Hmmm......lets take a closer look at STERLING!!
Stephen J. Dresnick, MD '75 was founder, president, and chief executive officer of Sterling Healthcare Group. Under his leadership, Sterling Healthcare was distinguished several times as a leading Florida company by Florida Trend, Business Week, and The Miami Herald. His medical career includes being academic chairman and founding director of the Emergency Residency Program at Orlando Regional Medical Center. He is currently president of Symbiont Partners, a private equity investment firm. Dresnick continues to serve as a professor of emergency medicine at the University of North Carolina, Chapel Hill and is on the Board of Trustees for Florida International University.
Friday, June 27, 2008
Dr. Steven M. Scott, Stephen J. Dresnick,and ???....
Miami Doctor Buys Assets of Bankrupt Durham, N.C-Based Physician Staffing Firm.
Publication: Knight Ridder/Tribune Business News
Date: Wednesday, December 31 2003
By Jean P. Fisher, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Dec. 31--PhyAmerica Physician Corp., the Durham physician-staffing company that filed for bankruptcy in November 2002 after losing its primary source of funding, will rise from the ashes without its founder and longtime leader Dr. Steven M. Scott.
New owner and chief executive Dr. Stephen J. Dresnick, a Miami businessman and licensed emergency room doctor, wrenched PhyAmerica from Scott's hands this month when he won the approval of a bankruptcy court judge to buy
Publication: Knight Ridder/Tribune Business News
Date: Wednesday, December 31 2003
By Jean P. Fisher, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Dec. 31--PhyAmerica Physician Corp., the Durham physician-staffing company that filed for bankruptcy in November 2002 after losing its primary source of funding, will rise from the ashes without its founder and longtime leader Dr. Steven M. Scott.
New owner and chief executive Dr. Stephen J. Dresnick, a Miami businessman and licensed emergency room doctor, wrenched PhyAmerica from Scott's hands this month when he won the approval of a bankruptcy court judge to buy
He "struck out on his own, bankrolled the creation of hospital rollup Columbia Healthcare (which merged with HCA, after which some bad stuff happened,
Rainwater "struck out on his own, bankrolled the creation of hospital rollup Columbia Healthcare (which merged with HCA, after which some bad stuff happened."
TO ALL REPORTERS....."Bad stuff" of what you already know, but what is really bad is what NO REPORTER HAS YET TO FIGURE OUT..SEE IF AMY INVESTIGATIVE REPORTER CAN CONNECT THE DOTS WITH THE UPCOMING TRIAL(S) in Columbus will reveal..
Both trials, August & October....LET US NOT FORGET OCTOBER!
June 5, 2008 10:55
Richard Rainwater turns bearish on oil. For now
Posted by Justin Fox | Comments (0) | Permalink | Trackbacks (0) | Email This
Billionaire investor Richard Rainwater has turned bearish on oil. Only temporarily bearish, mind you, but it still struck me as big enough news to write my column about this week. It's not online just yet (update: now it is), but in the interest of serving this blog's readers with the freshest possible news (and because Time's PR folks are about to start flogging the story), here are the basics:
Rainwater made his name managing the investments of the oil-rich Bass family of Fort Worth in the 1980s, steering them most famously into Disney stock when Disney absolutely was not cool. Then he struck out on his own, bankrolled the creation of hospital rollup Columbia Healthcare (which merged with HCA, after which some bad stuff happened, but let's not get into that here), and married Darla Moore (famously christened by Fortune as the "Toughest Babe in Business"). Then, in about 1997, he became convinced that oil prices would start rising soon, and committed much of his fortune to betting on that rise.
That bet has paid off to the tune of about $2 billion, a success that has been documented in detail in the pages of Fortune not once but twice.
I was working on a column on whether the price of oil has gotten ahead of itself or not, I remembered those Fortune stories, and I thought it might be interesting to hear what Rainwater thought of all the talk of an oil bubble. I asked Oliver Ryan, author of the most recent of those articles, to introduce me. Oliver called Rainwater, and reported back that Rainwater had something pretty interesting to tell me.
That he did. "I sold my Chevron," he said in the first few seconds of our phone conversation. "I sold my ConocoPhillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything."
Rainwater did this, he said, right after the price of oil passed $129 a barrel, which happened on May 20. He did it because he thinks oil demand is headed down in the U.S. as Americans change their habits in reaction to $4 gas. He remains a believer in peak oil; he just thinks prices have risen so much that we're due for a significant correction--after which he'll start buying into oil again.
