Strange Tony,
Humana reported the following profit on its 40% ownership of Kindred at Home (KAH):
$1.13 billion gain recorded in the third quarter of 2021 associated with the company's previous minority ownership in Kindred at Home (non-taxable)
That's a doubling or 100% gain on its initial equity investment of $1.1 billion in 2018. Contrast that with loyal employees who lost over 50% of the stock's value between Kindred's buyout of Gentiva and its sellout to Humana and two financial rapscallions.
The big money does not go to the little person.
Transaction and integration costs associated with the Kindred at Home acquisition of approximately $128 million.
Fees paid to financial rapscallions are orders of magnitude higher than the paltry amounts KAH provided in its 401k match. Has Humana harmonized benefits yet for KAH employees? Likely not, as it plans to jettison the hospice and community care divisions.
Kindred Healthcare CEO and KAH President David Causby chose to enrich themselves and fellow executives. They've received more than one king's ransom over the last three years. Loyal employees got a kick in the teeth and many got kicked out the door.
Causby and Humana ruptured our hospice to the point it cannot be put back together. Their giant gain is our significant loss.
Anonymous
Yesterday Humana's CFO admitted their original buyout of KAH was on the cheap.
ReplyDelete"our purchase of the broader Kindred at Home platform, we have been able to achieve our objective to substantively increase our footprint in home care by acquiring one of the leading home health platforms in the country at an attractive valuation for our shareholders."