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EJ Noble Can Access $900K In Trust Funds

Story Published: Jan 29, 2013 at 5:17 PM EDT

Story Updated: Jan 29, 2013 at 8:24 PM EDT

While officials involved in the reorganization of E. J. Noble Hospital aren't saying much, if anything, about the progress or process going on behind the scenes, there is some positive movement involving hospital finances.
 
The hospital has been given permission by the courts to access three trust funds, totaling more than $900,000, and use them as collateral to secure a line of credit for operating cash to help met financial commitments.

Supreme Court Judge David Demarest's ruling suggests while the hospital may have to "reinvent itself to survive", the trust funds could help the hospital's financial viability.

The hospital's shaky financial picture has been a key concern as E.J. Noble tries to recover from past problems including being forced to close last September when the state Department of Health shut down the hospital's laboratory due to deficiencies.

It has been nearly 3 months since the hospital was allowed to reopen with limited services, but only a few of the 70 workers laid off have been called back to work, while the maternity ward remains closed, surgeries limited and the blood bank non-operational.

A management agreement between E.J. Noble and Canton-Potsdam Hospital is still awaiting the approval of the National Automatic Sprinkler Fund, which holds a major financial interest in the hospital's new addition.
 
Meanwhile, there has been speculation over a possible shake-up of the hospital board, but no one close to the situation would comment and the state Health Department hasn't returned our calls.
Wednesday, June 19, 2013
, Watertown, NY

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