Interestingly, Rainwater does not buy into the argument that "index speculators" (pension funds, endowments, and other institutional investors that have been buying into commodity indexes) are a big factor in the recent price rises. He also doesn't think it's the fault of oil companies, OPEC, or any other villain. "It’s just supply and demand, it’s as simple as that," he said.
http://time-blog.com/curious_capitalist/2008/06/05/
TO ALL REPORTERS....."Bad stuff" of what you already know, but what is really bad is what NO REPORTER HAS YET TO FIGURE OUT..SEE IF AMY INVESTIGATIVE REPORTER CAN CONNECT THE DOTS WITH THE UPCOMING TRIAL(S) in Columbus will reveal..
Both trials, August & October....LET US NOT FORGET OCTOBER!
June 5, 2008 10:55
Richard Rainwater turns bearish on oil. For now
Posted by Justin Fox | Comments (0) | Permalink | Trackbacks (0) | Email This
Billionaire investor Richard Rainwater has turned bearish on oil. Only temporarily bearish, mind you, but it still struck me as big enough news to write my column about this week. It's not online just yet (update: now it is), but in the interest of serving this blog's readers with the freshest possible news (and because Time's PR folks are about to start flogging the story), here are the basics:
Rainwater made his name managing the investments of the oil-rich Bass family of Fort Worth in the 1980s, steering them most famously into Disney stock when Disney absolutely was not cool. Then he struck out on his own, bankrolled the creation of hospital rollup Columbia Healthcare (which merged with HCA, after which some bad stuff happened, but let's not get into that here), and married Darla Moore (famously christened by Fortune as the "Toughest Babe in Business"). Then, in about 1997, he became convinced that oil prices would start rising soon, and committed much of his fortune to betting on that rise.
That bet has paid off to the tune of about $2 billion, a success that has been documented in detail in the pages of Fortune not once but twice.
I was working on a column on whether the price of oil has gotten ahead of itself or not, I remembered those Fortune stories, and I thought it might be interesting to hear what Rainwater thought of all the talk of an oil bubble. I asked Oliver Ryan, author of the most recent of those articles, to introduce me. Oliver called Rainwater, and reported back that Rainwater had something pretty interesting to tell me.
That he did. "I sold my Chevron," he said in the first few seconds of our phone conversation. "I sold my ConocoPhillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything."
Rainwater did this, he said, right after the price of oil passed $129 a barrel, which happened on May 20. He did it because he thinks oil demand is headed down in the U.S. as Americans change their habits in reaction to $4 gas. He remains a believer in peak oil; he just thinks prices have risen so much that we're due for a significant correction--after which he'll start buying into oil again.
Interestingly, Rainwater does not buy into the argument that "index speculators" (pension funds, endowments, and other institutional investors that have been buying into commodity indexes) are a big factor in the recent price rises. He also doesn't think it's the fault of oil companies, OPEC, or any other villain. "It’s just supply and demand, it’s as simple as that," he said.
http://time-blog.com/curious_capitalist/2008/06/05/
Tuesday, June 17, 2008
Lance Poulsen wanted his trial in the $1.9 billion fraud case
COLUMBUS, Ohio - A federal judge has denied a request by the founder of a failed health care financing company to delay his corporate fraud trial.
Former National Century Financial (other-otc: CYFL.PK - news - people ) Enterprises chief executive Lance Poulsen wanted his trial in the $1.9 billion fraud case moved from August to October to give him and his attorneys more time to get ready.
But U.S. District Court Judge Algenon Marbley says he's already delayed the trial three times and sees no reason for another delay.
Poulsen had argued that his trial earlier this year on a related witness-tampering charge delayed his preparation for the fraud trial.
Marbley says Poulsen's attorneys knew they'd have to balance the demands of that trial and the upcoming fraud trial.
Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
Former National Century Financial (other-otc: CYFL.PK - news - people ) Enterprises chief executive Lance Poulsen wanted his trial in the $1.9 billion fraud case moved from August to October to give him and his attorneys more time to get ready.
But U.S. District Court Judge Algenon Marbley says he's already delayed the trial three times and sees no reason for another delay.
Poulsen had argued that his trial earlier this year on a related witness-tampering charge delayed his preparation for the fraud trial.
Marbley says Poulsen's attorneys knew they'd have to balance the demands of that trial and the upcoming fraud trial.
Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
Friday, June 13, 2008
Wonder what McCain thinks of this INVESTMENT?
Prescott Arizona.......
The Prescott City Council voted to join a lawsuit to try to recover the $1 million it lost after the bankruptcy of the National Financial Century Enterprises (NFCE), an Ohio corporation in which various public agencies have pooled investments.
