CCF Seizes Complete and Absolute Control of LHA

[Brian Essi]

LHA Amended Articles 12.22.15.pdf

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CCF wasted no time in seizing full and final control of every last nickel of LHA by amending the LHA Articles of Incorporation on December 22, 2015.

Per the Master Agreement, CCF obtains over $80M in LHA assets and value by paying less that $10.7 million. That windfall is more than enough for CCF to build more than two FHCs at our expense, but "we" only get one.

By way of example only of just how sinister this "deal" is, the Master Agreement at 3.3(d)(6) appears to exclude from CCF's "Dissolution Distribution" about $3M in donor restricted assets on LHA's balance sheet. Those are assets good folks donated that ca only be used for a hospital in Lakewood.

Take a guess at who will apply to the Ohio Attorney General to "liberate" these restricted assets and put them to their own new use?

The answer is in amended Article Six of the attached document.

Bravo to Mayor Summers and all of his supporters!

The poor and elderly of Lakewood didn't need a few extra million anyway.

[Bill Call]

I don't know which is worse, the fact that the City is being looted of its assets or the fact that no one cares.

[Kevin D Young]

Should we look at this as less a "deal" but more a "hostile takeover"?

[Brian Essi]

Or a "hostile rollover" by the Mayor?

[Bill Call]

Should we look at this as less a "deal" but more a "hostile takeover"?

Excellent!