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New Orleans hospital sale hinges on price

New Orleans Times-Picayune, October 15, 2008

New Orleans Mayor Ray Nagin expressed optimism that the city will find a way to buy Methodist Hospital and restore much-needed healthcare in eastern New Orleans, but he cautioned that his administration is leery of paying too much. "I can't in good conscience pay fair market value for a shuttered hospital," Nagin said, offering an update on negotiations with Universal Health Services, owner of the hospital and two nearby facilities that have been closed since Hurricane Katrina. Nagin said the hospital's owners rejected an original city offer of $15 million as well as a subsequent offer of $30 million.