September 22, 2016
CHICAGO (Sept. 22, 2016) – The Turnaround Management Association (TMA) will honor Nelson Mullins Riley & Scarborough LLP on Nov. 3 with a 2016 Turnaround and Transaction of the Year Award for the law firm's work in helping preserve a community hospital by guiding it through an affiliation transaction with another healthcare system. The law firm won in the Non-Profit Company Transaction of the Year category for its work with Tuomey Healthcare System in Sumter, S.C.
Tuomey faced legal, financial, leadership, and operational challenges beginning in 2007 when a physician filed a complaint alleging that the hospital's employment contracts with 19 local physicians violated the Stark law and the False Claims Act. A $237 million judgment along with continuing operational losses rendered the hospital insolvent.
The Nelson Mullins team, along with representatives of Health Results and Deloitte Transactions, worked with the hospital to settle the litigation and establish an affiliation with the well-capitalized Palmetto Health. The resulting affiliation preserved Tuomey as a viable community hospital serving the healthcare needs of residents, many impoverished, in Sumter and surrounding counties. The Nelson Mullins team was led by Thomas F. Moran and included Jody A. Bedenbaugh, George B. Cauthen, Alice V. Harris, and Jenny F. Shealy.
TMA's more than 9,000 members include turnaround practitioners (those who work with troubled companies to return them to solvency and improve their performance), attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees. Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions, according to the organization.
Established in 1897, Nelson Mullins has more than 500 attorneys and other professionals with offices in the District of Columbia, Florida, Georgia, Massachusetts, New York, North Carolina, South Carolina, Tennessee, and West Virginia. For more information on the Firm, go to www.nelsonmullins.com.
For additional information, contact Jan Easterling, Nelson Mullins Communications Coordinator, at 800.237.2000, ext. 9794.
These materials have been prepared for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel.