================================================================= NATIONAL CENTURY BANKRUPTCY NEWS Issue Number 1 ----------------------------------------------------------------- Copyright 2002 (ISSN XXXX-XXXX) November 20, 2002 ----------------------------------------------------------------- Bankruptcy Creditors' Service, Inc. 609-392-0900 FAX 609-392-0040 ----------------------------------------------------------------- NATIONAL CENTURY BANKRUPTCY NEWS is published by Bankruptcy Creditors' Service, Inc., 24 Perdicaris Place, Trenton, New Jersey 08618, on an ad hoc basis (generally every 10 to 20 days) as significant activity occurs in the Debtor's cases. New issues are prepared by Charlyn Lez M. Dumanon, Frauline Sinson-Abangan, and Peter A. Chapman, Editors. Subscription rate is US$45 per issue. Any re-mailing of NATIONAL CENTURY BANKRUPTCY NEWS is prohibited. ================================================================= IN THIS ISSUE ------------- [00000] HOW TO SUBSCRIBE TO NATIONAL CENTURY BANKRUPTCY NEWS [00001] BACKGROUND & DESCRIPTION OF NATIONAL CENTURY FINANCIAL [00002] COMPANY'S PRESS RELEASE CONCERNING CHAPTER 11 FILING [00003] NATIONAL CENTURY DEBTORS' CHAPTER 11 DATABASE [00004] LIST THE DEBTORS' 40-LARGEST UNSECURED CREDITORS [00005] DEBTORS' MOTION FOR JOINT ADMINISTRATION OF CASES [00006] ADVERSARY PROCEEDING -- Debtors v. Receivable Sellers KEY DATE CALENDAR ----------------- 11/18/02 Voluntary Petition Date 12/03/02 Deadline for filing Schedules of Assets and Liabilities 12/03/02 Deadline for filing Statement of Financial Affairs 12/03/02 Deadline for filing Lists of Leases and Contracts 12/08/02 Deadline to provide Utilities with adequate assurance 01/17/03 Deadline to make decisions about lease dispositions 02/16/03 Deadline to remove actions pursuant to F.R.B.P. 9027 03/18/03 Expiration of Debtors' Exclusive Plan Proposal Period 05/17/03 Expiration of Debtors' Exclusive Solicitation Period 11/17/04 Deadline for Debtors' Commencement of Avoidance Actions Organizational Meeting with UST to form Committees Bar Date for filing Proofs of Claim First Meeting of Creditors pursuant to 11 USC Sec. 341 ----------------------------------------------------------------- [00000] HOW TO SUBSCRIBE TO NATIONAL CENTURY BANKRUPTCY NEWS ----------------------------------------------------------------- NATIONAL CENTURY BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is US$45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Re-mailing of NATIONAL CENTURY BANKRUPTCY NEWS is prohibited. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation. 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Please enter my personal subscription to NATIONAL CENTURY BANKRUPTCY NEWS at US$45 per issue until I tell you to cancel my subscription. Name: ---------------------------------------------- Firm: ---------------------------------------------- Address: ---------------------------------------------- ---------------------------------------------- Phone: ---------------------------------------------- Fax: ---------------------------------------------- E-Mail: ---------------------------------------------- (Distribution to multiple professionals at the same firm is provided at no additional cost.) NATIONAL CENTURY BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is US$45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Re-mailing of NATIONAL CENTURY BANKRUPTCY NEWS is prohibited. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation. ----------------------------------------------------------------- [00001] BACKGROUND & DESCRIPTION OF NATIONAL CENTURY FINANCIAL ----------------------------------------------------------------- National Century Financial Enterprises, Inc. 6125 Memorial Drive Dublin, Ohio 43017 http://www.ncfe.com [disabled] National Century Financial Enterprises, Inc. is the market leader in healthcare finance focused on providing medical accounts receivable financing to middle market healthcare providers. Since its inception in 1991, NCFE serviced and purchased more than $15 billion in healthcare