A hearing was held in Oklahoma City's federal bankruptcy court last week on a motion which could expedite the sale of the bankrupt Moore Medical Center.

Attorneys for the hospital filed a motion to set a bid deadline for 2 p.m. Friday. Should that motion be approved, the court would auction off the facility's assets at 10 a.m. Jan 10.

Currently, only one bidder -- the "stalking horse" bid -- has emerged publicly from the list of more than 40 potential buyers.

Acadiana Healthcare of Oklahoma Inc. -- a holding company formed by Oklahoma City medical consultant Robert R. Hicks and a private group of "in-state and out-of-state" investors -- bid a total of $55 million for the facility; but that bid, known as the stalking horse bid, has drawn at least one objection from the medical center's major creditors.

HCI Secured Medical Receivables Special Purpose Corp. filed an objection to Acadiana's bid Tuesday.

While HCI told the court it "has no objection to many of the bidding procedures themselves," the New York company listed "limited objections" to Acadiana's proposed $55 million buyout because Acadiana has failed "to post the $1 million required under its Asset Purchase Agreement on a timely basis."

Acadiana, HCI said, had presented "no credible evidence, at least at present, that it can finance the full $55 million price called for under the asset purchase agreement."

Buyers who planned to bid for the Moore hospital were required to post a $1 million deposit with the court by 5 p.m. Dec. 20.

Despite repeated attempts by The American, Acadiana CEO Robert Hicks, could not be reached for comment.

Along with its concerns about Acadiana's financial ability, HCI objected to Acadiana's financing arrangement. "Insofar as Acadiana's proposal financier, Medical Capital, promises to finance only 70 percent of appraised value (which is not known), there is no evidence of how Acadiana will finance the 30 percent balance," HCI wrote. "HCI objects to any bid that fails to provide for the purchase of HCI's collateral."

HCI also objected to several other components of the sale, including:

Providing for the highest bidder at the actual auction to be deemed the successful bidder; saying that, under current bankruptcy law, "it is clear that the court has the discretion to approve any higher bid offered, after the auction, at or before the conclusion of the sale hearing."

Allowing the debtor -- that is, the Schuster Group -- "(the) sole discretion to reject a particular bid and to designate a particular bid as 'highest and best'" because the company is "always subject to judicial oversight."

Requiring all bidders to bid only on the terms of the baseline bid, saying instead, that the Schuster Group is "obligated" to consider all bids.

Permitting the sale of the hospital's assets which does not include a sale of the HCI's collateral for "fair value."

Detailed in a 52-page Asset Purchase Agreement, Acadiana's bid offers the Schuster Group and the hospital's other investors $48 million for the facility plus "the lesser of all amounts the seller owes Hall Oklahoma Medical Lender, LLC on the closing date or $7 million." On Nov. 9, Hall Oklahoma Medical Lender, LLC, provided the Moore Medical Center with $7 million in financing so it could continue to operate during its reorganization.

Acadiana's proposal also calls for the company to assume the hospital's $39 million note with Capmark Finance.

At present, the Moore Medical Center remains open and, according to its statement of financial affairs, is generating revenue.

Documents show the hospital posted $3,160,142 in net revenue for 2005 while its clinic earned $938,039 in net revenue during that same year.

For the first three quarters of 2006, hospital net was $13,813,221, while the clinic generated $1,811,802. Other sources of revenue include $246,311 in rent for 2004 and $334,878 in rent for 2005.

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