AHERF hospital and university sale to Tenet Healthcare approved

Article Abstract:

Tenet Healthcare, a for-profit concern based in California, has received permission to proceed with its $345-million purchase of eight hospitals and the bulk of the Allegheny Health, Education and Research Foundation's (AHERF) Allegheny University of the Health Sciences (AUHS). US Bankruptcy Court Judge M. Bruce McCullough approved the sale, despite objections raised by Pennsylvania's attorney general. The purchase included $50 million to be put in a fund for Drexel University, which has agreed to takeover the management of what remains of the now-bankrupt AUHS. The deal is slated to be finalized on Nov. 10, 1998.

Comment:

Gets approval on its $345-mil purchase of 8 hospitals & bulk of Allegheny Health, Education & Research Foundation's university

Facilities & equipment, Hospitals, Tenet Healthcare Corp.

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National City ends McCune Foundation dispute

Article Abstract:

National City Bank said it has no intention of naming any McCune descendant to the management committee of the $610 million McCune Foundation. The Pittsburgh, PA-based charity trust was founded by Charles L. McCune, who named the bank and his brother Marshall as co-trustees. Marshall, however, died before Charles, leaving the bank as the foundation's sole trustee. Charles' grandnephew, Jamie Edwards, had been pressuring the bank to name him and his relatives to the management committee, but the bank's categorical announcement appears to put the issue at rest.

Comment:

Has no intention of naming any McCune descendant to the management committee of the $610 million McCune Foundation

Public affairs, Trusts, Funds, Trusts, and Other Financial Vehicles, Trusts (Law), National City Bank (Cleveland, Ohio)

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