Strange Tony,
Kindred executives sold stock 35 times in the period March 24-28. The ten senior executives did so at a premium price to the one they negotiated over an eighteen month shop period. Like the nursing home division executives started high then sold low.
While common stockholders get $9.00 a share executives received $9.15 per share. Their trade proceeds will be used for payment of exercise price or tax liability. Good thing executives received a little extra juice. That way they can keep more of the millions they make on the deal.
Oddly, rumors have Walmart pondering the purchase of Humana, the company that will take four to five years to buyout the old Gentiva from two private equity firms. In a few years time our hospice employees could be working for Walmart. Will Sam Walton's kin keep wages low and use our hospice's cash flow to make new acquisitions? Will they pull cash out of our hospice to funnel up to their executives?
People at our hospice site deserve better than Kindred executives, who want to enrich themselves by selling out and remaining in charge. The last bunch had the decency to take their riches and go away. Not so with this crew.
The vote will be announced tomorrow. Kindred employees need to brace yourself.
Anonymous (Tired of being Sould-Soled-Sold)
That is classic. It only traded at a .15 premium on the hopes that the sale would be rejected and another suitor would come along. I wonder if the executives knew the "early" voting favored approval (I know the Board does when it comes to election/reelection) and took advantage to squeeze out every penny. How is this not insider trading?
ReplyDeleteClearly, anyone who got in below $9 recently would vote yes and long term investors/shareholders including former Gentiva employees who believed in the Company, its mission and worked hard to grow it hoping for a nice chunk in retirement, did not...