The Prescott City Council voted to join a lawsuit to try to recover the $1 million it lost after the bankruptcy of the National Financial Century Enterprises (NFCE), an Ohio corporation in which various public agencies have pooled investments.
Monday, June 9, 2008
Prescott City Council considered joining a lawsuit to recover some of the $1 million ...
Arizona........who is investing your dollars??
The Prescott City Council considered joining a lawsuit to recover some of the $1 million it lost when the National Financial Century Enterprises went bankrupt. The Ohio-based corporation pooled Arizona public agencies' investments.
The Prescott City Council considered joining a lawsuit to recover some of the $1 million it lost when the National Financial Century Enterprises went bankrupt. The Ohio-based corporation pooled Arizona public agencies' investments.
Friday, May 30, 2008
Heatlh Care Fraud & Financial Institutes...THEY ARE CONNECTED!!!
Convicted “grandma-on-the-run” faces 75 years for $3 BILLION scam
May 29th, 2008 · 1 Comment
The Sonoran News called Becky Parrett’s Desert Mountain Art Gallery a touch of class to downtown Carefree, AZ. “People who love fine art will appreciate having pieces like this in a gallery,” said Parrett. ( Sonoran News, June 1, 2005)
Becky Parrett making headlines again, April, 2008.
Attorney Greg Peterson is concerned for the safety of his “missing” client, Rebecca “Becky” Parrett.
“My desire is to make sure that she’s safe,” Peterson said. He admits his client was “very disappointed” about her conviction for 9-counts of conspiracy, securities fraud, wire fraud and money laundering - which could send her to prison for 75 years - but said, “I believe that Becky understands her obligations to the court and she will fulfill those obligations.”
It doesn’t appear, though, that Becky is going to fulfill her obligations soon. She managed to pick up two months worth of prescription drugs before “disappearing“.
Becky’s son, Rob Parrett, says his mother told him she “wasn’t going to jail for something she didn’t do” and had said she would head for Costa Rica.
59 year-old Parrett is used to fame and recognition.
Named first on Franklin Heights High School’s list of distinguished alumni, Becky along with her ex-husband, Donald H. Ayers, co-founded the largest and fastest growing healthcare financial services organization in the country. National Century Financial Enterprises employed 300 and had more than $3 billion in assets National Century Financial Enterprises’ receivables-backed paper was rated AAA by Moody’s.
Born in West Virginia to parents who barely had a high school education, Parrett took a cushy executive lifestyle like a duck to water. She lived lavishly. Her 4,725-square-foot Arizona home with its five-car garage and indoor pool, features an exclusive art collection hanging over marbled floors. The main quarters, guest house and stable are a mix of the Southwest and expensive elegance.The $6 million valued estate which overlooks a mountain ridge, is appropriately named “Blaze of Glory Ranch”.
Parrett also owns an $89,000 home on the West Side of Columbus, where her mother lives. She owns a $700,000 Fountain Hills, Ariz., home that her only child, Rob Parrett, used for many years. She set up a trust fund in her son’s name to help him pay bills.
Parrett also helped the less fortunate. She ran a nonprofit agency called Be Our Best Inc. that caters to children and animals. She donated to the West Valley Children’s Crisis Center, in Glendale, Ariz., which cares for children in protective custody. She was on the advisory board of a new Scottsdale Health Care facility planned for North Scottsdale, and served on the board of the Foothills Community Foundation. From her spectacular Blaze of Glory Ranch Becky hosted upscale fundraisers for animal-rescue groups.
Since March, Parrett has become more famous that ever…on America’s Most Wanted.
Despite being found guilty for her participation in what federal prosecutors called ”the largest corporate fraud case involving a privately held company, ever”, an Ohio federal judge overrode prosecutorial protests and allowed the white-collar criminal to return home to settle her affairs pending sentencing. She was released on her own recognizance, but ordered to wear an electronic monitoring device.
Only, Rebecca Parrett didn’t show up for a scheduled appointment to be fitted with the ankle bracelet.
The last person known to have seen Parrett (on March 16) was her sixth husband Gary Green, who claims he was in a motorcycle accident that day and “can’t remember a thing”.
THE SCAM
By the end of 2001, National Century Financial Enterprises was desperately trying to get receivables to put on the books. Any receivables.
From the NCFE Website:
Other companies are afraid of 180 - day - old receivables.
We have a name for them -
(lightweights.)
“Other companies will not commit to buying your receivables.
We have a name for them-
(wishy-washy)
“Other companies give you an 85% advance rate on your receivables.
