Following in the footsteps of Doctors Community Healthcare Corp., the founder of another company driven into bankruptcy by last year's implosion of Dublin, Ohio-based healthcare financial company National Century Financial Enterprises has bought back assets from bankruptcy estate auctions. A federal judge in U.S. Bankruptcy Court in Baltimore this week approved the bid of Steven Dresnick, founder of the physician practice management group that eventually became Durham, N.C.-based PhyAmerica Physician Group, to purchase the emergency room staffing and management company from the bankruptcy estate. The announcement was released today. The judge approved the purchase for $90 million of the operational assets of PhyAmerica and some of its affiliates by Dresnick and investment manager Resurgence Asset Management of White Plains, N.Y. The new company, which will be known as R.D. PhyAm Acquisition Corp., will be based in Durham. In November, Dresnick and Resurgence won the auction as the highest bidder. Dresnick will serve as the new company's CEO. -- by Mark Taylor
PhyAmerica hopes second time is a charm
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