Showing posts with label Arcapita. Show all posts
Showing posts with label Arcapita. Show all posts

Monday, March 19, 2012

Church Street Health Management–Small Smiles Dental, now Arcaptia Bank files for Chapter 11 Bankruptcy…Ahhh….Maaaan,

I’m broken hearted, probably won’t sleep for weeks worrying about how many virgins await these assholes in bankruptcy court hell. Evidently physically and emotionally abusing and traumatizing children isn’t as profitable as Arcapita was told, I don’t reckon. First Islamic Bank, Arcapita, it doesn’t really matter what they name the company, crime just doesn’t pay. ACAS, next? According to the “chatter” in the court room last Thursday in Nashville, ACAS holds “Senior” debt of this boondoggle. (oops, I used that word, “chatter” again.  They don’t like that word…  lol..dangit, if they would quit chatting, there wouldn’t be so much “chatter” now would there!!  Just saying…  Sheila, think about it… think of all the times you’ve been out and about talking this crap…you just never know who is listening!)

imageMan, this filing should be interesting!! Sharia Law; Virgins; Allah; Jihad – no telling what all will be listed.  LOL

The Smile Behind Small Smiles
Atif A. Abdulmalik

Arcapita’s Chapter 11 Petition

Arcapita Files for Bankruptcy Protection as Debt Talks Fail

By Arif Sharif and Tiffany Kary - Mar 19, 2012 10:48 AM CT Mon Mar 19 15:48:28 GMT 2012

image                                           Arcapita Bank BSC, the owner of Irish power utility Viridian Group Ltd., filed for bankruptcy in the U.S. after failing to reach an agreement with creditors on a $1.1 billion loan due this month.

Arcapita, formerly known as First Islamic Investment Bank, and five affiliates sought Chapter 11 protection today in U.S. Bankruptcy Court in Manhattan, listing more than $1 billion in both debts and assets. Arcapita’s board approved the process “to protect their business and assets and implement a comprehensive restructuring,” the Manama, Bahrain-based private-equity firm said in an e-mailed statement today.

The bankruptcy filing is a “logical step by the company to protect its foreign investments and from individual creditors going after the company’s assets in Europe, the U.S. and Asia,” Serge Lioutyi, a London-based distressed debt trader at Citigroup Global Markets Ltd. said in an e-mail today. It “will help the company focus on reaching a consensual agreement with creditors rather than worrying about individual claims.”

Arcapita is among companies in Bahrain that have sought protection to restructure liabilities after the global credit crisis cut their access to the debt market and as asset prices declined. Awal Bank BSC, a Bahrain-based wholesale bank, filed for Chapter 11 in October 2010, while Gulf Finance House BSC reached an agreement with a group of banks led by WestLB AG on a new two-year $100 million Islamic loan.

Failed Refinancing

The costs to insure Bahrain’s debt against default fell two basis imagepoints to 365 today, according to credit default swap data from CMA, which is owned by CME Group Inc. and compiles prices quoted by dealers in the privately negotiated market.


Tuesday, March 06, 2012

The sharia-compliant group, Arcapita Bank, who is heavily invested in Small Smiles Dental Centers, is facing $1bn toothache.

Last updated: February 27, 2012 8:31 am

Bahrain’s Arcapita faces debt challenge
By Simeon Kerr in Dubai and Camilla Hall in Abu Dhabi

Bahrain-based private equity investor Arcapita Bank is facing a potentially painful debt workout as it mandates advisers ahead of the March deadline for the Manama-based group to repay $1.1bn of loans.

Privately-held Arcapita, which declined to comment, owns a broad portfolio of companies in the US and Europe, including UK rail cargo company Freightliner, Irish utilities group Viridian and US women’s apparel retailer J Jill.

Read more about Arcapita’s troubls here

Sunday, January 09, 2011

Church Street Health Management–From Arcapita's Website 2011-1-9 18-8


I know I'm not the only one to notice, nobody says they "own" the clinics anymore. 

I've made a complete copy of their blog  There is not one word there that says anyone owns any clinic.  Everyone is always a "lead dentist".  Well, until it comes to the income, then FORBA wants to claim that, or the lawsuits, then those lead dentists suddenly become owners.  Cracks me up sometimes. 

Even in the local news video they posted, no own is introduced as "owner" of the Small Smiles clinic here in "fill in the name of the city".

All these Small Smiles dental clinics are either "affiliated with" or "associated with" Arcapita or Church Street Health Management, aka FORBA.

I'm sure they all hate the fact those initial press releases when Arcapita "purchased" these clinics were wiped off the web, sorry guys.

I get what they are thinking, they don't want their name on documents like this.

As you can see, and everyone working for Small Smiles and Church Street Health Management should take note of, everyone will be named in lawsuits. 


The cost of hiring an law firm to initially take the case will be very expensive.  Responsible or not, you've been named in a lawsuit.  Everything for you changes at that point.  And I mean everything! 

