NU Online News Service, Nov. 11, 10:17 a.m. – The New York Supreme Court has scheduled a Nov. 26 hearing on the recent stock offering that helped convert the nonprofit Empire Blue Cross and Blue Shield, New York, into WellChoice Inc., a for-profit, publicly traded stock company.
The court, which is a state trial court, last week issued a temporary restraining order forbidding Empire/WellChoice from transferring the proceeds from the stock sale to the state or to a nonprofit health care foundation that was set up to manage part of the proceeds.
The court ordered Empire/WellChoice to deposit the proceeds with the state’s comptroller while waiting for the resolution of a dispute over use of the proceeds.