The ultimate predecessor of our business was a corporation known as Provider Solutions Corp. (“PSC”) that was formed to develop the technology that we employ in our business. PSC was a Florida corporation organized in 1992. PSC raised an aggregate of approximately $7 million on a secured basis. Summary results of operations data.

 

On July 2, 2002, PSC filed an assignment for the benefit of creditors under Florida law. Stanford, one of PSC’s secured creditors, formed Provider Acquisition LLC (“PAL”) in order to make an offer to the Assignee to...