>https://www.northjersey.com/news/health/Valley_Hospital_bids_2M_for_Pascacks_license.html
Valley Hospital bids $2M for Pascack’s license
Tuesday, March 31, 2009
Last updated: Tuesday March 31, 2009, 7:12 AM
BY MARY JO LAYTON
NorthJersey.com
STAFF WRITER
The Valley Hospital has bid $2 million for the license of the former Pascack Valley Hospital as part of a plan to purchase the license and then terminate it so that Pascack can never reopen.
Valley’s bid is nearly three times higher than its competitor’s, Hackensack University Medical Center.
It’s the latest salvo from Valley Hospital in Ridgewood and Englewood Hospital and Medical Center, which are fighting Hackensack’s plan to open a hospital at Pascack Valley.
A bankruptcy judge will determine if the sale can proceed.
For $2 million, Valley would buy the license and then kill it. Valley and Englewood have maintained that Bergen County does not need another acute care hospital, an assessment shared by Governor Corzine’s blue ribbon panel on health care resources.
“Valley has made the higher and far better offer for the license,” attorney Paul R. DeFilippo, who is representing Valley and Englewood hospitals, wrote in documents filed in federal bankruptcy court.
Hackensack and a partner bought Pascack Valley’s building, grounds and equipment last year for nearly $49 million. Hackensack wants to open a 128-bed hospital in Westwood. It has already opened an emergency room on the site.
However, the former owners have not agreed to transfer the license to Hackensack.
Pascack Valley’s attorney, Jack Zackin, claimed the license may be a valuable asset and sought to determine the value of the license and market for it.
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