We have a name for them-
(stingy)
N.C.F.E. was the nation’s largest purchaser of hospital, physician and other health-care receivables. It served as a middleman between insurance companies and health-care providers around the country, including 60 hospitals, nursing homes and others.
To avoid waiting months to be paid, those health-care providers sold their receivables for 97 cents on the dollar to N.C.F.E. National Century Financial Enterprises then collected payment from the patients’ insurance carriers, Medicare or Medicaid.
To get cash to advance to health-care providers, National Century sold bonds to investors — including some big pension funds, which were among those hit hardest by National Century’s collapse.
The pension fund for New York City police, firefighters and other workers began investing in National Century in 2000. The company’s bonds were attractive because of their life span — usually three years — and high bond rating, said New York lawyer Steve Fineman.
Fitch Investor Services and Standard & Poor’s gave National Century the highest rating — AAA.
“It showed it was a conservative investment,” Fineman said.
Between May 1998 and May 2001, the company sold $4.4 billion worth of notes to investors, pledging to use the capital to buy accounts receivable from hospitals and other healthcare providers. Instead, authorities say N.C.F.E. executives advanced money to companies owned by the executives themselves — without requiring the accounts receivable as collateral. Which amounted to the company having millions in unsecured loans. In 2001 and 2002, National Century advanced $700 million in loans to companies without purchasing the accounts receivable.
The executives then lied to investors and rating agencies in order to cover up their actions.
As reserves weakened, investors and Securities Exchange Commission officials were given false financial reports that said National Century’s two subsidiaries, NPF VI and NPF XII, were healthy. But money was being shifted between the two to make it appear they had adequate money in reserve, the indictment says.
The company declared bankruptcy in 2002 and shut down shortly after.
Officials brought in to salvage the Dublin, Ohio, company said they found National Century Financial Enterprises only had collateral for about $900 million of $3 billion in outstanding bonds.
New details also are emerging about the lavish salaries and perks the National Century principals gave themselves, including frequent use of the company jet, consulting fees and retirement income. Over 2001 alone, Rebecca Parrett and partners Donald H. Ayers and Lance K. Poulsen received about $5.5 million in compensation. In addition, Ayers and Parrett, who retired in the middle of 2001, gave themselves $7.55 million in loans in August 2001, one official said, and they later arranged for the company to forgive repayment.
Assistant U.S. attorneys say that the company’s collapse resulted from criminal decisions, not a failed business plan.
“Few men have the virtue to withstand the highest bidder.” said George Washington, first president of the United States. Rebecca Parrett was no exception. Despite her opportunities, it was greed, no, actually greed gone wild that brought her down.
Anyone with any information about Rebecca Parrett, please call AMW’s confidential hotline: 1 - 800- CRIME - TV.
May 29th, 2008 · 1 Comment
The Sonoran News called Becky Parrett’s Desert Mountain Art Gallery a touch of class to downtown Carefree, AZ. “People who love fine art will appreciate having pieces like this in a gallery,” said Parrett. ( Sonoran News, June 1, 2005)
Becky Parrett making headlines again, April, 2008.
Attorney Greg Peterson is concerned for the safety of his “missing” client, Rebecca “Becky” Parrett.
“My desire is to make sure that she’s safe,” Peterson said. He admits his client was “very disappointed” about her conviction for 9-counts of conspiracy, securities fraud, wire fraud and money laundering - which could send her to prison for 75 years - but said, “I believe that Becky understands her obligations to the court and she will fulfill those obligations.”
It doesn’t appear, though, that Becky is going to fulfill her obligations soon. She managed to pick up two months worth of prescription drugs before “disappearing“.
Becky’s son, Rob Parrett, says his mother told him she “wasn’t going to jail for something she didn’t do” and had said she would head for Costa Rica.
59 year-old Parrett is used to fame and recognition.
Named first on Franklin Heights High School’s list of distinguished alumni, Becky along with her ex-husband, Donald H. Ayers, co-founded the largest and fastest growing healthcare financial services organization in the country. National Century Financial Enterprises employed 300 and had more than $3 billion in assets National Century Financial Enterprises’ receivables-backed paper was rated AAA by Moody’s.
Born in West Virginia to parents who barely had a high school education, Parrett took a cushy executive lifestyle like a duck to water. She lived lavishly. Her 4,725-square-foot Arizona home with its five-car garage and indoor pool, features an exclusive art collection hanging over marbled floors. The main quarters, guest house and stable are a mix of the Southwest and expensive elegance.The $6 million valued estate which overlooks a mountain ridge, is appropriately named “Blaze of Glory Ranch”.
