Originally published Thursday, October 29, 2009 at 12:10 PM
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Billionaire pledges $100M guaranty for King-Drew
A pharmaceutical billionaire is offering to provide University of California regents with a $100 million guaranty in support of the county's proposal to reopen Martin Luther King Jr.-Harbor Hospital in South Los Angeles.
The Associated Press
A pharmaceutical billionaire is offering to provide University of California regents with a $100 million guaranty in support of the county's proposal to reopen Martin Luther King Jr.-Harbor Hospital in South Los Angeles.
Former UCLA surgeon Dr. Patrick Soon-Shiong sent a letter to UC President Mark G. Yudof on Oct. 21 detailing his plan, saying the unjust situation compelled him to get involved.
Built to serve one of the poorest neighborhoods in the city, King-Harbor partially closed in August 2007 after years of negligence that resulted in patient deaths.
County officials had to secure a $100 million letter of credit to ensure the $63 million a year it will cost them to operate the hospital.
The county plan aims to reopen King-Harbor by 2012.
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