And how much federal tax money will have been pissed away on construction that will never fetch more than 20 cents on the dollar in the real estate market.
Lafontaine: Selling hospital is ‘not viable’ ~ Dwayne Bremer
Last month, a consultant told the Hancock County Hospital Board that he believed HMC was worth between $14 million to $22 million.
Hancock County Board of Supervisors President Blaine Lafontaine said Friday that he believes that number is “very low.”
According to Lafontaine, HMC received much more than $22 million from the federal government to rebuild the hospital.
“I don’t have the exact figures, but it could be between $80 million to $100 million,” Lafontaine said. “Selling the hospital is not a viable option at this time. Our conversation needs to be on how to enhance the hospital.”
The truth is $14 million may be too high when you factor in the consistency of the 15% operating losses which can’t be sustained unless one subscribes to the Mayor Fillingame theory of economics. Further, any valuation that is a function of earnings or cash flow indicate a money losing business is worth exactly zero. Worse is the fact the supervisors are fooling themselves thinking the problem can be solved by growing the population of the county. Continue reading “What I see is an elected official in deep denial: How much is a money losing community hospital worth?”