Originally Posted by kingofbeer (Post 2459547)

Facts are facts

Originally Posted by Finchs (Post 2459527)

I am surprised no-one has asked yet: What is "DIP" Financing? I hate unexplained initials....LOL...

Originally Posted by Stu from NYC (Post 2459419)

i am still suspicious of the bankruptcy. interesting to see how it plays out.

Originally Posted by coleprice (Post 2459578)

For the reasons set forth in the Top Post above, there are a number of things that don't "smell right" about the actions that the Developer and its surrogates are taking related to (1) The Villages Health Bankruptcy, (2) loans affecting the Citizens First Bank merger and (3) Substantial amount paid for Pickleballs (over 7x internet retail costs for equivalent products). The Developer needs to operate in a squeaky clean manner so that it is above suspicion. Also, Law Enforcement (Police, Sheriff, FBI, SEC, etc.) needs to investigate to discern whether laws have been violated. The actions that The Villages are taking to prevent outside auditors from auditing their books is very suspicious and should be a flag to law enforcement who should consider obtaining warrants so that a thorough investigation can be conducted. If The Developer didn't violate any laws, such an audit would clear them of suspicion.

Originally Posted by coleprice (Post 2459578)

For the reasons set forth in the Top Post above, there are a number of things that don't "smell right" about the actions that the Developer and its surrogates are taking related to (1) The Villages Health Bankruptcy, (2) loans affecting the Citizens First Bank merger and (3) Substantial amount paid for Pickleballs (over 7x internet retail costs for equivalent products). The Developer needs to operate in a squeaky clean manner so that it is above suspicion. Also, Law Enforcement (Police, Sheriff, FBI, SEC, etc.) needs to investigate to discern whether laws have been violated. The actions that The Villages are taking to prevent outside auditors from auditing their books is very suspicious and should be a flag to law enforcement who should consider obtaining warrants so that a thorough investigation can be conducted. If The Developer didn't violate any laws, such an audit would clear them of suspicion.

Originally Posted by Justputt (Post 2459525)

IME, government will try to claw back money it isn't owed too!! I've seen it, and I've seen them lose instance after instance, if the institution toughs it out through the appeal process. IMO, this will be a document war. Do you have the paper to support the charge and less about the patient's condition that would justify the charge. Paraphrasing someone in a prior thread, just because they failed to properly document doesn't mean it didn't happen and wasn't needed, although that's exactly the way the government thinks.

Originally Posted by alwann (Post 2459460)

Wow. House of cards. Who is the genius behind the developer's financing wizardry, some former Enron guy??

Originally Posted by tophcfa (Post 2459407)

It was disclosed in an article earlier today, published by The Central Florida Public media, that the DIP financing in this case was provided by a company called PMA Lender LLC. According to Federal Reserve documents, PMA Lender LLC is a subsidiary of Citizens First Bank, the bank of The Villages. The anticipated sale of Citizens First to Seacoast Bank has been approved, and is scheduled to close around October first. Meanwhile, The Villages Health is pushing hard for the bankruptcy court to approve their sale to Centerwell, before the scheduled closing of the Citizens Bank/Seacoast acquisition, which would likely result in the DIP loan being repaid to PMA Lender LLC before the Bank merger closing. Up until this new news, the sales of both Citizens Bank and The Villages Health appeared to be two completely unrelated events. Now, there appears to be dots that could conceivably be connected between the two sales, especially given the somewhat suspicious timing between the two events and the push to expedite the sale by The Villages Health?

The objection filed with the bankruptcy court by United Healthcare highlights the seemingly suspicious insider DIP financing arrangement as not being a true arms length transaction, which could be motivated by not having to open up The Villages Healths financials to an independent third party and provide more transparency. In addition, Florida Blue and the U.S. Officials (on behalf of Medicare) have also filed objections for the court to consider.

Next Wednesday appears to be a big day in this case, as the bankruptcy court is scheduled to consider approving the sale. It would seem surprising for the judge to approve the sale without further discovery, given the objections filed with the court. Approving the sale at this point, without significant modifications, would effectively be dismissing the objections filed with the court. Should the court not approve the sale as proposed by the Villages Health legal counsel, the bankruptcy process could easily be drawn out for months, creating great uncertainty for the patients of The Villages Health and possibly have an impact on the Seacoast/Citizens First merger? Stay tuned, it could be a very interesting week ahead.

Originally Posted by BrianL99 (Post 2459584)

Where's Don Quixote when we need him?

Originally Posted by JWinATL (Post 2459609)

I haven’t seen skullduggery at this level since then.