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The court's order came after Forum disclosed that FTI previously did work for MBIA Insurance Corp., one of Forum's major creditors.
In a hearing on the matter Oct. 27, Judge Woods tentatively approved the hiring of Charles W. Neumann as chief executive officer and president, subject to her approval of a supplemental filing detailing whether Neumann has potential conflicts of interest with any parties connected to the case.
The required document was filed Thursday and the judge issued her order Friday.
According to a contract between Forum and FTI agreed to in mid-October, Forum would pay the Baltimore-based FTI $75,000 a month, plus expenses, through Dec. 31 and on a month-to-month basis thereafter.
In FTI's disclosure statement, submitted by Iain Briggs, managing director, the consulting firm said that it had represented MBIA "in connection with the guarantee by MBIA of certain of the debtor's [Forum] bond issuances."
"To the best of my knowledge, no services have been provided" to parties involved with Forum, or to Forum itself, which would "compromise our ability to continue such consulting services," Briggs' motion said.
He also said that neither Neumann nor any other person assisting him in his job with Forum was involved in FTI's representation of MBIA.
As Neumann comes officially on board as head of Forum Health, the health system will face two key deadlines this month in its reorganization effort.
By Nov. 13, Forum must have solicited bids to determine if "one or more" of its hospitals can be sold for enough money to pay all of its debts "in full in cash," and by Nov. 30, Forum must reach agreement with its creditors on whether Forum will follow a merger/acquisition or reorganization path.
The deadlines are contained in a new cash-collateral agreement between Forum and its major creditors previously approved by Judge Woods.
The main objection to Forum hiring an interim CEO, filed by the Official Committee of Unsecured Creditors, was overruled by Judge Woods.
The group's attorney, Craig Freeman, said it would be an unnecessary expense. The committee is concerned about administrative costs and what he called the "piling on of consultants."
alcorn@vindy.com
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