receivables and raised over $4.8 billion through securitized healthcare receivables financing. NCFE serves about 100 healthcare providers nationwide, including hospitals, nursing homes, home healthcare agencies, specialty clinic physician groups, durable medical equipment providers, laboratories and other disciplines within the healthcare industry. NCFE buys medical providers' bills at a discount (reportedly up to 20% after various fees), securitize those receivables and sell bonds to institutional and other investors. Collections and insurance reimbursements, in turn, pay down the bonds. The excess of collections over what it pays to buy the receivables is NCFE's income. Healthcare providers, when NCFE pays, receive the benefit of immediate cash to fund their operations without having to wait for reimbursement. All of the Debtors' outstanding bonds at this time consist of: Amount Issuer Indenture Trustee ------ ------ ----------------- $924,995,000 NPF VI, Inc. JP Morgan Chase & Co. $2,047,500,000 NPF XII, Inc. Bank One, N.A. In papers filed with the Bankruptcy Court this week, the Company reports that, as of September 30, 2002, its books and records reflected approximately $3.8 billion in assets and approximately $3.6 billion in liabilities. An Investor Report dated October 23, 2002, and delivered to Bank One reports that: (a) NCFE held $851,993 in a Seller Credit Reserve Account as of October 1, 2002, when there was supposed to be around $145 million in that account on Oct. 1; (b) NCFE held $498,321 in an Offset Reserve Account on Oct. 1, when $44 million should have been on deposit; and (c) an Equity Reserve Account, supposed to have a $217 million deposit on Oct. 1, only had $10 million on deposit. When those facts bubbled to the surface, Bank One ran to the state and federal courts in Ohio seeking appointment of a Receiver and prompted agents from the Federal Bureau of Investigation to descend on NCFE's corporate offices. Lance Poulsen, the Company's founder, has resigned as chairman and chief executive. The Company's workforce has fallen from 325 to 103 this week. The Company's main office is located in Dublin, Ohio, and maintains three regional offices in Scottsdale, Arizona; Durham, North Carolina; and Port Charlotte, Florida. ----------------------------------------------------------------- [00002] COMPANY'S PRESS RELEASE CONCERNING CHAPTER 11 FILING ----------------------------------------------------------------- NATIONAL CENTURY FINANCIAL ENTERPRISES FILES FOR BANKRUPTCY PROTECTION DUBLIN, Ohio -- November 18, 2002 -- National Century Financial Enterprises, Inc. (NCFE) announced today that the Company and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of Ohio, Eastern Division. The cases have been assigned to Judge Donald E. Calhoun, Jr. NCFE will continue to pay all of its employees in the ordinary course of business and continue to provide employees' health and other benefits as usual. As in all chapter 11 cases, obligations to suppliers, employees and others incurred after the filing will be honored in the ordinary course of business without need to obtain court approval and will receive priority status going forward. Operations Continue Despite Difficulties On November 17, 2002, NCFE was served with a search warrant by the Federal Bureau of Investigation. The company and its employees, together with its legal counsel, Jones, Day, Reavis & Pogue, and its financial advisor and crisis manager, Alvarez & Marsal, Inc. ("A&M") are cooperating fully with the FBI in its investigation. Notwithstanding this development, the company is continuing to conduct business operations. Suppliers will be paid for goods and services supplied to the company after the filing according to terms in the ordinary course of [business]. The company retained the professional crisis management firm of A&M to advise management in its restructuring efforts. The company has sought authority to retain A&M to manage and operate the company from and after the bankruptcy petition date. The other co-founders of NCFE also have resigned their