ML's $250 million settlement !!!???!!!!! wow!!!!!

Debtwire.com

11-Jun-15 - 12:12

Millennium Health attempted to put its regulatory headaches
to rest last week by reaching a settlement with various
government agencies over its business practices. But the drug
testing company and sponsor TA Associates could be the
target of a new round of misconduct allegations, this
time from investors, according to four sources familiar with the
situation.

The government settlement last week totaled around USD
250m, and was made with multiple agencies over
investigations that date back several years, the sources
noted. The pact purportedly resolves “all federal and state
issues involving the company,” according to a company
statement emailed to Debtwire.

The statement went on to say that “while the details are not
yet finalized, this allows Millennium Health to move
forward as part of the federal health care program.”

From an investor standpoint, the USD 250m figure is a shock. The
company earlier this year had been relaying that it faced only
USD 20,000 worth of claims from Center for Medicare and
Medicaid Services (CMS)

Millennium also received a letter from CMS warning its Medicare license
may be revoked as a result of the investigation, the sources
added.


“If they [Millennium] have like 15 years to pay it they’ll be
fine…if they have one year they’re done. But I don’t think
the government will want to put a bullet in their head,” said
one of the sources.

 

If they can afford TV commercials aimed at patients who don't make decisions, their tests have been over billed or perhaps over bilked

 

The owners and investors of our company have made hundreds of millions from unethical selling, billing, business practices. As employees we are treated like indentured servants with lies, bullying, no room for growth and no chance in sharing any of the wealth we have worked hard to make happen.

Do we really stand a chance to stay in business?

 

Seriously, you are asking that question???? i mean, here's $250 million reasons why the answer is: NO CHANCE. HDL filed. it's just a matter of time, baby.

 

No longer rumor.
http://www.wsj.com/articles/lab-nears-settlementover-pricey-medicare-drug-tests-1434326131

250M. The article doesn't address criminal wrongdoing and that is what they are really worried about. Body bag presentation, culture, etc. Those who were there know "the family" run by "the godfathers" was a scary place. What next?

-Pay settlement
-Commercial insurance contracts ripped to shreds
-Commercial payers lining up for clawbacks (not stark of course but for overcharging)
-Class action suits from patient groups
-Lose every account you have
-Reps leave (many like from AZ, TN, and TX as well as VPs parachute into sunset made of gold)

 

Sunset made of gold? Who...us?

http://www.sandiegomagazine.com/San-Diego-Magazine/March-2012/Tropical-Retreat/

 

You think criminal is still on the table?

 

Criminal charges? There are reports that ML billed the govt repeatedly for tests on specimens from dead people. if that aint criminal activity, i dont know what is.

meantime, ML has already lawyered up -- and they have brought in specialists in workouts/bankruptcy.

tick, tock...tick, tock