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AdCare Health Systems, Inc. Message Board

  • chiefmaugus Jun 7, 2013 1:35 PM Flag

    ADK: it's nothing personal just business.

    I'm short ADK because management has sat around while Brogdon and Brew have orchestrated a shell game/ ponzi scheme. I feel nothing but contempt for the whole lot.

    How about the March 29, 2012 and April 1, 2012 loans from Cantonne and Stromme? ADK borrowed $3.5M from each "hf". In the case of Cantone the note was for 3 months at 10% and Stromme was supposed to be paid by October 2012. ADK issued an aggregate 650,000 shares to borrow those funds for 3 months. The benefit of having those funds for 3 months came at quite a very high cost to shareholders. In fact shareholders still paying that "cost" because these a-holes are in the market selling their shares and keeping you from getting good executions on stock you ought to be selling. Management will sell out the common shareholders every chance they get.

    I'm just saying. Going to get a lot worse.

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    • Insider can not sell stock during blackout periods. When they announced that they were going to restate financials from previous periods they all became blacked out. That's what also made the tender offer so suspicious. They would have to complete the restatement before the tender could be executed. They have a huge mess on their hands here but they are locked into the stock at this point, shareholders are free to trade.

      I did find it a bit promising that they were able to pay the preferred dividend. I wish I knew if they had any more deals though where financing was pending a.k.a. - the Oklahoma facilties went to Brogdon and now the Tennessee facilities reverted to the previous owner. I thought they over paid for Tennessee anyway but these guys have their hands full holding this thing together right.

    • Blah blah blah chief. Don't you get tired of hearing yourself blabber on? We all know you got burned by him on bonds on another deal. Get over it. Seek counseling. It's not too late. If you won't get help for yourself, think about your family and how getting help dealing with anger management might help them and your family life. You don't have to go on leading the miserable life you lead. Cunseling can help.

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