positions as members of NCFE's Board of Directors. David Coles, of A&M said, "In light of recent events, it became clear that NCFE and its subsidiaries would be required to file bankruptcy petitions to protect their assets and the interests of their stakeholders. Our goal is to stabilize the situation with an overall goal to maximize recoveries for creditor constituencies, including bondholders and secured lenders, and protect employees, We will continue to work with all interested parties in this matter to arrive at a mutually agreeable outcome and at all times continue to cooperate with the FBI in its investigation. We also expect and will facilitate a thorough and independent review and investigation of the events leading up to the company's current financial situation." Paul Harner, of Jones, Day, Reavis & Pogue, counsel to the company, added, "We have been and will continue to work closely with creditor constituencies to maximize those constituencies' recoveries. In particular, we expect to be coordinating closely with representatives of the holders of the more than $3.0 billion in privately placed bonds issued by NCFE subsidiaries NPF VI, Inc. and NPF XII, Inc." In that regard, David Coles announced that at a Board of Directors' meeting last night, Mike Lane of American Express Tax and Business Services was appointed Chief Operating Officer of the company's servicing entity, National Premier Financial Services, Inc. A&M is meeting with members of the management team today to develop an organizational structure and procedures to lead the company through the reorganization process and beyond and will continue to act decisively to move the business forward. On November 8, 2002, Lance K. Poulsen, the former Chairman of the Board of Directors and Chief Executive Officer of NCFE, resigned all of his director and officer positions with NCFE historically financed the purchase of eligible receivables primarily through private placement sales of bonds to institutional investors. ----------------------------------------------------------------- [00003] NATIONAL CENTURY DEBTORS' CHAPTER 11 DATABASE ----------------------------------------------------------------- Debtor entites filing separate chapter 11 petitions: Entity Case No. ------ -------- National Century Financial Enterprises Inc. 02-65235 NPF XII Inc. 02-65236 National Premier Financial Services Inc. 02-65237 NPF VI Inc. 02-65238 Memorial Drive Office Complex LLC 02-65239 National Physicians Funding II Inc. 02-65240 Anesthesia Solutions Inc. 02-65241 NPF-CSL Inc. 02-65242 NPF-LL Inc. 02-65243 NPF-SPL Inc. 02-65244 NPF X Inc. 02-65245 NPF Capital Partners Inc. 02-65246 NPF Capital Inc. 02-65247 NCFE.com Inc. 02-65248 Chapter 11 Petition Date: November 18, 2002 Bankruptcy Court: United States Bankruptcy Court Southern District of Ohio Eastern Division 170 North High Street Columbus, Ohio 43215 (614) 469-6638 Judge: Donald E. Calhoun, Jr. Debtors' Counsel: Paul E. Harner, Esq. Jones, Day, Reavis & Pogue 77 West Wacker Drive Chicago, IL 60601 Telephone (312) 782-3939 - and - Matthew A. Kairis, Esq. Charles M. Oellermann, Esq. Jones, Day, Reavis & Pogue 1900 Huntington Center 41 South High Street Columbus, Ohio 43215 Telephone (614) 469-3939 ----------------------------------------------------------------- [00004] LIST THE DEBTORS' 40-LARGEST UNSECURED CREDITORS ----------------------------------------------------------------- Entity Nature Of Claim Claim Amount ------ --------------- ------------ Bank One Trust Company Indenture Trustee $2,047,500,000 N.A. for secured notes Darlington Cummings issued by NPF Corporate Trust XII, Inc. Account Adm. OH1-0380 255 West Shrock Road Westerville, OH 43081 Tel: 614-244-9356 Fax: 614-248-1123 J.P. Morgan Chase Bank Indenture Trustee $924,995,000 Structured Finance for secured notes 450 W. 33rd Street issued by NPF 14th Floor VI, Inc. New York, NY 1001 Tel: 212-946-8600 Fax: 212-946-8302 Pacific Investment NPF XII, Inc. $283,300,000 Management Company Notes (unsecured Mohan Phansalkar deficiency claim) 840 Newport Center Dr Suite 300 Newport, CA 