Think your family won't be effected, wrong.  Think your kids won't be effected?  Wrong.

Try going out on your own with a pending lawsuit hanging over your head.  Try doing much of anything with this kind of lawsuit hanging over your head. 

I hope everyone is looking over what kind of documents you've signed. 

Church Street Health Management (CSHM) is not going to protect you from the above.  They are hanging  you out to dry, in the end, you will be in this all alone. 

Everyone will need their own attorney.  Don't be stupid and think FORBA aka Church Street Health Management (CSMH) and their vast number of law firms and attorneys are going to protect you.  Look out for yourself.

If you work for Small Smiles and Church Street Health Management, I would think you can expect to see your name on one of these someday in the future.   

For those at other dental mills, be taking notes. 

Boo!  Run! 

Tuesday, November 09, 2010

Small Smiles, Kool Smiles, Fried Chicken and Ice Cream Headaches

There seems to be no outrage from the public that First Islamic Investment Bank owns and operates Small Smiles Dental Centers. Why?

There is nothing close to the outcry when it was revealed this same bank owned Caribou Coffee.  The bank simply changed its name to Arcapita, folks.

This investment bank is milking our CHIPS Medicaid system, designed to help low-income children.  To the tune of $150 million dollars a year I might add.

They are taking this money and applying Shariah Compliant Finance laws, letting a group of Shariah advisers, from Pakistan and Saudi Arabia decide who gets the money and how much!  Think it might be going to fund terrorist?  (rhetorical question)  Are you seriously OK with this!

More on Shariah Compliant Finance below.

Small Smiles, Kool Smiles, and Church’s Chicken
Arcapita B.S.C, the Islamic Bank that owns the Small Smiles Dental Clinics, notorious for over-treatment and the abuse of underserved children in the US.

Friedman Fleischer and Lowe the US Investment firm owns the Kool Smiles Clinics, it too, notorious for over-treatment and the abuse of underserved children in the US.

What do these two companies have in common besides the above?

They each have, at one time or another, owned Church’s Fried Chicken and employed Harsha V. Agadi and FFL’s Kool Smiles arm, NCDR, LLC is also based in Atlanta.

Arcapita purchased Church’s Chicken in December 2004.   Arcaptia sold out to Friedman Fleischer and Lowe in June of 2009 for an undisclosed amount.  FFL left l Harsha V. Agadi as President and CEO. 

Harshavardhan V. Agadi
HarshaAgadi-100pCurrently Agadi is Chairman and CEO of Friendly Ice Cream and still remains a shareholder and board member of Church’s Chicken, through his company GHS Holding.  Arcapita appointed Agadi as CEO in 2004.

Agadi has a BS degree from of the U of B.  No, that is not the University of Boston, its University of Bombay.  I shall leave it to you to decode the BS degree.  Harsha has been with Pizza Hut, Dominos, CEO of Little Caesar’s Pizza, and serves on the boards of Sbarro’s Pizza, and Bijoux Terner, another Arcapita company.
Bijoux Terner  
Agadi stepped down as President and CEO of Church’s Chicken in January 2010 and joined Friendly’s Ice Cream August 17, 2010.  Harsha is also on the board of Crawford & Company, appointed August 5, 2010, twelve days before the appointment as CEO of Friendly’s Ice Cream.

Crawford and Company

Why are so many Arcapita Executives on Crawford and Company’s board?  At least two are also members/directors of FORBA Holding.

Crawford and Company based in Atlanta and according to its website “…is the world’s largest independent providers of claims management solutions to the risk management and insurance industry as well as self-insured entities…”

Currently Harsha Agadi, from above, sits along side  Jeffery T. Bowman, President of Crawford and Company, and Charles Ogburn, Crawford & Company board member and he also is with Arcapita. 

Other Arcaptia employees or board members associated with Crawford & Company:

CharlesHOgburnCharles H. Ogburn - Non-Executive Chariman – Arcapita, Alanta Venture Forum, Crescent (now Arcapita), Robinson-Humphrey Company, Durham Affordable Housing Coalition and King and Spalding, according to  Charles Ogburn earned $72,999.00 from Crawford and Company in 2009.

According to Bloomberg Business Week, Charles Ogburn is on the board of 6 companies:
American Pad and Paper, LLC
Cypress Communications, Inc
Southland Log Homes, Inc.
Caribou Coffee Company, Inc.
Tensar Corporation
Crawford and Company
Bloomberg lists Ogburn’s other affiliations and FORBA Holding is on the list.

JeffBowmanJeffery T. Bowman, Crawford’s President whose total compensation for 2009 was $1,270, 728.00.
Bloomberg fails to list FORBA Holding, LLC as one of Jeffery T. Bowman’s profile.

