|P3 wants a do-over; this proposal is dated September 27, 2011.|
The playdate is over but somebody doesn't want to take his toys and go home.
In fact, this brat has thrown himself on the floor, and with arms and legs flailing is crying at the top of his lungs:
GA is absolutely stunned at our media for indulging the tantrum of a losing bidder, P3, who issued a do-over proposal three days ago, for an RFP that was awarded last January.
Here's the HUMC bidding and sale timeline:
RFP issued: July 2010
Bids Due: September 2010
(All bidders were given additional time to ask and answer questions and present best and final offer.)
Number of Bidders: 8
Final Bids Opened: October 2010
Bidder Selected: January 2011
(Exclusive negotiations with HoldCo announced)
Sale to HoldCo Announced: April 2011
Geoffrey Teed, President of P3, must have balls the size of coconuts, to think he can unilaterally reopen the bidding process with a new, improved, better-than-ever proposal months after the bidding process ended and a winner selected.
WHO does that?
If P3 thinks that's how business transactions work- with do-overs for losers, they are not ready for primetime.
P3, and all other bidders, were expected to submit their best offer at the same time- which the Hospital Authority generously extended for 1 month to provide information and answer bidders' questions.
P3's bid was crap from the get-go because they wanted to manage not buy, and they weren't retiring $52 million in bonds immediately, which would have thrown the hospital into default, and the taxpayers on the hook for $52 million THIS YEAR.
HoldCo won fair and square; they were the only bidder to retire the bonds, buy the hospital outright and save the City from default.
P3, BIDDING IS CLOSED.
What's next: a crybaby chorus line of the 6 other losing bidders to come forward with new-and-improved proposals?
Something tells me that P3 is being encouraged to stick around and make noise. Such encouragement would be coming from those who have been working 24/7 to blow up the HoldCo deal.
This is all about creating chaos in our city; a kind of Hoboken-style Shock Doctrine. When the hospital goes bust, we go bust with it to the tune of $52 million bucks added to our tax levy, Consequently, taxpayers will revolt against the perceived cause. The Hoboken Shock Doctrinaires will tell you it's the Mayor.
That's what they're counting on.
And somehow, P3 has been enlisted to pitch as a viable alternative never given a fair shake. Hoboken's Shock Doctrinaires hope the uproar will destabilize the sale and send HoldCo running- the way Frank Romano ran from the Hoboken School District following the media-fueled jihad of a single Board member.
Will it work?
My guess is "No".
In the meantime, someone needs to sit Baby down and explain that there are winners and losers. And rules.
So when the playdate's over and it's time to go home, no tears.