Judge Won't Stop MedPartners Sale

Bloomberg News

MedPartners Inc., once the largest U.S. medical-practice manager, said a judge denied a preliminary injunction sought by a group trying to stop the sale of some of its California assets. The company said a Los Angeles County Superior Court judge ruled against MedManagement Acquisitions Corp., which is trying to stop the asset sale to KPC Acquisition Corp. MedManagement is contending it has the right to make the purchase, having signed a letter of intent with MedPartners earlier. It filed the suit last month after Birmingham, Ala.-based MedPartners said it would sell the physician practice management assets to KPC. In its suit, MedManagement contends MedPartners failed to meet its obligations. MedManagement said it spent more than $1.5 million planning and negotiating its bid for the assets related to the Mullikin Medical Group and Southern California Medical Corp. MedPartners shares fell 19 cents to close at $8.25 on the New York Stock Exchange.

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