Shariah Law and Shariah Compliant Finance

Under Shariah Compliant Finance (SCF), 2.5% of all profits must be paid as “Zakat”.   Under Islam, Zakat purifies your money, possessions and wealth and is one of the Five Pillars of Islam.  Basically it purifies Muslims from any greed and selfishness.   It is believed practicing Zakat protects future income, protects them from loss and hunger as well as ensures their prayers are heard by Allah.

This “ethical banking” forbids investments or owning interest in various business and products such as entertainment, pornography, gambling, pork, alcohol or any form of business that involves Israel.

Zakat is paid to Islamic charities.  It is the clerics on the boards of these charities who decide what charity receives the Zakat and the amount.  No doubt billions are handed directly or indirectly to jihadist.  After all, Yusuf Al-Qaradawi was and reported still is Arcapita’s Shariah Financial adviser.  I will get to Qaradawi in a minute.

Atif A. AbdulmalikCritics pounced on Caribou Coffee when it was revealed the majority shareholder was a Shariah Compliant bank when it was named First Islamic Bank of Bahrain, whose CEO is Atif Abdulmalik.

According to a statement on Caribou Coffee’s website “Caribou Coffee currently has 9 directors on its board” and “the majority of whom meet all the independent requirements of NASDAQ  and the U.S. Securities & Exchange Commission.”

First Islamic Investment Bank of Bahrain, which began operations in 1997, changed its name to Arcapita Bank B.S.C. March 15, 2005.  The Islamic investment bank also changed the names of its US division, Crescent Capital Investment located in Atlanta.  It is now Arcapita.

Arcapita Bank B.S.C. has offices in Bahrain, Atlanta, London and Singapore.  The fact just the “majority” meet the requirements is concerning.  It suggests the minority is not.

QaradawiFinancial institutions who practice SCF law have Shariah Law Advisers to guide the company and its investments.  Enter Yusuf Al-Qaradawi.

Qaradawi is a very busy man having a long standing record of fueling jihad and terrorism.  Yusuf Al-Qaradawi’s name has been removed from being a part of Arcapita Bank, but it is believed he is still very much involved with Arcapita.

This man, who has been banned from entering the US since 1999 and who has a long history of promoting violence, supporting bombings of the Israeli people, funds and supports Hamas and Hezbollah and encourages attacks on American forces in Iraq and Afghanistan, is/was the Shariah Complient Financial Adviser for Arcapita Bank. 

Currently Arcapita’s website list’s the following as being on its Shariah Supervisory Board:

  • Shaikh Abdullah Sulaiman Al Meneea, Chairman - Member of Grand Scholars Panal, Saudi Arabia; Retired Islamic Judge, Supreme Court in Saudi Arabia; Member of Shariah advisory boards of a number of Islamic banks and other Islamic financial institutions.
  • Dr. Abdul Sattar Abdul Kareem Abu Ghuddah - a SCF board member on a number of Islamic banks and financial institutions; Member of Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain.
  • Justice Muhammad Taqi Usmani - Vice President of Darul-Uloom University of Karachi Pakistan. Ex-member of the Shariah Appellate Bench of the Supreme Court in Karachi, Pakistan.  He too is on the Shariah Advisory Board of a number of Islamic banks and financial entities.
  • Shaikh Essam Mohamed Ishaq – Chairman of Muslim Education Society; Director and Shariah Adviser of Discover Islam, Trustee of Al Iman Islamic School; also member of the Shari’ah Supervisory Boards of a number of Islamic banks and financial institutions.

Related Stories
Shariah (Sharia) Compliant Finance - Arcapita Bank
Further Information on Arcapita
First Islamic Bank Changes Its Name
More on Yusuf Al-Qaradawi – Arcapita SCF Adviser
Caribou Coffee Investor FAQ
Zakat FAQ
Bahrain-based Saudi-financed “Islamic” bank doing rich business with Israel Military via Cirrus Aircraft.  Palestinian supporters not very happy.  One the board of Cirrus, is John A. (Jack) Draughon, another member of FORBA Holding.
Cirrus Aircraft sold 58% to Crescent Capital US arm of Islamic Investment Bank of Bahrain, now Arcaptia, in August 2001

Thursday, April 17, 2008

Questions about Arcapita and FORBA Dental Management

Where and how did Arcapita get all messed up in this. I mean for 460.3 million dollars as is reported that at some point was given to someone (several someones, several LLC's, INC's whatever..more on this one) for FORBA, LLC what did Arcapita get? (...a mess is what I'm kidding guys, don't get bent all outta shape)

Again I'm confused because in some reports it says that Arcapita Bank got FORBA for 142 million in Jan. 2007 see here.

Then other reports
(arcapita's annual report) of Aracapita (no bank on this one) got FORBA for 460.3 Million! WOW that's a huge profit in little under a year!!!


Or did Arcapita get FORBA at all... Hmmmmm .... I dunno...

Earlier posts raises big questions about that.