LAWSUITS NEWS & LEGAL INFORMATION
PDG Contract
Wakefield, MA: (Mar-02-08) American Dental Partners, Inc., one of the nation's leading business partners to dental group practices, recently announced that it has entered into a Definitive Settlement Agreement and related agreements effective Feb. 29, 2008 to complete the transactions contemplated by the previously announced Dec. 26, 2007 Settlement Agreement with PDG, P.A. The settlement is aimed at resolving the outstanding litigation among PDG, PDHC, Ltd., one of the American Dental Partners' Minnesota subsidiaries, and the company in the District Court of Minnesota, Fourth Judicial District.
Company spokespersons stated that as per the terms of the agreement, in settlement and dismissal of the PDG Litigation, American Dental transferred to PDG the leases and associated tangible assets with respect to 25 of 31 Park Dental facilities and various trade names, including Park Dental. All parties involved in the litigation agreed that PDHC will provide interim management services to PDG for a period of up to nine months. PDG will pay PDHC a management fee of $19 million regardless of whether PDG utilizes the management services of PDHC during the nine month period. American Dental further agreed to waive outstanding accounts receivable due from PDG at Dec. 31, 2007 of $2,035,000. [YAHOO: PDG CONTRACT]
Published on Mar-3-08
Company spokespersons stated that as per the terms of the agreement, in settlement and dismissal of the PDG Litigation, American Dental transferred to PDG the leases and associated tangible assets with respect to 25 of 31 Park Dental facilities and various trade names, including Park Dental. All parties involved in the litigation agreed that PDHC will provide interim management services to PDG for a period of up to nine months. PDG will pay PDHC a management fee of $19 million regardless of whether PDG utilizes the management services of PDHC during the nine month period. American Dental further agreed to waive outstanding accounts receivable due from PDG at Dec. 31, 2007 of $2,035,000. [
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