At least three different entities — including two potential bidders — have filed objections to the $32 million bid offered by Oklahoma City’s Integris Health for the bankrupt Moore Medical Center, new court documents reveal.

Two weeks ago, Integris emerged as the top bidder for the 45-bed hospital. Integris, which owns the Baptist Medical Center and Southwest Medical Center, offered a $32 million cash bid for the facility.

This week, three objections to that proposal were filed in Oklahoma City federal bankruptcy court.

Two of those objections, documents show, are from potential in-state bidders. The third was filed by the hospital unsecured creditors’ committee.

Integris’ bid trumped a similar offer by the Norman Regional Healthcare System.

Previous bids of $55 million by Acadiana Health Care and a $49 million offer by MMC Holdings LLC-Oklahoma Healthcare Systems also failed.

This week, Norman Regional officials filed a two-page “Intent to present a higher and better bid” with the court.

“Norman Regional Hospital Authority, a public trust, provides the parties in interest with notice of its intent to present a higher and better offer…” the document said. “That higher and better offer, in an amount that will equal or exceed $32,050,001, will be presented to the debtor and others.”

While Norman Regional officials have been close-mouthed about their bid, the hospital’s governing board — the Norman Regional Hospital Authority — recently voted at a special meeting to refinance and restructure $88 million of revenue bonds which could help the authority buy the bankrupt hospital.

The board action follows an earlier statement by Norman Regional CEO David Whitaker.

Earlier this month Whitaker told The Transcript that NRH officials would continue their efforts “until the bankruptcy court hammers the gavel and says a deal has been closed.”

A second objection — this one from Moore Health Services LLC of Midwest City — “objected to the motion by the debtor … on the grounds that Moore Health Services LLC has a better offer for said sale.”

Filings with the Oklahoma Secretary of State’s office show that Moore Health Services LLC is a newly created holding company, registered by Dr. Rajesh Narula. The company’s address is listed as 1380 South Douglas Blvd., in Midwest City. Documents show that same address is listed as a nephrology and hypertension clinic for Dr. Narula.

Details of the offer, the objection said, would be provided at the bankruptcy court’s request.

A third objection, filed by the hospital’s unsecured creditors’ committee — doesn’t necessarily object to Integris as a buyer, but does express the committee’s concern “about how the proceeds from the he sale will be distributed and how the wind-down of the debtor’s estate will occur.”

Currently, the hospital — owned and managed by The Schuster Group — owes about $39 million to Capmark Finance, about $4 million to HCI Special Purpose Corp., another $4 to $5 million in unsecured debt and still another $7 million to Hall Financial for a post bankruptcy line of credit.

The $7 million line of credit is close to being exhausted, court records show.

According to documents filed this week by the Schuster Group, “the funds provided (the DIP financing order — that is, the $7 million line of credit from Hall Financial) under that order…are insufficient to allow the debtor to continue to operate until the planned sale date of Feb. 28.”

That paragraph seems to contradict a Jan. 29 e-mail set to employees of the hospital by Schuster Group CEO Michael Schuster.

“There have been a number of employees and others who have expressed concern about what happens when the hospital runs out of money, or IF it runs out of money before a sale,” Schuster wrote. “Well, for one thing we don’t think the hospital is going to run out of money and we do think the hospital will find a successful buyer.”

Schuster’s memo continued saying, “regardless, the hospital has financing in place that originally was intended to carry the losses of the hospital through the end of February.”

At present, more than 350 area residents are employed by the Moore hospital. The facility opened in the fall of 2005 and declared bankruptcy in the fall of 2006.

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