Ft. Lauderdale/Tampa (July 27, 2018) — CareSync, a provider of chronic care management services, has appointed Joseph J. Luzinski, senior managing director of Development Specialists, Inc. as Assignee. The Tampa, Florida-based company has filed an Assignment for the Benefit of Creditors (“ABC”) in the Thirteenth Judicial Circuit Court for Hillsborough County to wind down its business operations and liquidate assets. Founded in 2011, CareSync provides software and services for chronic disease management, combining technology with 24/7 nursing services to facilitate care coordination among patients, family and caregivers and all providers.
An ABC is a state court supervised business liquidation proceeding available to an insolvent debtor as an alternative to a chapter 7 bankruptcy liquidation proceeding. The ABC process is initiated by the distressed entity (the assignor) entering into an assignment agreement with the party (the assignee) which will be responsible for conducting, in a fiduciary capacity for the benefit of the assignor’s creditors, the wind-down and/or liquidation or going concern sale. The assignment agreement is a contract under which the assignor transfers all of its right, title, interest in, and custody and control of its property to the third-party assignee in trust. The assignee liquidates the property and distributes the proceeds to the assignor’s creditors.
Luzinski has more than three decades of experience managing business workouts, serving as financial advisor and turnaround expert on behalf of debtors, creditors, equity sponsors and other parties in interest. He’s held several management roles including Director, Officer, CEO, CFO, CRO, and in fiduciary roles as Assignee, Receiver, Chapter 11 and Chapter 7 Trustee and Post Confirmation Trustee.
To maximize the value of CareSync’s assets, Luzinski will be seeking court approval to operate CareSync for a limited period of time and to conduct a marketing and sale process of CareSync’s assets, with the goal of holding a public auction if sufficient interest and bidders exist after the marketing process.
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About Development Specialists, Inc. (DSI):
DSI is a leading provider of management consulting and financial advisory services, including turnaround consulting, fiduciary roles, financial restructure, litigation support, wind-down oversight and forensic accounting services. Clients include business owners, corporate boards of directors, financial services institutions, secured lenders, bondholders, unsecured creditors and creditor committees. For more than 30 years, DSI has been guided by a single objective: Maximizing value for all stakeholders. With its highly skilled and diverse team of professionals, offices throughout the United States and in Europe, and an unparalleled range of experience, DSI not only achieves that objective, but has also built a solid reputation as an industry leader. For more log on to www.dsi.biz.
Founded in 2011, CareSync is the leading provider of software and services for chronic disease management, combining technology with 24/7 nursing services to facilitate care coordination among patients, family and caregivers and all providers. CareSync provides turnkey Chronic Care Management services as well as a software-only option, allowing practices of any size to easily meet the billing requirements for CPT code 99490. Additionally, CareSync’s certified technology makes it simple for providers to meet Meaningful Use 2 for Data Exchange, Messaging and Timely Access. CareSync patients are at the center of their healthcare, with access to health information, actionable goals, and Comprehensive Care Plan tasks. As a result, CareSync’s patients are experiencing more productive medical appointments and better health outcomes. For more information about CareSync, visit www.caresync.com/ccm.