The end for Health Diagnostic Laboratory Inc. — at least as an independent company — came in a bankruptcy courtroom populated primarily by lawyers. In mid-September, U.S. Bankruptcy Judge Kevin R. Huennekens approved the sale of one of Richmond’s former business juggernauts to a little-known Texas startup for $37.1 million.
The sale to True Health Diagnostics LLC, based in Frisco, Texas, was hailed as a way to preserve jobs and HDL’s high-tech blood testing model. Yet, Richard S. Kanowitz, a New York-based lawyer representing the committee of unsecured debtors in HDL’s bankruptcy, says the sales price “was not a lot of money, given the money that [HDL] was making.”
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