Today I made the trek to attend one of the hearings for Church Street Health Management. A court room full attorney’s in dark suits, white shirts and ties but I bet if you asked what assets they were there to talk about “selling” 3/4 of them couldn’t answer and the other 1/4 would be perjuring themselves if they answered.
Actually one of the suits wasn’t sure who he was there to represent, I kid you not, but most of us that know the set up totally understand why he would be confused. He knew he was there for the “Mezz group”. He just didn’t know what that entailed or what all fell under that umbrella. I understood completely. After a short discussion with two other attorney’s standing in the isle, he figured out by process of elimination he was there for the Carlyle Mezzadine Partners, and possibly CIT, but not sure on that one. Even funnier was listening to them trying to decide if their debt was “secured” or “non-secured” debt. Personally I don’t thing a lick of it is secured! One was trying to include the “leases” but don’t those “leases” belong to the dentist who own the clinics? Oh, wait, that’s the lie! Sorry, I got confused myself.
Most of the day was spent with them, and by “them” I mean the two gaggles of attorneys hammering out details on “how” the sale would be handled, but not the actual sale. It seemed they thought they had it all lined out, but then there seemed to be an issue as to Arcaptia being included in the definition of “existing lender”. Personally I would put Arcaptia in the definition of “existing loser” or “existing creditor” since they have a $1Billion dollar payment due in a week or two.
There was a whole lot of huffing, puffing, heads shaking and blown out cheeks. One, who I called “curly” was nervous as a whore in church.. Pardon the pun! I understand, he was there representing Arcapita and from King and Spalding, which explains his nervousness.
Finally, they came to some agreement and brought it back to the judge. The attorney representing CSHM said they didn’t want to present “evidence” at that time, but would file it in a memoranda later today. I suspect they didn’t want me to hear the “evidence” but I could be wrong. Not that is mattered, I do have access to the documents, so he probably should have given it verbally. Everyone had a copy of it, and they judge had looked it over as well.
The Judge told him to have the memoranda to him by morning, but that he planned on signing the proposed order and stressed to all the suits that if they had any objections they better speak up right now…you could have heard a pin drop. Actually you could hear my pen writing. I took a lot of notes!
However, all this was totally boring compared to listening to Sheila Sawyer!
It was announced last year, the partner ,at Waller law was such a a big fan of CSHM she was giving up her “partner” status at Waller and joining the criminal organization of CSHM, well they didn’t say criminal organization, that’s my term.
Well, they were spot on! She is a corporate person to the core. I expected her to whip off her brown suit and reveal a cheerleading getup, pompoms and all and a rah rah and a couple of cartwheels down the isle of the courtroom.
Get this! – Here all these people, many flown in from across the country to this hearing talking about how the sale of CSHM will proceed and what is she doing? She’s talking production! I’m not kidding..CSHM’s favorite and only term “production”!
She has some “sharp dressed man”’s ear and talking production and how to hire 5 or 6 more pedos, have them scheduled at the OR’s two days a week and the other three days of the week they could travel around mentoring and teaching the general dentists. Hmmm… Ok, so they schedule them for the OR, two days a week. That means they are going to need patients to fills those two days of OR.… a little bass ackwards to me. She said that would kill two birds with one stone. Yep, she’s probably right on the kill rate!! She talked about a big week long brain storming session in the next week or two with Adair and I believe she said Kevin and Sue Seal, and revamping the standard of care. I heard her mention OIG being “frustrated” with she threw up her hands like she really didn’t care.
And twice, not once but TWICE, she said they weren’t doing enough crowns! I heard her mention Gloria, Terri and Susan… not sure what that was about.
But anyway, right here in the court room, full of attorneys’ representing companies they have screwed over because they got caught illegally practicing dentistry, and she’s talking PRODUCTION!
I still can’t figure out why her and half the others aren’t in some federal prison! Well, it’s not over yet, is it!?
