No, not closing the doors, but I expect that soon.
Today was supposed to be the closing day for the sale of Church Street Health Management.
Yes, Church Street Health Management, LLC will now become CSHM, LLC with basically the same Private Equity Investors as before, CIT Corporation and others. The Carlyle Group swears they are out of it, I’m not sure. They say the “exited” in the last year. It must have been in the last 6 months!
The investors basically sunk another $25 million dollars into the company in February to keep it afloat while it “reorganized”. Whatever that means. No one else wanted to jump on the sinking ship so …. it became the property of the same folks. If they aren’t pissed, they should be.
Since then they have ended up the subject of at least two Bloomberg reports. As usual they never come out looking good. But, honestly, how could they? They whole bunch are dirty rotten scoundrels.
Abusing children and raping taxpayers is NOT exactly the best way to prosperity. These folks are so bad, even Don Meyer, who is notorious for selling snake oil to American’s can spin this one. All he can say is “we are providing care to the underserved”. He says it over and over and over… If you listened to them, there would be no sex at all, unless you’re raped.
Still doesn’t it make it so. The once “underserved” are the most “overserved” in America when it comes to dental care these days.
I think things may be getting worse for the CSHM, LLC. I know, it’s hard to believe things could get worse-Bankrupt, Congressional Investigations, Corporate Integrity Agreement, and so forth-but they can.
The first few days of the new ownership is probably gonna suck!
According to sources, Met Life and United Concordia/Tricare are canceling their contracts with Small Smiles Dental Centers.
If true, revenues just went to hell, again. If they couldn’t make it before, they certainly can’t make it now.
PS – If asked to sign some kind of Transition, Separation, Confidential, Severance and General Agreement, in exchange for a week’s pay, I would have an attorney look it over. Personally, unless they removed sections 4, 7, 8, 13 and clarified in writing why it says it’s governed by the state of Tennessee, and why Church Street Health Management is a “Released Party”, I wouldn’t sign it, no way, no how… Just saying…