Parrett also owns an $89,000 home on the West Side of Columbus, where her mother lives. She owns a $700,000 Fountain Hills, Ariz., home that her only child, Rob Parrett, used for many years. She set up a trust fund in her son’s name to help him pay bills.
Parrett also helped the less fortunate. She ran a nonprofit agency called Be Our Best Inc. that caters to children and animals. She donated to the West Valley Children’s Crisis Center, in Glendale, Ariz., which cares for children in protective custody. She was on the advisory board of a new Scottsdale Health Care facility planned for North Scottsdale, and served on the board of the Foothills Community Foundation. From her spectacular Blaze of Glory Ranch Becky hosted upscale fundraisers for animal-rescue groups.
Since March, Parrett has become more famous that ever…on America’s Most Wanted.
Despite being found guilty for her participation in what federal prosecutors called ”the largest corporate fraud case involving a privately held company, ever”, an Ohio federal judge overrode prosecutorial protests and allowed the white-collar criminal to return home to settle her affairs pending sentencing. She was released on her own recognizance, but ordered to wear an electronic monitoring device.
Only, Rebecca Parrett didn’t show up for a scheduled appointment to be fitted with the ankle bracelet.
The last person known to have seen Parrett (on March 16) was her sixth husband Gary Green, who claims he was in a motorcycle accident that day and “can’t remember a thing”.
THE SCAM
By the end of 2001, National Century Financial Enterprises was desperately trying to get receivables to put on the books. Any receivables.
From the NCFE Website:
Other companies are afraid of 180 - day - old receivables.
We have a name for them -
(lightweights.)
“Other companies will not commit to buying your receivables.
We have a name for them-
(wishy-washy)
“Other companies give you an 85% advance rate on your receivables.
We have a name for them-
(stingy)
N.C.F.E. was the nation’s largest purchaser of hospital, physician and other health-care receivables. It served as a middleman between insurance companies and health-care providers around the country, including 60 hospitals, nursing homes and others.
To avoid waiting months to be paid, those health-care providers sold their receivables for 97 cents on the dollar to N.C.F.E. National Century Financial Enterprises then collected payment from the patients’ insurance carriers, Medicare or Medicaid.
To get cash to advance to health-care providers, National Century sold bonds to investors — including some big pension funds, which were among those hit hardest by National Century’s collapse.
The pension fund for New York City police, firefighters and other workers began investing in National Century in 2000. The company’s bonds were attractive because of their life span — usually three years — and high bond rating, said New York lawyer Steve Fineman.
Fitch Investor Services and Standard & Poor’s gave National Century the highest rating — AAA.
“It showed it was a conservative investment,” Fineman said.
Between May 1998 and May 2001, the company sold $4.4 billion worth of notes to investors, pledging to use the capital to buy accounts receivable from hospitals and other healthcare providers. Instead, authorities say N.C.F.E. executives advanced money to companies owned by the executives themselves — without requiring the accounts receivable as collateral. Which amounted to the company having millions in unsecured loans. In 2001 and 2002, National Century advanced $700 million in loans to companies without purchasing the accounts receivable.
The executives then lied to investors and rating agencies in order to cover up their actions.
As reserves weakened, investors and Securities Exchange Commission officials were given false financial reports that said National Century’s two subsidiaries, NPF VI and NPF XII, were healthy. But money was being shifted between the two to make it appear they had adequate money in reserve, the indictment says.
The company declared bankruptcy in 2002 and shut down shortly after.
Officials brought in to salvage the Dublin, Ohio, company said they found National Century Financial Enterprises only had collateral for about $900 million of $3 billion in outstanding bonds.
New details also are emerging about the lavish salaries and perks the National Century principals gave themselves, including frequent use of the company jet, consulting fees and retirement income. Over 2001 alone, Rebecca Parrett and partners Donald H. Ayers and Lance K. Poulsen received about $5.5 million in compensation. In addition, Ayers and Parrett, who retired in the middle of 2001, gave themselves $7.55 million in loans in August 2001, one official said, and they later arranged for the company to forgive repayment.
Assistant U.S. attorneys say that the company’s collapse resulted from criminal decisions, not a failed business plan.
“Few men have the virtue to withstand the highest bidder.” said George Washington, first president of the United States. Rebecca Parrett was no exception. Despite her opportunities, it was greed, no, actually greed gone wild that brought her down.
Anyone with any information about Rebecca Parrett, please call AMW’s confidential hotline: 1 - 800- CRIME - TV.
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