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Orianna Health Systems – Unsecured Creditors Committee Launches Assault on Omega Claim

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August 23, 2018 – Orianna Health Systems’ Unsecured Creditors Committee filed with the Court an objection to the Omega proofs of claims filed by OHI Asset RO [Docket No. 852]. The objection asserts, “On June 22, 2018, Omega filed a consolidated proof of claim against the Debtors’ jointly administered estates, asserting a secured claim in the amount of $425,394,927.18….By this Objection, the Committee seeks a determination as to not only the secured and unsecured portions of the Omega Claim, but also a determination of the secured portion of the Omega Claim, including, but not limited to: (a) the property of each Debtor upon which Omega held a perfected lien on as of the Petition Date (the ‘Petition Date Collateral’); (b) the value of the Petition Date Collateral as of the Petition Date (the ‘Petition Date Collateral Value’); and (c) to the extent the value of the Petition Date Collateral increased after the Petition Date, the amount of such increase attributable directly to proceeds of the Petition Date Collateral. The Committee respectfully submits that the Omega Claim is overstated and subject, in full or part, to disallowance, reduction, setoff and recoupment….The Committee seeks entry of an Order: disallowing, in full or part, the Omega Claim; re-characterizing the Master Leases as disguised financing agreements; invalidating and avoiding, or granting the Committee standing to invalidate and avoid, the Debtors’ alleged secured obligations in connection with the 2013 Transactions; invalidating and avoiding, or granting the Committee standing to invalidate and avoid, the Debtors’ alleged secured obligations in connection with the Working Capital Loan; disallowing, in full or part, the Omega Claim pursuant to sections 502(b)(1), 502(b)(6), and 502(d); setting aside $45 million in assets for the exclusive benefit of the unsecured creditors of the OpCos….To the extent discovery reveals that Omega engaged in any inequitable conduct (either pre-petition or post-petition), the Omega Claim should be equitably subordinated. Moreover, to the extent discovery reveals that Omega believed (either prepetition or postpetition) there was a high probability of fraud and acted deliberately to avoid confirming its suspicion, the Omega Claim should be further equitably subordinated. Finally, to the extent discovery reveals that Omega, as a lender, was party to a fraudulent act (either prepetition or postpetition), the Omega Claim should be further equitably subordinated.”

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