became synonymous with corporate greed and malfeasance, facilitated, in part, by an ineffective board of directors seemingly unable to reign in its power-hungry CEO.
owned 14 hospitals, several hundred physician practices and two medical schools that were merged into one.
Dauer concluded 11 months of testimony and bound to court theft and misapplication of entrusted property charges against Abdelhak and a theft charge against AHERF
Chief Financial Officer David McConnell for spending AHERF
funds on a luxury box at Three Rivers Stadium in Pittsburgh.
Many physicians worked for AHERF
and considered themselves "executives," but apparently none was strong enough to derail the CEO's grand expansion plans.
Interestingly, while Moody's reported that the University of Pittsburgh Medical Center has taken advantage of the situation brought on by the demise of AHERF
, it stated that UPMC has experienced problems of its own and will be challenged to translate its strategy into financial improvement as opposed to financial deterioration.
officials had a legal obligation to ensure that charitable endowments, which are gifts given by individuals, families or corporations, were protected and used for their intended purposes," Fisher said.
Company to Restate Earnings for 1998 and Subsequent Years in Connection with Potential AHERF
Settlement with Regulators and also for Certain Derivative Transactions under SFAS 133
During his short tenure on the AHERF
board, Frank V.
announced that it received a 'Wells Notice' from the staff of the SEC indicating that the staff is considering recommending that the SEC bring a civil injunctive action against MBIA related to the AHERF
Ehrenwerth, attorney for Ira Gumberg, issued the following statement in response to the complaint filed by the AHERF
bankruptcy trustee against Mellon Bank:
The Wells Notice indicates that the staff of the SEC is considering recommending that the SEC bring a civil injunctive action against MBIA alleging violations of federal securities laws 'arising from MBIA's action to retroactively reinsure losses it incurred from the AHERF
bonds MBIA had guaranteed, including, but not limited to, its entering into excess of loss agreements and quota share agreements with three separate counterparties.
There, the restricted funds were commingled with other funds and used for various purposes, including the operating needs of the AHERF