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Broke: Dr Desai Victims Unlikely to Collect in Nevada Hepatitis C Outbreak
Before his current status as a revoked licensed physician and court ordered resident in the secured Lake Crossing psychiatric facility, Dr. Dipak Desai was making money hand over fist from the endoscopy centers he owned in the Las Vegas, Nevada area. Now, faced with hundreds of lawsuits in the Nevada Hepatitis C outbreak, he says he is broke. Interesting fact: Desai served on the Nevada State Board of Medical Examiners from 1993-2001.
From the Las Vegas Review Journal, By Jeff Garmin
Desai legal fees leave little for ex-patients
Dr. Dipak Desai, the bankrupt gastroenterologist at the heart of a hepatitis C outbreak, has piled up $2.4 million in legal fees that are cutting deep into the dwindling assets left for his creditors, including the thousands of former patients suing him.
In a written opinion this week, U.S. Bankruptcy Judge Mike Nakagawa said the physician’s reported estate at the time of his February 2010 bankruptcy filing appears to have been grossly overvalued at $22.3 million.
An investment firm’s review of the biggest chunk of Desai’s reported assets, about $18.3 million in stock and real estate holdings, valued at only $945,000, Nakagawa wrote.
The judge, in deciding to convert Desai’s Chapter 11 debt reorganization case to a straight Chapter 7 bankruptcy liquidation, said Desai’s assets should have been valued closer to $5 million when the case was filed.
After deducting $2.4 million in legal fees incurred in the past year, Desai has roughly $2.6 million in the estate to divvy up among the creditors, Nakagawa added.
Read the rest of the story here: Las Vegas Review Journal
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