Court awards Mountain Home family $375 million judgement

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A Mountain Home man and his family have been awarded a $375 million judgment in a Florida lawsuit.Joe Samuel “Sam” Bailey has confirmed to KTLO, Classic Hits and The Boot news the Hillsborough County circuit judge’s ruling last month.Bailey is co-founder of Laserscopic Spinal Centers of America, which began operation in 2004 in Tampa, Fla.He is also the former marketing consultant for the Bonati Institute in Pasco County, Florida. With Dr. James St. Louis and Dr. Michael Perry and a fourth individual, he founded the Laserscopic Spinal Centers and its holding companies. The practice treated patients with minimally invasive spinal surgery.

The Florida company’s revenue grew quickly, attracting the interest of investors, who reportedly pressured Bailey to sell.

When their efforts were unsuccessful, Bailey’s two physician co-founders left and joined the investors to created the Laser Spine Institute, a competing business.

The publication Becker’s Spine Review says Bailey sued LSI under the Florida Deceptive and Unfair Trade Practices Act. He claimed the Laser Spine Institute had copied Laserscopic’s business plan and lured both employees and surgeons to its business.

At the time, Laserscopic’s business model was considered unique, according to a 2016 appeals court document, and Dr. St. Louis was one of fewer than 10 surgeons in the country who specialized in endoscopic minimally invasive spine surgery.

The first trial started in 2010, with Bailey awarded $1.6 million.

When the case was heard a second time in a higher court, the award increased to $6.85 million.

Laser Spine appealed, and 13 years after the saga began, Bailey and his family were awarded more than $260 million, which has now increased to $375 million with interest.

In March, the Laser Spine Institute closed its doors, resulting in the loss of about 500 jobs.

The Tampa Bay Times says with the judgement Bailey now assumes a majority share in the remains of Laser Spine, which is undergoing an insolvency process. Similar to a federal bankruptcy filing, the process assesses all equipment and other materials Laser Spine owned or controlled and decides what is valuable enough to sell.

Among the more prominent shareholders who received distributions from Laser Spine, according to the suit, are Outback Steakhouse co-founder Chris Sullivan and billionaire developer Edward John “Eddie” DeBartolo Jr.

Bailey says his family is thankful and relieved the struggle is complete. He says an appeal effort to the settlement has been denied. He declined further comment.

Bailey was represented by Miami attorney Jennifer Altman.

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