I am curious to know what this is about. Do you speculate that $100m is hidden? Mitch Stein is claiming indigence; I don't believe him. Do you suspect that he is lying?
Have a good one.
IN MY OPINION:
Mitch was Puppet Master of NCFE
Mitch Stein was never known for his honesty.
Mitch Stein filed bankruptcy.
Most of the money they took from NCFE went into Tracey Controlled Entities.
(ARC Finance, Tajstein Trust, ETC...)
She is now filing for bankruptcy.
This $100,000,000 and a few more are probably in a Cook Islands Trust.
Unlike other NCFE companies, Med Diversified is a publicly traded entity, responsible not only to its patients but also to a loyal group of shareholders who are being needlessly harmed by this action. On behalf of Med Diversified's patients, creditors, shareholders and employees, the Company's board of directors is demanding answers to the following questions:
1. To the trustees of NPF XII and NPF VI, Bank One and J.P.
Morgan Chase, how could you not know the misuse of funds was
occurring? Did you fulfill your duties as trustees and ensure
routine audits were performed? If not, why? To the independent
directors of NPF XII and VI, how did you not know of this
behavior? To the head of the Audit Committee, how were you not
aware of these activities? To Deloitte & Touche, how could you
sign off on last year's NCFE audit? To the chief financial
officer and chief compliance officer of NCFE, how could you
not know the alleged misuse of funds was occurring? How can
NPF XII and NPF VI be able to fund without collateral since it
is unable to do so according to the indentures?
2. How can the over-funding - without supporting collateral - be
anything but unsecured debt? If NCFE and its principals own 30
percent of Med Diversified, isn't this unsecured debt truly
equity?
3. Over the last three weeks, why did NPF XII and NPF VI confirm
both in writing and orally that the Company would be funded -
causing the Company to distribute payroll and vendor payments
- then, without any communication, not fund? How can J.P.
Morgan Chase, Bank One, NPF XII and NPF VI stop funding
without giving adequate warning? How can NPF VI make payments
to a major investor and stop funding for all its clients?
4. How can the State of Ohio and the Franklin County Common Pleas
Court place a Temporary Restraining Order on receivables under
a Sales and Sub-Servicing Agreement when federal law does not
permit the assignment of Medicare and Medicaid receivables to
a third party?
5. Why haven't the independent directors and investors of NPF XII
and NPF VI, as well as J.P. Morgan Chase and Bank One and
their advisors, released the Company's unpurchased, current
and future accounts receivable so the Company can get new
financing to take care of its patients? Also, by their
inaction, how can the independent directors and investors of
NPF XII and NPF VI, as well as J.P. Morgan Chase and Bank One
and their advisors, force patient abandonment to occur and
force the filing of Chapter 11 by the Company's subsidiary,
Tender Loving Care, the second largest nursing company in the
nation?
6. Why has the only communication come from the long retired
board members of NCFE and not from the independent directors
of NPF XII and NPF VI, J.P. Morgan Chase, Bank One and NCFE?
7. Why have J.P. Morgan Chase, Bank One and the independent
directors and investors of NPF XII, NPF VI and NCFE and its
affiliates acted solely in their own financial interests
without regard for patient care?
8. How can NCFE walk away from a 21-year preferred provider
agreement after telling investors it was a billion-dollar
opportunity [as referenced in the Company's press releases and
analyst conference calls from 2000] without a financial
settlement ?
9. How can NCFE not adhere to its contractual obligation relating
to the restructuring of debentures from Private Investment
Bank Limited ("PIBL") one of the Company's major secured
creditors, and American Reimbursement, LLC that requires NCFE
to release funds to PIBL?
10. Why haven't J.P. Morgan Chase, Bank One, the independent
directors and auditors of NPF XII and NPF VI, and NCFE's
auditor, Deloitte and Touche, addressed Med Diversified or
PIBL concerning the breach of certain contractual
relationships committed to by NCFE in support of the Company's
commitment to pay PIBL caused by the non-funding and lack of
response?
to PIBL, as agreed.
