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Wednesday, November 26, 2008 11:45:13 AM
Chapter 11 is a reorganization. ERUC has a very long history of financial failure. Brining in a new Radiology Group doesn't change it. They would have to wipe the plate clean.
Close all centers losing money, fire all management, hire new management with a proven track record of success and start from scratch.
Problem is, not many bankruptcy judges will allow that. I see them being forced into a liquidation by creditors.
I highly doubt the share swap will ever take place.
The company doesn't appear to be operating any more than a couple of centers at best.
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