Monday, January 13, 2014
Gentiva's New Band of Wealthy Brothers Profit while Employees Suffer PTO Cut
Gentiva issued $53 million in stock, roughly 4.8 million shares, as part of Harden Healthcare's purchase price. After holding such shares less than two months, Gentiva filed a prospectus for these shareholders to potentially flip their shares.
Should the listed stockholders have sold their shares at today's closing price, they would've made $4.3 million in less than two months. The biggest winner is R. Steven Hicks with over $27 million in proceeds. Hicks is the new Vice Chairman of Gentiva's board.
Senior Executives cut employee PTO across the board in a January 9 Executive Memo, likely with board approval. It will be a Happy New Year for a select few at the top at Gentiva. The rest, not so much.
I appreciate your posting my Gentiva finds on your blog. They've been coming fast and furious. I do want to hear how things are at Generic Hospice. Please tell me greed, arrogance and hubris have not overtaken your company as well. Sincerely,