the city/town/village, not to mention all the hoops the various local/County/State agencies make then jump through.

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DarkStar

Oct-29-13 12:00 PM

PhilJulian,

While I'm not a huge fan of what unions have become, but I will point out that Brooks has been unionized since long before I worked their in the 80's and 90's, but Lakeshore literally just voted to unionize, so I don't know how you can possibly blame the union for any of this.

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Captain

Oct-29-13 11:49 AM

We can usually rely on Christopher to point out the obvious. The first two sentences of his post should open everyone's eyes.

I totally support selling LSH and saving all the jobs, but what irks me most is the area is so depressed and starving for jobs. which in turn, causes people to overlook, even deliberately ignore, obvious concerns. I wouldn't be surprised if they supported a nuclear waste dump site here, as long as they were told it was relatively safe.

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Christopher

Oct-29-13 10:26 AM

"This could be great news. Just one suggestion for Mr. Borrello - make the purchase offer contingent on union elimination." Another of Phil's "Steiner" imitations; repetitive, unrelated and dogmatic.

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Christopher

Oct-29-13 10:24 AM

Now let's see, under professional hospital leadership, Lakeshore Hospital was hemorrhaging money. Now we're to believe that a group of businessmen, investors, are going to not only run it in the black, but manage to get a normal return on their investment? Wow, not bad, not bad at all. And let's see, there was mention of a "non-compete clause" with Brooks Hospital? Hmmm, more curious on that profit thing. Is anyone else concerned that a medical group from Pennsylvania is in control of the entire healthcare system in Northern Chautauqua County? Add to that the fact that the large percentage of the area's Dr.'s are forming a monopoly, and they're mostly based at Brooks, I just see a lot more questions to be asked. Nobody has said what Mr. Borello is going to do with Lakeshore after the purchase, have they?

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DarkStar

Oct-29-13 10:22 AM

Firemom,

Well that will all depend on the terms of sale, and of course will effect the final price, but if your a buying a run down building someone do you think that would entitle you to the seller's furniture and car?

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Captain

Oct-29-13 10:17 AM

Marcia - the article states: "...the hospital "would like" Borrello to make a $50,000 non-refundable deposit..." I didn't read that LSH is "insisting" on this.

NO ONE in their right mind would agree to this condition UNLESS a tentative agreement already exists, and of course, the deposit would then be applied toward the purchase price.

What if more than one interested buyer comes forward. It's highly unlikely anyone is willing to forfeit $50K just to have an opportunity to discuss terms of a possible sale.

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Firemom

Oct-29-13 9:59 AM

If I were interested in buying the hospital, I'd make certain that all the equipment/supplies, etc. that were purchased for Lake Shore STAYS at Lake Shore and not get shipped off somewhere else

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commentor

Oct-29-13 9:51 AM

Dunkirk would rather build low income housing on rt. 60. I'm sure the water park will be very successful and imagine that it brings jobs and money to the area. What a novel idea.

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225522

Oct-29-13 9:42 AM

If all this comes to pass there may be some life left in the ole gal (far western NY) after all. Hope so. Too bad Dunkirk could not land the indoor, year round, park.

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Captain

Oct-29-13 9:32 AM

Phil: there's really no need to suggest illegal sale contingencies just to remind folks how much you hate unions, your feelings are well known, or are you implying it was the union that caused LSH's closing?

Typical mgmt mentality.

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TheFuture

Oct-29-13 9:22 AM

Who cares about liberals or conservatives, the man can help save that town and those people! By the way, money wasn't used for an addition on a house. It WAS used to help certain VPs and COOs relocate to the area and written up as a business expense. Someone should audit that place and then send out a few invoices to Mr. Lawrence and others.

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TheFuture

Oct-29-13 9:22 AM

Who cares about liberals or conservatives, the man can help save that town and those people! By the way, money wasn't used for an addition on a house. It WAS used to help certain VPs and COOs relocate to the area and written up as a business expense. Someone should audit that place and then send out a few invoices to Mr. Lawrence and others.

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Marcia

Oct-29-13 8:58 AM

Why is LSH insisting on a non refundable deposit? Is that a common practice? I think not. Or just another way to get more money. Then reject the offer.

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PhilJulian

Oct-29-13 8:47 AM

This could be great news. Just one suggestion for Mr. Borrello - make the purchase offer contingent on union elimination.

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DKexpat

Oct-29-13 8:43 AM

Regardless of whoever buys it, if someone can keep it open (and still make money at it), this will be of great benefit to residents of the surrounding area.

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DarkStar

Oct-29-13 8:25 AM

Captain,

Sorry to interrupt your rant, but the article about the sale of the lots says who the bought it but also has a quote from the LLC's point person.

themaid1,

Wow, so an anonymous person on the internet "heard" that the money was used for additions to someone's home so obviously it's true, since you couldn't post it on the net if it wasn't!

Must be some addition if they spent $7 million on it.

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