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In re: MacKeyser Holdings, LLC
Case No. 14-11550 (CSS)

United States Bankruptcy Court,
District of Delaware

www.deb.uscourts.gov

 


General Information

 

On June 20, 2014, MacKeyser Holdings, LLC along with the 22 other Debtors below, filed voluntary petitions seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code. These cases are pending before the Honorable Judge Christopher S. Sontchi in the United States Bankruptcy Court for the District of Delaware. The Debtor continues to operate its business and manage its properties as a debtor-in-possession.

If you believe you might be a creditor in the bankruptcy and you seek to take action, you may wish to seek legal advice. The staffs of the Bankruptcy Court Clerk, and American Legal Claims Services, LLC are not permitted to give legal advice.

This case is jointly administered under the main debtor MacKeyser Holdings, LLC, case number 14-11550.

 


Debtors

 

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Debtor Case Number
MacKeyser Holdings, LLC 14-11550
American Optical Services, Inc. 14-11528
Genesis Billing Systems, LLC 14-11529
Genesis Eye Center, PLLC 14-11530
Thomas Retinal Eye Specialists, P.C. (f/k/a Gary Thomas M.D., P.S.C.) 14-11531
Steven T. Olkowski, M.D., P.C. 14-11532
Joseph D. Udvari, Jr., O.D., P.C. 14-11533
Larry R. Moorman, M.D., P.C. 14-11534
Phillip H. Clark, O.D., P.A. 14-11535
Lakewood Eye Clinic P.C. (f/k/a Douglas Campbell, D.O., P.C.) 14-11536
Thomas G. Abell, M.D., P.S.C. 14-11537
Eyes On You Eye Care, Inc. 14-11538
Epic Management Group, LLC 14-11539
926 N. Wilcrest, LLC 14-11540
Eyeglasses Etc., Inc. 14-11541
J. Richard Susi, D.O., P.A. 14-11542
Joseph Kurstin, M.D., P.A. 14-11543
AOS-OMS, LLC 14-11544
American Optical Services, LLC 14-11545
EHS-Riverfront, LLC 14-11546
Optical Management Systems, Inc. 14-11547
Riverfront Hearing, Inc. 14-11548
Exela Hearing Services, LLC 14-11549
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Press Release

 

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MacKeyser Holdings, LLC and Certain of its Affiliates File Voluntary Chapter 11 Petitions

 

• Certain Locations to be Transitioned to Practice Physicians

• Profitable Operations and Assets to be Sold

• Unprofitable Locations to be Closed

 

Las Vegas, NV – June 20, 2014 – MacKeyser Holdings, LLC, announced today that the Company and certain of its subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in order to facilitate the wind down and ultimate liquidation of the Company. The filing will allow the Company to wind down its businesses in an orderly and expeditious fashion for the benefit of its stakeholders. The petition was filed in the United States Bankruptcy Court for the District of Delaware in Wilmington.

The Company is in the process of transitioning certain medical practices to their physician partners or other providers and otherwise maximizing value for its stakeholders. Continuity of care remains the top priority at all practices. The Company will also complete the closure of its unprofitable locations, which has already begun.

The liquidity crisis that precipitated the filing was the culmination of various factors including a non-strategic acquisition strategy, unsustainable costs of practice integration, electronic medical records implementation, and general mismanagement. In addition, upon the discovery of significant accounting irregularities, the Board of Managers launched an investigation, which led to the termination of the Company’s former CEO and former COO. On June 6, Thomas J. Allison was appointed to the Board of Managers and as Chief Executive Officer.

Mr. Allison said that while the decision to file Chapter 11 was a difficult one, it became clear after reviewing various options that it was in the best long-term interest of the Company’s stakeholders.

“By availing ourselves of the Chapter 11 process, we believe we can maximize the value of the business and its assets for the benefit of all creditors. We are working with our doctors and other partners to transition through this period efficiently, with minimal interruption to patient care,” Mr. Allison said.

As part of the plan, the Company is in the process of transitioning some of its optical and hearing practices through a “keepwell” program. The “keepwell” program will maintain continuity of patient care with the support of physician partners pending the ultimate sale of the practices.

Mr. Allison said, “We are committed to minimizing disruption to patient care during this transaction period with the support of our physician partners and employees.”

