AHERF

AcronymDefinition
AHERFAllegheny Health Education and Research Foundation
AHERFApollo Hospitals Education and Research Foundation (Apollo Hospitals Group; various locations)
References in periodicals archive ?
305, 311 (2013) (noting that bankruptcy reorganization is generally available to charitable entities); Douglas, supra note 58 (noting the recent bankruptcy filings of churches, the nonprofit healthcare chain, AHERF, and the National Benevolent Association); Skeel, Avoiding Moral Bankruptcy, supra note 82, at 1182 ("bankruptcy is not limited to the for-profit world").
AHERF 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.
It borrowed money to cover the AHERF losses from three reinsurers--Munich Re, Axa Re Finance, and Zurich Re--and then disguised the loan payments as insurance premiums, misleading investors on the impact of the AHERF loss on MBINs business, said the department.
AHERF owned 14 hospitals, several hundred physician practices and two medical schools that were merged into one.
Many physicians worked for AHERF and considered themselves "executives," but apparently none was strong enough to derail the CEO's grand expansion plans.
As a result of this restatement, MBIA's financial results for 1998 will reflect an additional pre-tax charge in the third quarter of $100 million, which is related to the $170 million incurred loss on the MBIA-insured AHERF bonds.
These items include not only the AHERF reinsurance transactions but management's actions related to a subsidiary company, Capital Asset Research Corp.
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.
The Wells Notice indicates that the Staff is considering recommending that the SEC bring a civil injunctive action against the Company 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.
Under the excess of loss reinsurance agreement, Converium reimbursed MBIA for $70 million of the $170 million loss experienced by MBIA in the third quarter of 1998 on the $265 million of MBIA-insured bonds issued by AHERF, which was recorded as an offset to the loss.
MBIA recently indicated that the AHERF reinsurance transaction is specifically included in the on-going investigations of the Securities and Exchange Commission (SEC) and the New York State Attorney General's (NYAG) office, both of which were initiated in November 2004.
0 million in the first quarter of 2004, which primarily pertained to MBIA's guaranteed tax lien portfolios, AHERF and an older vintage CDO.