Word: pilgrimate
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When Harvard University considered becoming part of a team to bail out the failing health insurance company Harvard Pilgrim Health Care (HPHC) it may have been acting out of self- interest. The University's traditional ties to the unaffiliated insurance company means the administration has a vested interest in saving it from financial difficulties...
...That one of the leading institutions in the world trying to partake [in the plan] is laudable," said Devin A. McManus, chair of the 280 member Physicians of Cape Cod. "I think for Harvard University to venture into helping Harvard Pilgrim is appropriate...
Officials are now attempting to avoid Harvard Pilgrim's liquidation by the government...
...described by the Globe--calls for investors to exchange funding for "surplus notes," which would benefit investors through high interest rates. Investors would be assuming a significant amount of risk--and would not be able to sell their bonds. The plan would have to include the sale of 14 Pilgrim-owned buildings, currently leased to the medical group Harvard Vanguard...
...bankers proposed a plan to salvage Harvard Pilgrim, sources familiar with the talks told the Globe. But the plan's feasibility seems questionable. According to the article, Mass. Attorney General Thomas F. Reilly said the alternatives to the plan are selling Harvard Pilgrim to a for-profit insurance company and liquidation...