MacKeyser Holdings, LLC and its operating affiliates American Optical Services, LLC, and Exela Hearing Services, LLC manage integrated eye care and hearing systems providers with over 80 optical retail, optometry and ophthalmology locations in 14 states. Within certain of the Company’s locations, dedicated audiology and dispensing staff conduct diagnostics, fitting and dispensing of hearing systems.

Media contact:

 

Brenda Adrian
212-573-6100
[email protected]

 

Ashley Cantwell
212-573-6100
[email protected]

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Sale Practice Summaries

 

Please find below summaries related to the sale of certain practices

River Front/Optiview
For the Flint, Michigan location click here.
For the Pontiac, Michigan location click here.
For the Saginaw, Michigan location click here.
For the Anderson, Indiana location click here.
For the Austintown, Ohio location click here.
For the Warren, Ohio location click here.
For the Indianapolis, Indiana location click here.

The Eye Gallery (TEG)
For the (North Point) Alpharetta, Georgia location click here.
For the (Atlantic Station) Atlanta, Georgia location click here.
For the (Buckhead) Atlanta, Georgia location click here.
For the (Perimeter Place) Atlanta, Georgia location click here.
For the (Sandy Spring) Atlanta, Georgia location click here.
For the (East Cobb) Marietta, Georgia location click here.
For the (Forum) Norcross, Georgia location click here.
For the (Destin Commons) Destin, Florida location click here.
For the (Pier Park) Panama City Beach, Florida location click here.
For the (Seaside) Santa Rosa Beach, Florida location click here.

 

Miscellaneous Locations
For the Laser Eye Center Miami, Florida location click here.
For the Tifton Ophthalmology Tifton, Georgia location click here.
For the Wabash Valley Eye Center Vincennes, Indiana location click here.
For the Wabash Valley Eye Center Washington, Indiana location click here.

 


General Frequently Asked Questions (FAQ)

 

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General Frequently Asked Questions

 

1. What is the Company announcing on June 20, 2014?

 

MacKeyser and certain of its subsidiaries announced that the Company has filed a voluntary petition under Chapter 11 of the US Bankruptcy Code in order to facilitate the wind down and ultimate liquidation of the Company.

 

2. Why did the Company need to file for Chapter 11?

 

It became clear after reviewing various options that, while difficult, the decision to file Chapter 11 was in the best interest of the Company’s creditors and stakeholders. The filing will allow the Company to stabilize its business and sell as many of its profitable operations and assets as possible, while allowing many practices to operate in the normal course of business and minimize the impact of the transition on its patients and customers.

 

3. Why is the Company in this position?

 

Several factors have led to this filing and wind down, including non-strategic acquisitions, non-economical acquisitions, the costs of integrating acquired practices, the implementation of electronic medical records, general mismanagement and accounting irregularities.

 

4. I heard there is an ongoing investigation into the Company’s management. What can you tell me about that?

 

Due to general mismanagement and accounting irregularities, the Board of Managers launched an investigation, which led to the termination of the former CEO and COO. On June 6, Thomas J. Allison was appointed to the Board of Managers and as Chief Executive Officer. This investigation is still ongoing.

 

5. Will the Chapter 11 filing impact operations?

 

The Company is in the process of transitioning some of its optical and hearing practices through a “keepwell” program. The “keepwell” program will maintain continuity of patient care with the support of physician partners pending the ultimate sale of the practices.

 

Other profitable locations are continuing operations while being marketed for a sale.

 

AOS will also complete the closure of its unprofitable locations, which has already begun.

 

At all facilities, medical records, patient care, and payment processes will be handled according to applicable regulations and state requirements.

 

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Patient and Customer Frequently Asked Questions

 

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Patient and Customer FAQ

 

Closing Locations

 

1. How will the changes to AOS affect me?

 

Your location is closing. We are working hard to ensure that our patients are transitioned to other healthcare providers to ensure continuity of care. It is our intention that all of our patients be connected with alternate service providers.

 

2. I have an appointment scheduled. Is it still going to occur?

 

Unfortunately, our facilities have been closed and all patient appointments have been cancelled. However, we are happy to work with you to find an alternate service provider to ensure that your healthcare needs are met.

 

3. What is going to happen to my medical records?

 

All medical records, patient care, and payment processes will be handled according to applicable regulations and state requirements.

