Who is telling Allina to Mortgage the Future of Patient Care?
By Mathew Keller
and
Jordan Ash
Allina is quickly racking up the amount of debt it carries, increasing its total obligation over the past ten years by 60 percent to $880 million. The magic question, however, is why Allina needs $880 million of debt. Why, if it is willing to spend such amounts on expansion and executive pay, is it so unwilling to invest in the healthcare of its nurses? As with all things big business, just follow the money.
Money which, in this case, leads directly to Piper Jaffray. As you recall, Piper
Jaffray has had a huge hand in increasing Allina’s debt obligations, underwriting in conjunction with other banks $1.6 billion dollars in loans to the healthcare company since 1993.
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