Joseph J. Luzinski, assignee for CareSync, Inc. and senior managing director at Development Specialists Inc., asked the Circuit Court of the Thirteenth Judicial Circuit In and For Hillsborough County, Florida to speed the auction of company assets in an emergency motion filed Oct. 16.
Luzinski, who is based in DSI’s Fort Lauderdale’s office, requested a sales deadline of no more than 21 days. Luzinski has been marketing the assets of CareSync for sale since his appointment on July 23, 2018.
Vatica Health, a healthcare technology company providing physician-integrated risk adjustment and clinical-quality solutions, has made a stalking horse bid of $1 million. Luzinski and the Nashville, Tennessee-based company signed an asset purchase agreement Oct. 15. That agreement is subject to higher and better offers submitted within seven days of a court order on bid procedures that would lead to a Nov. 5 auction.
“The bidding and sale process will create a fair and level playing field for all interested bidders, Luzinski wrote in the motion. “We think the proposed bidding and sale procedures will achieve the maximum value for the purchased assets.” Luzinski is represented in the matter by the Tampa law firm Trenam Law.
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. The company filed an Assignment for the Benefit of Creditors in the 13th Judicial Circuit Court for Hillsborough County to wind down its business operations and liquidate assets in July.
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.
# # # #
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 information, visit www.dsi.biz.
About CareSync:
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.