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Virginia authorities set to deny PSYS expansion

The Virginia Department of Health is recommending that Psychiatric Solutions' application to add almost 50 child beds to a facility in the north of the state be turned down.
In addition, the report questioned the financial feasibility of the expansion and said it would serve too narrow a population. The document also cited overwhelming opposition in a public hearing earlier this month.
Jun 22, 2010 10:18 AM

Big manufacturer picks Louisville over Music City, Charlotte

The $500 million Americas division of a Swedish maker of air conditioning and refrigeration units for the hospitality and leisure sectors has chosen to move its headquarters from Elkhart, Ind., to Louisville. Nashville had been in the running for the 100-job project.
Jun 22, 2010 9:50 AM

HCA IT division lauded by trade pub

The 3,000-people Information Technology & Services unit of HCA has been ranked 42nd on InformationWeek's list of best IT places to work.
Jun 22, 2010 9:16 AM

CCA laying off in California

The nonrenewal of a Bureau of Prisons contract appears to have led to almost 70 job cuts at a Corrections Corp. of America facility in the Golden State. SEE ALSO: CCA loses part of federal contract
Jun 22, 2010 8:25 AM

Home prices headed for break-even

Data from housing research firm CoreLogic show that the average price of a Nashville-area home sold in April was down about 1 percentage point from a year ago. That's an improvement from -1.85 percent in March and almost 4 points better than last fall.
In Nashville-Davidson--Murfreesboro--Franklin, home prices, including distressed sales, declined by -0.97 percent in April 2010 compared to April 2009. This compares to March's year-over-year HPI, which was -1.85 percent. Excluding distressed transactions, year-over-year HPI for April is 0.71 percent, compared to March which was 0.43 percent.
Jun 22, 2010 8:08 AM

Reform that leaves things as they are

Simon Johnson is not at all impressed with the financial regulatory reform bill being finalized in Washington. The legislation, he says, looks set to leave far too much risk in the system and appears to have mainly been about scoring some political and PR points.
The president argues for more capital in banking – and this is a fine goal, particularly as the Europeans continue to drag their feet on this issue. But how much capital does his Treasury team think is “enough”? Most indications are that they will seek tier one capital requirements in the range of 10-12 percent – which is what Lehman had right before it failed. How would that help?
Jun 22, 2010 7:54 AM

Fitch goes positive on LifePoint

Here's what "sustained positive momentum" will do for you in the eyes of credit ratings agencies: The analysts at Fitch have reiterated their opinion of the company's debt but raised their outlook to positive because of volume growth in key areas and consistent physician recruiting. The analysts expect the Brentwood-based company to continue to nibble at acquisitions and buy back some of its shares (Ticker: LPNT). They also hint at a likely refinancing of its debt due next year.
Jun 22, 2010 7:30 AM

Housing's double dip

Celebrated banking analyst Meredith Whitney says it's "amazing" anybody still doubts it's coming.
"Banks are actually accelerating their foreclosure programs, accelerating their short-sale programs. People who have been paying their mortgage now have to start paying rent," Whitney said. "You'll see a real leg down in supply displacement when you foreclose and you have to sell."
Jun 22, 2010 7:12 AM

Electric cars' fledgling image problem

A Forbes piece that lists Nashville as one of America's Electric Car Capitals — or capitals-to-be, really — points out one interesting conundrum developers of charging networks need to address: Will they shoot themselves in the foot by building too many of their stations?
"The worst advertisement for an electric vehicle is a charging station that isn't being used," says Michael Rowand, director of advanced customer technology for Charlotte, N.C.-based Duke Energy, which supplies electric power to 4 million U.S. consumers. Communities need enough public chargers to reassure those suffering from "range anxiety" that they won't be stranded with a depleted battery, he said, but not so many that people conclude EVs are useless.
Jun 21, 2010 2:54 PM

Sumner Regional sale still pending

After a nearly four-hour long hearing this morning, LifePoint Hospitals’ acquisition of Sumner Regional Health Systems is still not a done deal. Attorneys for the bankrupt health system and Sumner County today submitted evidence related to the proposed sale, evidence that U.S. Bankruptcy Court Judge Marian Harrison said should have been collected at the initial sale hearing last week. “I think we all did a rush job the other day,” Harrison said of the June 15 hearing. Harrison had filed a memorandum opinion on June 18 that said the proposed sale of Sumner Regional to LifePoint should be approved. Attorneys for the health system subsequently entered a proposed sale order, but Sumner County — which has been fighting to assert its financial interest in property it transferred to the health system in 2004 — objected to the order because of “dozens of factual findings that simply have not been made by the Court, or even proposed or introduced into evidence by the Debtors or any other party.” With today’s evidence on the books, the court will reconvene at 9 a.m. on Wednesday to deal with the sale order. If the court approves the deal, it will then consider the disbursement of sale proceeds, including Sumner County’s claim that it has an interest in the health system’s real estate for which it should be compensated. "We’ve never had an opportunity to demonstrate to [the court] what that interest is,” said Rhea Bucy, attorney for the county. Sumner Regional originally filed for bankruptcy on April 30, naming LifePoint as its proposed acquirer based on a bid of $145 million plus a provision for working capital. More background is available at this link.
Jun 21, 2010 1:22 PM