Thursday, June 10, 2010

No News is Good News....7/4

Is Essent for sale? Maybe pieces of it. The Lowell Sun's article left a bit to interpretation. "...possible joint purchase (of the hospital) of some kind." could mean anything, including a management deal, or a trade out for the newly acquired facilities. But wasn't the one facility pledged on that loan????

Since the fall through of the Brown deal (number 4, wasn't it?), Essent's stock is probably at a new low--or would be if it was a publicly traded company. A pay
freeze for the third year doesn't indicate any good news, as well.

Time to use the motivational fairy....


celtn2 said...

Looks like MVH in MA may be the next one on the chopping/sale block. Mike Collins has no comment and staff (the ones that are still employed by Essent) are still in the dark. Wait does that surprose anyone who has ever worked for Essent. Good luck!!!

fac_p said...

How is it that Essent can afford agency staffing, but not raises???

As for the chopping block, maybe someone is smarter than Huddie--and rather than bankrupt the whole system, they'll just sell it off, piece by piece....

Anonymous said...

When does Mr Collins have a comment. He has a volcabulatory of a two years old.

Anonymous said...

Essent still believes that if you rub a turd hard enough, it will eventually shine.

/good luck with that

Anonymous said...

"How is it that Essent can afford agency staffing, but not raises???"

Well, if you remember the doling out of the 401k money disguised as retention/kiss Duck's butt money to the PRMC employees, the hiring of agency employees is only logical. Fits Essent's MO to a T.

And also, consider this:

Employees leave Essent facilities either by resignation or firing, leaving a staff shortage. It is difficult to fill these positions due to location of facility, low salary, news spread thru the grapevine, or any combination of the three (or other factors I have not listed). So, in order to fill the holes, agency folks, who do NOT come cheap (but don't see but maybe a third of the money the facility pays the agency- I know this from experience) have to be hired.

Now, factor into the mess a declining patient load ( one that can be corrected by Essent)& the current economic situation (not correctable by Essent) and there you have it. No raises, but demands to do the same or more with less.

That is akin to starving the mules pulling your wagon, but whipping them because they aren't pulling the wagon faster.

And with the climate of hubris and arrogance we see at Essent International World Headquarters, located in the beautiful W. Hudson Connery, Jr. Building*, this does not come as a surprise. It may be cheaper for Essent to sell what pitiful holdings they have and call it a day.

* It's sarcasm, lighten up, folks- better to laugh than cry.

Anonymous said...

You have to wonder what is going on. Apparently they are cleaning the place up in Paris (the fountain even works!), overstaffing in non-critical areas (2 nurses for 3 patients in some areas) and even Ducks and the Connster were seen roaming the halls "inspecting" everything this last week. Looks a whole lot like a potential buyer is looking to view the place or else they are expecting a "surprise" inspection from a state agency.
I think I would go with the former.

Anonymous said...

Could be a surprise inspection.....wonder if JACHO or some other agency is coming for a visit?

If not, I would tend to agree with the first choice- otherwise how do you explain the turd-polishing going on?

Can you say "Potemkin village"?