 

4. Can I order new products from your location?

 

No. This location is no longer able to place orders for patients.

 

5. I have ordered a product from your location and have yet to receive it. Will it arrive? Can I get my money back?

 

We are working with our vendors regarding products that are on order. The Company will notify you when your product arrives. If it does not arrive and you have left a deposit, you are entitled to a refund.

Please continue to visit our website for updated information on receiving products and/or deposit refunds.

 

"Keepwell" and Sale Process Locations

 

1. How will the changes to AOS affect me?

 

Our practice team is working hard to ensure that you, as the patient, see very little difference during the transition process. We are committed to minimizing disruption to patient care with the support of our excellent physician partners and employees.

 

2. Can I continue to see my same doctor?

 

While there may be some back office changes to the practice, we anticipate that your doctor will continue to practice at this location. You should see no change to the quality or source of your care throughout the transition.

 

3. I have an appointment scheduled. Is it still going to occur?

 

Your appointment should still go on as planned. As always, if there are necessary changes due to availability or conflicts, our practice will contact you directly.

 

4. What is going to happen to my medical records?

 

While there may be some back office changes to the practice, our upkeep and maintenance of medical records will continue as normal. All medical records, patient care, and payment processes will be handled according to applicable regulations and state requirements.

 

5. Can I order new products from your location?

 

[Sale Process Practices] Locations that are subject to the sale process are open for business as usual and new products may be ordered.

 

["Keepwell" Practices] We fully expect to be able to order your product in the future; however, due to the transition, we are unable to place product orders at this time. Please check back with us in two weeks.

 

6. I have ordered a product from your location and have yet to receive it. Will it arrive? Can I get my money back?

 

We are working with our vendors regarding products that are on order. The Company will notify you when your product arrives. If it does not arrive and you have left a deposit, you are entitled to a refund.

Please continue to visit our website for updated information on receiving products and/or deposit refunds.
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Keepwell Employee Frequently Asked Questions

 

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Keepwell Employee FAQ

 

1. What is the “keepwell” program?

 

The Company is in the process of transitioning certain practices to their physician partners or other providers. During the “keepwell” period, these practices will continue to operate in the normal course of business and patients should see no change in medical care.

 

2. Why is my location being offered participation in the “keepwell” program?

 

We believe that your practice location may draw interest from the original owners or other providers to continue to provide patient care from your location. A "keepwell" is the most practical—and fastest—way to provide for continuity of patient care and transition the practice to the physician provider through the “keepwell” program.

 

3. Will there be any layoffs due to this process?

 

Unfortunately, it will likely be necessary for AOS to close locations where doctors do not enter into “keepwell” agreements.

 

During the “keepwell,” employment decisions will be at the discretion of the “keepwell” provider. We will keep you apprised as developments occur.

 

4. Does the “keepwell” program guarantee me ongoing employment?

 

No. Any employment arrangements will be at the discretion of the “keepwell” provider.

 

5. Will my day-to-day job responsibilities continue?

 

Nothing about your job or day-to-day responsibilities is expected to change as a result of this process. Your location will continue normal operations. Employees will receive the same pay and benefits on the same schedule during your period of employment.

 

6. What happens if a practice does not enter into the “keepwell” program?

 

Unfortunately, it will likely be necessary for AOS to close locations where doctors do not enter into “keepwell” agreements.

 

7. How long will this process take?

 

The Company intends to enter into these “keepwell” agreements within the next week. It is presently contemplated that the "keepwell" program will be in effect through August 31. This period is designed to provide a transition for both the Company and the physicians or providers who ultimately purchase the practices.

 

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Sale Employee Frequently Asked Questions

 

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Sale Employee FAQ

 

1. What does the Sale Process entail?

 

The Company is in the process of marketing certain locations for a sale. During this time, these practices will continue to operate in the normal course of business and patients should see no change in medical care. This process may include additional visitors coming to the practice to evaluate assets and assess the location.

 

2. Why is my location a part of the Sale Process?

 

The Company’s ultimate goal is to achieve a sale, or multiple sales, of their businesses that maximize the value of the Company’s assets for the benefit of all its creditors.

 

3. Will there be layoffs due to the process?

 

During the sale process there should be no additional layoffs. After the sale has been concluded any employment decisions will be at the discretion of the new practice owner.