92660 Tel: 949-717-7022 Fax: 949-720-4590 Credit Suisse First NPF XII, Inc. $283,000,000 Boston Corp. Notes (unsecured Michael Criscito deficiency claim) New York Branch 11 Madison Avenue New York, NY 10010 Tel: 646-935-0299 Fax: 212-325-8232 Alliance Capital NPF XII, Inc. $188,500,000 Management Corp. Notes (unsecured Katalin E. Kutasi deficiency claim) 1345 Avenue of Americas 38th Floor New York, NY 10105 Tel: 212-969-1000 Fax: 212-969-6820 III Finance, Ltd. NPF XII, Inc. $180,000,000 Julio Maceira Notes (unsecured c/o AVM, L.P. deficiency claim) 250 S. Australian Ave. 6th Floor West Palm Beach FL 33401 Metropolitan Life NPF XII, Inc. $102,600,000 Insurance Notes (unsecured Charles Scully deficiency claim) 10 Park Avenue Morristown, NJ 07962 Tel: 866-226-5638 Tax: 973-254-3052 Ambac Insurance Corp NPF XII, Inc. $54,000,000 Joe Ramos Notes (unsecured One State Street Plaza deficiency claim) New York, NY 1004 Tel: 212-607-2200 Fax: 212-797-5272 Lincoln Capital NPF XII, Inc. $49,500,000 Management Co. Notes (unsecured Rick Schneider deficiency claim) 200 S. Wacker Drive Suite 2100 Chicago, IL 60606 Tel: 3125592880 Howery, Simon, Arnold $2,147,888 & White, LLP Gary Hall 1299 Pennsylvania Ave. NW, Washington, DC 20004-2402 Tel: 202-383-7169 Fax: 202-383-6610 Purcell & Scott, LLP $470,801 Cary Purcell 6035 Memorial Drive Dublin, OH 43017 Tel: 614-761-9990 Fax: 614-761-9474 Gerbig Snell/Weisheimer $413,566 & Associates Bill O'Dell 500 Olde Worthington Rd. Westerville, OH 43082 Tel: 614-643-6471 Fax: 614-848-3477 Westcott Strategic $127,273 Management Novell, Inc. Trade Debt $121,350 Bricker & Eckler Trade Debt $114,290 Peabody & Arnold LLP Trade Debt $98,225 First Merit Bank Trade Debt $90,676 ISHI Systems Inc. Trade Debt $88,049 Crown Partners Trade Debt $87,991 Expert Technical Trade Debt $67,200 Consultants Object Ovation, Inc. Trade Debt $61,420 Perlman & Assoc Trade Debt $60,646 Freeman & Mills, Inc. Trade Debt $54,354 CNA Insurance Trade Debt $41,450 SARK Trade Debt $39,842 Norman Reitman Company Trade Debt $36,944 Krivcher Magids PLC Trade Debt $34,917 Leitess, Leitess & Trade Debt $32,294 Friedberg Insight Trade Debt $30,012 Solutions for Manage- Trade Debt $28,998 ment, Inc. PricewaterhouseCoopers Trade Debt $27,648 LLP Deloitte & Touche LLP Trade Debt $25,000 Jeanne Cabral Trade Debt $23,566 Architects Dell Marketing, Inc. Trade Debt $20,209 Biomar Technologies Trade Debt $20,000 IOS Capital Trade Debt $19,627 Abby Lane Temps, Inc. Trade Debt $17,147 Rockey & Wahl, LLP Trade Debt $15,809 Great Lakes REIT Trade Debt $15,679 Results International Trade Debt $14,500 Systems ----------------------------------------------------------------- [00005] DEBTORS' MOTION FOR JOINT ADMINISTRATION OF CASES ----------------------------------------------------------------- Pursuant to Rule 1015 of the Federal Rules of Bankruptcy Procedure, the Debtors ask the Court to direct joint administration of their individual Chapter 11 cases for procedural purposes. Charles M. Oellerman, Esq., at Jones, Day, Reavis & Pogue tells Judge Calhoun that National Century Financial Enterprises directly or indirectly owns a controlling interests in each of the other Debtors. Therefore, the Debtors are "affiliates" within the meaning of Section 101(2) of the Bankruptcy Code and joint administration of their estates is appropriate under Rule 1015 of the Federal Rules of Bankruptcy Procedure. Mr. Oellerman argues it would be extremely wasteful and taxing for the Clerk of Court to maintain separate dockets and for parties to file dozens repetitive motions, applications, and other pleadings in these cases. Joint administration will permit the Clerk to use a single general docket for the Debtors' cases and to combine notices to creditors and other parties-in- interest. Joint administration of the Debtors' cases will also protect parties-in-interest by ensuring that they will be apprised of various matters in each the Debtors' Chapter 11 cases. Finding substantial merit in the Debtors' request, Judge Calhoun directs joint administration of the Debtors' cases as