Catching up on Church Street and Small Smiles bankruptcy this Easter weekend finds whistleblowers still waiting on their good citizen reward.

I decided to read over some more of the thousands of pages filed on the Church Street Health Management/Small Smiles dental bankruptcy filings as we did our family travels this weekend. What caught my eye was a 140 page Affidavit of Service. The list was very interesting, and what,or should I say who, was on this listed was what really made an impression.

First, in my loose estimate there are some 800 to 1000 minor children who have lawsuits pending against this criminal enterprise for abuse, mistreatment or overtreatment and blatant malpractice.

Second, you know those whistleblowers who blew the lid off this particular criminal enterprise back in 2007 The one that finally reached a settlement in January 2010. Well, they are on the “notify” list, meaning they are to be “served” copies of all these documents, or most of them anyway.

Now, that means not only did Church Street Health Management and their host of Small Smiles dental centers fail to pay the fines (they call it a settlement) imposed by several states-some states have been paid more than others-but the whisleblowers have not received their full rewar$ for the hell they went through, filing lawsuits and turning these bastards into the Department of Justice.

There were two or three in the Virginia and DC area as well as Mr. Haney in South Carolina.

I think this issue on Whistleblowing needs some tweaking! One thing for sure, is criminals aren’t good credit risks.

Speaking of credit, Church Street Health Management and their Small Smiles centers sure have a lot of people to whom they owe a shit load of money. For a criminal enterprise to go belly up just over a year after the Feds begin keeping a much closer eye on their operations, by way of that Corporate Integrity Agreement, the CEO Michael Lindley signed, says a lot. A WHOLE LOT!

To me it says, unless we break the law, and commit malpractice on most of the children we profess to care so much about, to rip off Medicaid this business model is not for the profit minded.

I’ve not downloaded and read all the documents of the bankruptcy yet, but, I certainly will. I’ve not found their detailed list of Assets and Liabilities just yet. Last I read said basically they were working on it. I’m just guessing, but I bet this one has to be the one of the most creative “assets” lists the Federal Court system has ever seen.

I’m sure there will be some sort of “pecking” order to settle up these debts, whether there is some fool ass Wall Street firm or Private Equity scumbags to snatch up this hot mess company, which I doubt, by the way.

But the children they have abused and the ones still waiting out there to be compensated for their pain and suffering should be number one, the taxpayers number two and the whistleblowers number three and it would be a tie between, Al Smith, Michael Lindley or Steve Adair down there in Hilton Head last, and should be barred from any claim whatsoever! 

Some other notables on the list are:

Lisa DeRose;
Ameris – Lindley’s other business and the one that owns the plane and the condo in Florida; and,
Jake and Jenna Kochenberger

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!)

Man, 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

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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

                                           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 points 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.

 

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

Carlyle Group’s Susan Kasser, board member of Shari’s Management Corporation, joins the board of Church Street Health Management/Small Smiles Dental Centers

Kasser has been with the Caryle Group since 2004, prior to that she was at Goldman Sachs, surprise  surprise.

Here is her profile from the Carlyle Group website:
Susan Kasser is a Principal with Carlyle Mezzanine Partners, focusing on junior debt investments in support of leveraged buyouts, growth capital, and recapitalizations, primarily in North America and Europe.  Ms. Kasser is based in New York.

Since joining Carlyle in 2004, Ms. Kasser has been actively involved in current portfolio companies American Achievement Corporation, BioReliance Corporation, Church Street Health Management, Hudson Products Corporation, INC Research and Shari’s Restaurant Group.  Ms. Kasser was also actively involved in the investments in Applied Systems Inc, Sanitors, Inc, and US Investigations Services, which have been fully realized.