 

4. Will I continue to have a job if the practice is sold?

 

After the sale has been concluded, any employment decisions will be at the discretion of the new practice owner.

 

5. Is there a chance that the practice will not be sold?

 

The Company’s ultimate goal is to achieve a sale, or multiple sales, of their businesses that maximize the value of the Company’s estates for the benefit of all the creditors. They are working diligently to achieve this goal in the most effective way possible.

 

6. How long will this process take?

 

The Company is working through this process as quickly and efficiently as possible. The most pressing objective is to minimize disruption to individual practices’ operations. To do this, the Company is marketing this location for a sale as soon as possible.

 

7. Will my day-to-day job responsibilities continue?

 

Nothing about your job or day-to-day responsibilities is expected to change as a result of this process. Your location will continue normal operations. Employees will receive the same pay and benefits on the same schedule.
We need all employees to remain focused on providing our eye health patients with superior healthcare and customer service during this transition.

 

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Closing Employee Frequently Asked Questions

 

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Closing Employee FAQ

 

1. Why is the Company closing this specific practice?

 

We have filed Chapter 11 to facilitate the wind down of operations and ultimately the liquidation of the Company. We explored all options for continuing the business, including a sale of all facilities, but were unable to do so without additional funding and time. This practice is one of several unprofitable locations that could not be sold and ultimately had to be closed.

 

2. What is happening at the other locations? Are all locations being closed?

 

The Company is in the process of transitioning certain medical practices to their physician partners or other providers. Other profitable locations are continuing operations while being marketed for a sale.

 

3. How long will my job continue?

 

June 20th will be your last day. You will receive your last payroll check, which will include any and all state mandated pay, including vacation, you are entitled to. **Only California and Colorado require that accrued vacation days be paid to separated employees.

 

4. Have all positions in the Company been eliminated?

 

The Company will maintain a group of employees to help with the wind down and sale process, along with the employees at the various practices that will be sold or transitioned during this process.

 

5. When will I receive my last paycheck?

 

You will receive your final paycheck today, June 20.

 

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You can download a copy of the Closing Employee FAQ by clicking here.

 


Patient and Customer Inquiries

 

If you wish to submit an inquiry you can do so by clicking here.

 


Deadlines to File Proof(s) of Claim

 

Please Take Notice that on September 30, 2014 the Bar Date Order was entered at Docket Number 530. You can obtain a copy by clicking here.

The General Deadline to File Proof(s) of Claim was November 14, 2014 at 5:00 p.m. ET
The Governmental Deadline to File Proof(s) of Claim was December 17, 2014 at 5:00 p.m ET

Completed forms should be sent to:


MacKeyser Claim Processing
c/o American Legal Claim Services, LLC
PO Box 23650
Jacksonville, FL 32214-3650

 

 
Official Committee of Unsecured Creditors Appointed

Please take note: that the Official Committee of Unsecured Creditors has been appointed. Proposed counsel is as follows:

Richard M. Beck, Esq.
Sally E. Veghte, Esq.
Klehr Harrison Harvey Branzburg LLP
919 Market Street, Suite 1000
Wilmington, DE 19801
(302) 426-1189
(302) 426-9193 Fax
www.klehr.com

Lawrence C. Gottlieb, Esq.
Michael Klein
Cooley LLP
1114 Avenue of the Americas
The Grace Building
New York, NY 10036-7798
(212) 479-6000
(212) 479-6275 Fax
www.cooley.com

 
Counsel for the Debtor

David R. Hurst
Marion M. Quirk
Cole, Schotz, Meisel, Forman & Leonard, P.A.
500 Delaware Avenue, Suite 1410
Wilmington, DE 19801
(302) 652-3131
(302) 652-3117 Fax
www.coleschotz.com

 
Court Address

United States Bankruptcy Court
District of Delaware
824 Market Street, 3rd Floor
Wilmington, DE 19801
(302) 252-2900
www.deb.uscourts.gov

 

 

Note: American Legal Claim Services, LLC ("ALCS") maintains this website for the public's convenience at the direction of Cole, Schotz, Meisel, Forman & Leonard P.A., counsel to the Debtor. While ALCS makes every attempt to ensure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court, and does not contain the complete official record of the Court. All documents filed with the Court are available for inspection at the Clerk of the Bankruptcy Court District of Delaware

 

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