Friday, December 21, 2007

Interest Revived?....1/11

You wonder if Essent is back up on the block. Searches from several corporations that would seem directed towards that end. Even the Aussies appear back in play.

And, it would be a good thought: Buy low.

I have been thinking about the Essent finances. The first significant loss was with Crossroads. Their version of buy high and sell low. Now that happened prior to the blog, although I did mention in the postings around Nov.

Even before the blog got rolling, MVH had serious problems, and their gay rights lawsuit didn't help that a whole lot. I think the Lahey Clinic has positioned themselves well in any case.

Sharon Hospital just keeps on producing.

NVMC is keeping its head above water.

Southwest (odd how a corporation with a Texas presence names a hospital in PA "Southwest") has their own problems. The blog didn't seem to really catch on out there, but there are several loyal followers. They just needed a cash infusion for an update. Essent was part of the baggage.

Paris. Paris had its own problems. How Christus was bamboozled into buying Big Mac is beyond me. Maybe the bean counters really believed that two hospitals that were losing money combined would lose it half as fast rather than twice as fast????

The 'due diligence' conducted by Essent missed an awful lot, and Monty was burying as much as he could at that juncture. On paper, the facility looked good (doubling the corporate beds!)...and yes, there were savings areas that were obvious. But, the duplication of services, the number of properties, and the mind-set were essent-ially ignored. When they looked at it rationally, the building of a new facility at the North Campus might well be a fantasy--unless a non-competitive buyer (like the VA) could be found for the South, or a re-designated use (rehab, LTAC) that could stabilize costs could be found.

The cuts were to be expected. The problem is, few realized that. The community was used to a not-for-profit environment, that could deficit spend. The attitude was it doesn't matter what we lose, we'll still have jobs. Essent didn't dissuade that notion during the courtship, but then there is hammer time.

Possibly the way to have gone, was to have involved the community more. But they are in a fix. The heart hospital sounds good "on paper" (again), but the proximity of Dallas, with cheaper pricing and newer facilities, puts a hole in that. Advanced Heart has been directing patients that way for years.

What will play out? Who knows. The lawsuit that Essent is pursuing (you thought it was over????) has to show two things: One, my posts were false. Second, by circulating said falsehoods, enough credence was given that financial losses were incurred. They are hindered by a several things, history, common knowledge, and their own policies.

13 comments:

Anonymous said...

As interesting as the facts may be, I applaud Honorable Jack Carter and his staff for upholding the inherent laws of the land; Magna Carta.

As for the honorable Judge (Roy Bean) McDowell, maybe this is a wake up call that the education and degree he earned must now be applied. The persuasions of big business and fancy lawyers that corporate money can buy, will only go so far before the sequestered little man has had enough.

Obviously the Judge was impressed with the out of town suits more than the law, more than the treatment of his fellow citizens he was elected to serve.

As it is, the little man called foul and nobody listened. But when E$$ent yells fire, it's a big deal.

We all know the legal manipulations being applied by E$$ent are to OUT the thorn-in-the-side that fac-p represents. His/her only recourse was and is to shout to the world wrong doings by a major company about issues and misdeeds they (E$$ent) don't want to hear and don't want anybody else to know about. Their bottom line is only one: At the end of the day it's $$$.

This blog is an unacceptable means of communication for Essent, because they, unlike the in-house suggestion box, have no recourse (can't fire you). They are not in control.

Sweeping under the rug option isn't working.

My humble suggestion would be for E$$ent and their suit's (lawyers) and the good judge to re-read OUR constitution, especially the First Amendment.

Anonymous said...

AMEN!

Anonymous said...

How can you make assumptions and accusations about Judge McDowell being swayed by big business? Isn't it possible he was just following his interpertation of the law, as most judges do? Granted, I like many others, think he was wrong on this one but does that give you the right to accuse the Judge of being swayed by the opposition? Especially when you have no evidence or facts to backup your claim.

Anonymous said...

Almost worse if he wasn't. Then he would have had a reason for his ruling. Both the court and the legal review of the case faulted him.

Anonymous said...

I agree with 5:16. If he wasn't swayed then he had his head up a dark place.

Anonymous said...

Sorry poster 9:13, but I believe the original poster was pointing out that the judge forgot the basic rights laid out, very clearly, in the First Amendment of the Constitution!

It wouldn't be the first time a judge was swayed by fancy talking lawyer's to get his or her way.

Anonymous said...

Since I wasn't sure where to post this, here seems as good as any.

Merry Christmas Frank.

Merry Christmas to All.
...And, to All a Good Night....
frank

Anonymous said...

Since I wasn't sure where to post this, here seems as good as any.

Merry Christmas Frank.

Merry Christmas to All.
...And, to All a Good Night....
frank

Anonymous said...

No one but Judge McDowell knows the reasons for his decision.He sited a Virginia case in his ruling.I am not a lawyer , so maybe one of the lawyers out there can fill me in on how a state district Judge can use case law of another state judge to trump the US Constitution's First amendment.Do you think he knew all along it would be overturned and so appeased the local power players and yet knew the blogger would be protected anyway?Sounds like politics to me .He is up for reelection you know (and so far unopposed)maybe it is time for another "Democrat" to step forward. I would vote for him!

fac_p said...

It's not so much that he used a ruling from another state. Cahill is a Delaware case. The appeals court determined that it was a more appropriate case to utilize.

An analysis of the original decision is posted in the Citizen Media Law Project (use this link, then in the related links: [CMLP: Texas Judge Orders Discovery of Blogger's Identity] for the analysis.) They've been following the case closely.

Anonymous said...

I never understood why Christus bought Big Mac when you see asinking ship you don"t run buy it you let it sink then buy the salvage rights.

fac_p said...

Fear: Management (Monty) knew that he couldn't compete with a really squared-away hospital. His only chance was to buy the potential competition before someone who knew what they were doing did.

Does anyone doubt that implementation of even half the cost-saving measures that Essent put into place (aside from the staff cuts) would have brought the North or South Campus into the black, had either been a solo entity?

Problem is...neither is...a solo entity....

Ever felt like you were headed down a Tennessee mountain with the brakes burned out?

Woot said...

Even after Christus bought Mac things could've been made right had this obsession with "Destroy McC!" After Christus raped pillaged and burn Mac they left it to slowly die. They should've hauled all the decent equipment TO Mac and started building a new ell to Mac to house ALL the hospitals in one building.
Essent didn't start they fire, but they've been steadily dousing it with gasolene....