if they were one. Judge Calhoun directs that all pleadings and papers filed in these cases be captioned: UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF OHIO EASTERN DIVISION In re: : Chapter 11 : NATIONAL CENTURY FINANCIAL : Jointly Administered ENTERPRISES, INC., an Ohio : Case No. 02-65235 corporation, et al., : : Judge Calhoun Debtors. : Judge Calhoun makes it clear that joint administration is a procedural mechanism and does not affect any party's right to request or oppose substantive consolidation of the Debtors' estates. ----------------------------------------------------------------- [00006] ADVERSARY PROCEEDING -- Debtors v. Receivable Sellers ----------------------------------------------------------------- Healthcare Receivable Sellers entered into Sale Agreements with National Century Financial Enterprises. Those standard form Agreements provide for the sale, transfer, assignment and conveyance of all of the Seller's right, title and interest in and to and Eligible Receivable to NCFE. Additionally, Sellers entered into Subservicing Agreements under which special Lockboxes controlled by NCFE were set-up. This arrangement avoided having patients learn that their healthcare provider had sold its receivables to a third-party. As rumors about the Debtors financial instability surfaced, many Sellers have instructed the major banks serving as Lockbox Custodians to terminate the lockbox arrangements and send collections on accounts to the Seller. The delivery of these illegal notices by various Sellers and the resulting confusion among the Lockbox Custodians, Paul E. Harner, Esq., at Jones, Day, Reavis & Pogue, explains, have caused NPF XII's daily collections to fall from $5 million to $2 million per day since Oct. 29. Likewise, NPF VI's collections have fallen by 75%. Worse, collections continue to deteriorate. To bring a halt to these "wrongful activities" and the "dramatic and catastrophic reduction in the collection of receivables," NCFE turns to the Bankruptcy Court asking for a Temporary Restraining Order and Preliminary Injunction: (a) prohibiting the Sellers from diverting collections away from the Debtors and (b) enjoining the Lockbox Custodians from making any disbursements from the Lockbox Accounts to any entity other than the Debtors. The Debtors name these known Sellers as Defendants in this Adversary Proceeding: Sellers to NPF XII ------------------ * Lincoln Hospital Medical Center, Inc. * OrthoRehab, Inc. * RX Medical Services Corp. * CHC Clintwood Clinics, Inc. * CareServices of the Heartland, LLC * CareServices of South Florida, LLC * CareServices of the Treasure Coast, LLC * Mobile Medical Industries, Inc. * Innovative Services, Inc. * Emergystate, Inc. * Med Express LLC * Emergystat of Sulligent * Extended Emergency Medical Services, Inc. * ACCI/Allcare of Pennsylvania, Inc. * BGI of Brandywine, Inc. * BGI of St. Tammany, Inc. * BGI of Pensacola, Inc. * BGI of South Dakota, Inc. * Comprehensive of Addiction Programs, Inc. * Glalax Treatment Center, Inc. * Stonehenge Convalescent Center, Inc. * Wilmington Treatment Center, Inc. * Greater Southeast Community Hospital Corporation I * Pacifica of the Valley Corporation * Garland Physicians' Hospital, Ltd. * Thera-Kinetics, Inc. * International Philanthropic Hospital Foundation d/b/a/ Granada Hills Community Hospital * Korman, LLC * Living Hope Southwest Medical Services LLC * Locumtenens Acquisition LLC * Oak Park, Inc. * Prime Med Pharmacy Services, Inc. * Quantum Health * Rock Glen Healthcare, Inc. * SCCI Hospitals of America, Inc. * SCCI Hospital Ventures, Inc. * SIS Acquisition, LLC * Safecare Ambulance Services, Inc. * Braintree Manor Nursing, LLC * Fall River Nursing LLC * Hollingsworth Nursing LLC * South Boston Nursing LLC * Stoughton Nursing LLC * PriMed Medical Corporation * Pain Net Northern California Management Corporation * National Psychiatric Services, Inc. * Infusion Management Systems, Inc. * Aurora Home Care, Inc. Sellers to NPF VI ----------------- * Chartwell Pennsylvania, LLC * Chartwell Diversified Services, Inc. * Chartwell