Bradley Arant Boult Cummings has set up its eighth office around the Southeast by recruiting 12 lawyers from Tampa firm Glenn Rasmussen. The attorneys, who constituted most of the Glenn Rasmussen team, focus on banking and insolvency, commercial litigation, corporate finance, labor and employment, real estate and transactions work.
“This is a milestone in the growth of Bradley Arant Boult Cummings, and it marks our entry into the Florida market, which has long been a priority for the firm,” said Chairman Beau Grenier. “Our new colleagues have a strong reputation for high quality client service, which is one of our core values, and they add bench strength to our key practices. We look forward to serving clients throughout Florida from our new location.”
BABC officials also said they will "continue to explore opportunities for strategic growth." Should that involve a new territory, they could do worse than look at the South's largest city, which now sits neatly encircled by the firm's offices in Birmingham, Nashville, Charlotte and Tampa.
HCA Holdings has won the bidding war for 198-bed Citrus Memorial Health System north of Tampa, bidding $140 million and committing to spending another $45 million to spruce up the hospital's operations in the next five years. HCA beat out Tampa General Hospital as well as Health Management Associates and Brentwood-based RegionalCare Hospital Partners.
Marmerstein said HCA plans to turn it around by bringing in services unavailable locally, such as robotic surgery. He also anticipates bolstering services such as inpatient behavioral health. HCA will consider adding new residency programs at Citrus Memorial to train future doctors.
Locally based HCA Holdings and RegionalCare Hospital Partners are two of the four entities that have submitted bids to buy or lease Citrus Memorial Hospital, a struggling facility located north of Tampa. Also in the mix are Health Management Associates — which itself may be hitting the auction block soon — and a Tampa hospital. Citrus Memorial is in financial hot water and recently had its debt ratings downgraded by both Moody's and Fitch.
Real estate website Zillow is reporting 28.6 percent of U.S. homeowners with mortgages owe more on their loans than the dollar figures their homes could garner if sold. Southeastern cities Atlanta and Tampa, in particular, are struggling. Thankfully, Nashville is not mentioned.
The rising percentage of homes with "negative equity" or "underwater" status is due largely to how long the foreclosure sale process takes rather than home value fluctuations, said Zillow chief economist Stan Humphries.
Read the MSNBC report here.
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