SUNY Downstate calls off deal with Long Island College Hospital bidder

Another potential takeover deal for Long Island College Hospital has fallen through. SUNY Downstate announced that it cut off talks with their second choice bidder, the Peebles Corp., which was reportedly

News 12 Staff

May 29, 2014, 5:27 PM

Updated 3,650 days ago

Share:

SUNY Downstate calls off deal with Long Island College Hospital bidder
Another potential takeover deal for Long Island College Hospital has fallen through.
SUNY Downstate announced that it cut off talks with their second choice bidder, the Peebles Corp., which was reportedly planning on purchasing the cash-strapped hospital for $260 million. 
According to a SUNY spokesperson, negotiations were called off because Peebles dramatically changed its original proposal. It says there would have been long delays before health care could be provided and taxpayers would be held partially responsible for environmental cleanup costs. 
However, a spokesperson for Peebles reportedly told the Daily News that SUNY mischaracterized the reasons that the deal fell apart and that it acted in bad faith. 
SUNY officials said in a statement that they are now working with Fortis Property Group as part of its ongoing effort to finalize a takeover that will provide continued health care services for the Cobble Hill community while also protecting the financial interests of state taxpayers and its students. 
Most of LICH shut down last week, leaving only the emergency department in operation. 


More from News 12
2:37
Storm Watch: Severe storms possible with heavy rain, strong wind and hail across New York City

Storm Watch: Severe storms possible with heavy rain, strong wind and hail across New York City

1:34
NYPD: Knife-wielding man who charged at officers fatally shot in Bushwick

NYPD: Knife-wielding man who charged at officers fatally shot in Bushwick

1:34
NYPD: Armed man struck by unmarked police vehicle in Brownsville

NYPD: Armed man struck by unmarked police vehicle in Brownsville

Guide: 2024 Memorial Day Parades in New York City

Guide: 2024 Memorial Day Parades in New York City

Wennberg scores in OT, Rangers top Panthers 5-4 to take lead in East finals

Wennberg scores in OT, Rangers top Panthers 5-4 to take lead in East finals

0:27
FDNY: Woman faces murder, arson charges following deadly Bed-Stuy building fire

FDNY: Woman faces murder, arson charges following deadly Bed-Stuy building fire

1:34
Crown Heights double dutch team heads to world championships next month

Crown Heights double dutch team heads to world championships next month

1:58
Mayor’s office: Burglars arrested, massive illegal cannabis distributor busted in Brooklyn

Mayor’s office: Burglars arrested, massive illegal cannabis distributor busted in Brooklyn

1:58
Loved ones say goodbye to 88-year-old grandmother killed in East Flatbush fire

Loved ones say goodbye to 88-year-old grandmother killed in East Flatbush fire

1:55
Prospect Park Zoo, damaged by Tropical Storm Ophelia, reopens after 240 days

Prospect Park Zoo, damaged by Tropical Storm Ophelia, reopens after 240 days

1:32
Bronx Fashion Week premieres Decade of Dreams at Baychester show

Bronx Fashion Week premieres Decade of Dreams at Baychester show

2:08
Blood test that detects colon cancer close to receiving FDA approval

Blood test that detects colon cancer close to receiving FDA approval

0:34
NYPD: 1 killed, 1 injured following double shooting in Williamsburg

NYPD: 1 killed, 1 injured following double shooting in Williamsburg

1:19
Bronx Historical Society offers Mott Haven walking tour, screening of ‘Up Jump The Boogie’

Bronx Historical Society offers Mott Haven walking tour, screening of ‘Up Jump The Boogie’

1:55
Authorities: 17-year-old arrested for bringing semi-automatic gun to high school in Brooklyn

Authorities: 17-year-old arrested for bringing semi-automatic gun to high school in Brooklyn

1:31
Brooklyn Bridge celebrates 141st birthday

Brooklyn Bridge celebrates 141st birthday

1:43
 Brooklyn chef offers tip to keep you safe while grilling this season

Brooklyn chef offers tip to keep you safe while grilling this season

1:30
Luna Park kicks off Memorial Day weekend with new go-kart attraction 'Electric Eden Raceway'

Luna Park kicks off Memorial Day weekend with new go-kart attraction 'Electric Eden Raceway'

1:05
Trump floats possible VP picks in News 12 interview

Trump floats possible VP picks in News 12 interview

1:26
Could another round of 'orange skies' happen this summer?

Could another round of 'orange skies' happen this summer?