Southern New England, LLC * Chartwell Midwest Wisconsin * Chartwell Home Therapies Limited Partnership * Chartwell Midwest Indiana, LLC * Chartwell UC Davis, LLC * Chartwell Michigan, LLC * Chartwell Mountain Regional Services * Chartwell Ohio * Chartwell Care Givers, Inc. * Chartwell Care Givers of New York, Inc. * Atlis Health Services, Inc. * Hunt Country Home Health, Inc. * Hunt Country Nursing Services, Inc. * National Nurses Service, Inc. * Oak Springs Nursing Home, LP * ACCI/AllCare, Inc. * ACCI/AllCare of Massachusetts, Inc. * Brea Community Hospital * Michael Reese Medical Center Corporation * Pacin Healthcare-Hadley Memorial Hospital Corporation * Highland Behavioral Health Services, Inc. * Highland Hospital Association * Lifecare Solutions East, Inc. * Lifecare Solutions, West, Inc. * New England Home Therapies, Inc. * P.N.A. * Pain Net of Arizona, Inc. * Pain Net, Inc. * Rovertown Surgery Center, LLC * PhyAmerica Correctional Healthcare, Inc. * Texas NPI, Inc. * Home Medical of America, Inc. * Nations Healthcare of California, Inc. * Nations Healthcare of Florida, Inc. * Nations Healthcare of Greenville, Inc. * Nations Healthcare of Northern California, Inc. Other Sellers ------------- * Advance Home Medical, Inc. * AllMed Services, Inc. * Bay Cities Pharmaceutical Services * Bayer Restorative Center, Inc. * Care Home and Healthcare Services, Inc. * Care Medical Group, Inc. * Care Nursing Associates * Consolidated Health Corp. of Pittsburgh, Inc. * Consolidated Health Corporation Management, Inc. * Continuecare, Inc. * Florida Health Plan Management, Inc. * Habitat Healthcare, Inc. dba Procare Home Health * Health Care Funding Corp. * Health Management Southeast, Inc. * Healthplan Southeast, Inc. * Interstate Environmental Medical Group, P.S. * Louisiana Helping Hands, Inc. * Managed Patient Care * Med Four, LLC * Medical Management Consulting Group * Medimanager, Inc. * Miami Valley Respiratory Care, Inc. * National Corrections and Rehabilitation Corporation * National Rehab of Florida, Inc. * Nations Healthcare of Tampa Bay, Inc. * Needham/Hamilton House Convalescent Center, Inc. * Northern Indiana Interim Healthcare Company, LLC * Orlando Interim Acquisition Company, LLC * Pain Control Consultants, Inc. * Pine Grove Hospital Corporation * Procare of Tennessee, Inc. * Quality Health Initiatives, Inc. * Quality Health Systems, Inc. * Quality Lifestyles, Inc., dba Quality Lifecare, Inc. * Quest Staffing Solutions, Inc. * Robertson Interim Acquisition Company LLC * Schillinger Emergency Physicians Medical Group, P.C. * Spectrum Medical Care * Strongin Health Services Corporation * Sunrise Regional Medical Center, Ltd. * Superior Home Health Care of Livingston, Inc. * Tailored Care, Inc. * Tampa Interim Acquisition Company, LLC * Tennessee Homecare, Inc. * The Nurses Station of America, Inc. * Triad Health Management of Georgia, LLC and name the five Lockbox Custodians as Defendants in their lawsuit: * Huntington National Bank * Wachovia Bank, NA * PNC Bank * Bank of America * Bank One, NA Without this injunctive relief, Judge Calhoun sees, the Debtors face an immediate and substantial threat to the preservation of their estates' going-concern value and an unwarranted and irreversible dissipation of their estates. Accordingly, Judge Calhoun issued a Temporary Restraining Order at a hearing yesterday in Columbus. The Court directs each Defendant to file an Answer to the Debtors' Complaint by December 18, 2002, and will convene a hearing thereafter to consider entry of a permanent injunction. *** End of Issue No. 1 *** ------------------------------------------------------------------------- Peter A. Chapman peter@bankrupt.com http://bankrupt.com ------------------------------------------------------------------------- Recommended Reading: Professor Stuart Gilson's newest title, "Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups." List Price: $79.95 -- Discounted to $55.96 at http://amazon.com/exec/obidos/ASIN/0471405590/internetbankrupt -------------------------------------------------------------------------