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Judge Freezes NECC Assets

Filed January 28th, 2013 admin

The owners of the New England Compounding Center (NECC), the pharmacy responsible for the fungal meningitis outbreak, just had its assets frozen by a bankruptcy court. The move will allow creditors to determine what’s left of the millions of dollars the owners received from the firm.

The order by Judge Henry Boroff, at a hearing in Springfield, prohibits the owners of the NECC from spending or transferring any of its assets, except to pay living expenses or legal bills, MSN News said. The order came in response to a motion by a creditors committee and is applicable to owners Barry Cadden; his wife. Lisa Cadden; Lisa’s brother, Greg Conigliaro; and Lisa’s sister-in-law, Carla Conigliaro, MSN News said.

Creditors can now find out how much money the owners still have of the tens of millions they were paid, and the court can determine much they owe back to the creditors, who include victims of the outbreak, MSN News said. A hearing on that issue has been scheduled for February 28.

As of today, the fungal meningitis outbreak has killed 44 people and sickened over 600. The outbreak was linked to a tainted steroid made by the Framingham-based NECC and subsequent inspections of the company found unsanitary conditions and flawed sterility testing procedures. As a result, the plant has been shut down and the owners currently face 150 lawsuits. The NECC filed for Chapter 11 bankruptcy shortly after the outbreak was discovered, saying it wanted to establish a compensation fund for victims. It listed just $400,000 in net assets, which plaintiffs’ attorneys argue is not nearly enough to cover the claims against it, MSN News said.

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