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The TelegraphALTON, ILLINOISSEPTEMBER 24, 1989St. Joe's future uncertain after saleBuyer stays mum on investors, plans for hospitalBy MARY ANN MAZENKOTelegraph staff writerALTON — A mystery man who placed the winning bid in Friday’s auction for St. Jo* seph’s Hospital apparently has made the required downpayment to buy the hospital.But what will happen if the man, who identified himself as Jim Morgan of Atlanta, Ga., completes the $3.75 million purchase on Wednesday remainsFew remaining employees are told they'll be laid off on Wednesdayunanswered Morgan, who said he represented private investors, outbid St. Anthony’s Hospital of Alton, which had planned to buy St. Joseph’s and operate it as St. Clare’s, a long-term care and rehabilitation center.Under a management contract, St. Anthony’s has operated St. Joseph’s as St. Clare’s Hospital. St. Joseph’s closed in May The management agreement continues until Oct. 12 but employees have been told they will be laid off Wednesday.Morgan was one of 11 people registered to bid at the auction.All were qualified to bid, according to officials at Investment Recovery Auction Inc. of Birmingham, Ala., which held the auction under auspices of the 3rd Circuit Court.Trustee Magna Trust Co. of Belleville filed in 3rd Circuit Court in May for foreclosure on St. Joseph’s mortgage.Morgan agreed to pay $2.75 million for the hospital’s real estate, including the adjacent professional office building, and$1 million for the buildings' contents.St. Anthony’s Hospital Executive Director William Kessler bid $2.5 million for the property and contents.Alton neurosurgeon Dr. Arbha Vongs made the second back-up bid of $2 million.According to Magna attorney Steve Schulz, auction officials said late Friday that Morgan□ See HOSPITAL. Page A-10The Telegraph/JOHN B ADM AN Jim Morgan, successful bidder on St. Joseph's Hospital, during Friday's auction.
Newspaper Details
Alton Telegraph
Alton, Illinois, US
Sun, Sep 24, 1989
Page 1
Full Page
Clipped by
Hayner P.
IL, USA 28 Nov 2023
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