While it didn’t end up with the hospital, itself, Oklahoma City’s Integris Health didn’t go away empty-handed from the recent bankruptcy sale of the Moore Medical Center.

Documents filed in federal bankruptcy court last week reveal that Integris will receive a $50,000 “breakup” fee for its unsuccessful attempt to purchase the facility.

In bankruptcies, a breakup fee, legal experts say, is commonly paid to a prospective purchaser if a planned transaction is not completed for reasons specified in a purchase agreement, including the seller’s acceptance of a higher, competing bid.

In February, Integris offered to purchase the Moore hospital for $32 million. However, that bid was trumped by a $34.25 million offer from the Norman Regional Healthcare System.

Integris’ fee was authorized by federal bankruptcy judge T.M. Weaver in his Feb. 28 order approving the hospital’s sale.

“From the proceeds received by the debtor in connection with the sale and transfer to the successful bidder, the debtor shall pay to Integris Health, Inc., and the court authorizes the payment of, a break-up fee in the amount of $50,000,” Weaver wrote.

Those funds would come from a $250,000 escrow account which Weaver ordered carved out of the proceeds of the sale.

In addition to the breakup fee, Weaver’s order stipulates how the sale proceeds will be spent, including:

• Paying closing costs and “other expenses directly related to the asset sale.”

• The $7 million loan with Hall Oklahoma Medical Lender

• About $2.1 million to HCI Special Purposes Corp.

• The hospital’s personal property tax bill.

• The prorated real and personal property ad valorem taxes for 2007.

The remainder of the funds — about $24 million — Weaver wrote, “shall be paid to the United States Department of Housing and Urban Development as assignee of Capmark Finance.”

With more than $39 million owed to it, Capmark — a subsidiary of the General Motors Acceptance Corporation — was the hospital’s largest creditor.

A part of the now-bankrupt Schuster Group, the Moore Medical Center had $49,851,778 in debts and $56,094,976 in assets — which included both real and personal property.

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