Two executives with The Villages Health could see the remaining value of their contracts assigned to a buyer of the bankrupt medical group.
The Villages Health’s Chairman of the Board Elliot Sussman and CEO Bobby Trinh each are apparently owed $130,658 on their remaining contracts. The amounts were included in a filing with U.S. Bankruptcy Court in Orlando, in the ongoing saga of the bankrupt health provider that was introduced nearly 15 years ago to bring a “Marcus Welby” model of medicine to The Villages.
Sussman, who was integral in the inception of The Villages Health, has been paid $1.260 million over the past 12 months as the chairman of the board. Sussman bought a home in The Villages in 2011 for $1.2 million. He still owns it.
Trinh has been paid a total of $1.06 million over the past year, including a $200,000 retention bonus on July 2 – the day before the bankruptcy announcement, which included a soothing letter he sent out to patients.
Meanwhile Dr. James Besong, a doctor who was invited to practice at the Mulberry Grove Care facility but later claimed that his workload multiplied when the physician ranks began thinning out at his office, apparently has an outstanding contract of $953.12. He had been promised an annual compensation of $230,000 when he was hired.
The court document seems to indicate that the successful bidder for the assets of The Villages Health would be picking up the outstanding contracts and be responsible for writing checks to pay them off.
The bid deadline for the assets of The Villages Health has been set for Sept. 3 with a potential sale announced on Sept. 9. The Villages is hoping to close on the sale in early October.
The bankruptcy is intertwined with “erroneous Medicare coding” that could force The Villages Health to repay as much as $360 million to the U.S. government.
The Villages Health has an estimated 55,000 patients and 900 employees.