1. To the trustees of NPF XII and NPF VI, Bank One and J.P.
Morgan Chase, how could you not know the misuse of funds was
occurring? Did you fulfill your duties as trustees and ensure
routine audits were performed? If not, why? To the independent
directors of NPF XII and VI, how did you not know of this
behavior? To the head of the Audit Committee, how were you not
aware of these activities? To Deloitte & Touche, how could you
sign off on last year's NCFE audit? To the chief financial
officer and chief compliance officer of NCFE, how could you
not know the alleged misuse of funds was occurring? How can
NPF XII and NPF VI be able to fund without collateral since it
is unable to do so according to the indentures?
2. How can the over-funding - without supporting collateral - be
anything but unsecured debt? If NCFE and its principals own 30
percent of Med Diversified, isn't this unsecured debt truly
equity?
3. Over the last three weeks, why did NPF XII and NPF VI confirm
both in writing and orally that the Company would be funded -
causing the Company to distribute payroll and vendor payments
- then, without any communication, not fund? How can J.P.
Morgan Chase, Bank One, NPF XII and NPF VI stop funding
without giving adequate warning? How can NPF VI make payments
to a major investor and stop funding for all its clients?
4. How can the State of Ohio and the Franklin County Common Pleas
Court place a Temporary Restraining Order on receivables under
a Sales and Sub-Servicing Agreement when federal law does not
permit the assignment of Medicare and Medicaid receivables to
a third party?
5. Why haven't the independent directors and investors of NPF XII
and NPF VI, as well as J.P. Morgan Chase and Bank One and
their advisors, released the Company's unpurchased, current
and future accounts receivable so the Company can get new
financing to take care of its patients? Also, by their
inaction, how can the independent directors and investors of
NPF XII and NPF VI, as well as J.P. Morgan Chase and Bank One
and their advisors, force patient abandonment to occur and
force the filing of Chapter 11 by the Company's subsidiary,
Tender Loving Care, the second largest nursing company in the
nation?
6. Why has the only communication come from the long retired
board members of NCFE and not from the independent directors
of NPF XII and NPF VI, J.P. Morgan Chase, Bank One and NCFE?
7. Why have J.P. Morgan Chase, Bank One and the independent
directors and investors of NPF XII, NPF VI and NCFE and its
affiliates acted solely in their own financial interests
without regard for patient care?
8. How can NCFE walk away from a 21-year preferred provider
agreement after telling investors it was a billion-dollar
opportunity [as referenced in the Company's press releases and
analyst conference calls from 2000] without a financial
settlement ?
9. How can NCFE not adhere to its contractual obligation relating
to the restructuring of debentures from Private Investment
Bank Limited ("PIBL") one of the Company's major secured
creditors, and American Reimbursement, LLC that requires NCFE
to release funds to PIBL?
10. Why haven't J.P. Morgan Chase, Bank One, the independent
directors and auditors of NPF XII and NPF VI, and NCFE's
auditor, Deloitte and Touche, addressed Med Diversified or
PIBL concerning the breach of certain contractual
relationships committed to by NCFE in support of the Company's
commitment to pay PIBL caused by the non-funding and lack of
response?
As detailed below, the Company fraudulently obtained $70 million in financing fro m
Private Investment Banking Group ("PIBL") to help pay for these planned acquisitions, a schem e
which ultimately caused the Company's auditor to resign . The Company agreed in writing to pledge
its medical accounts receivable as collateral to repay the principal and interest on convertibl e
debentures the Company issued in exchange for the cash financing PIBL provided . (The Company
issued the debentures to Societe Financiere du Seujet , Ltd. ("SFSL"), a Swiss company that acte d
as a broker in finding a source of financing -- PIBL -- for the Company.) After PIBL had advanced
$70 million to the Company, PIBL received a copy of financing documents that the Compan y
inadvertently or mistakenly faxed to PIBL, showing that the Company had deleted the key
paragraphs of the debentures setting forth the Company's obligation to collateralize the debentures
with its medical accounts receivable . PIBL also noticed that PIBL directors' names had been forged .
The forged documents had apparently been used to deceive the Company's auditor, KPMG LLP
("KPMG") about the medical accounts receivable , which had already been pledged to NCFE, not
to PIBL, as agreed.
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