Calloway soon to be out of business

Discussion in 'Calloway Laboratories' started by Anonymous, May 28, 2014 at 5:49 PM.

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  1. Anonymous

    Anonymous Guest

    US Attorney Goodwin in WV announces Calloway to pay over 4 MILLION for taking advantage of patients again!!!! Hey Gail how did you and Rob end up here especially under your compliant corporate integrity agreement. We all know that the REAL executives are gone and your words and actions are just as fraudulent as your new dream team. This hot water must really hurt...OUCH!!!! How you gonna pay all those idiots to fly around the country doing absolutely nothing???? Looks like you won't be going to the dentist after all.

    What comes around goes around.......and this is truly a well deserved milestone.

    Congrats!!!!
     

  2. Anonymous

    Anonymous Guest

    hey- AMpersand investigated the business with a fine tooth comb before they bought Willow and Calloway. Clean bill of health from the lab consultant and billing expert.
     
  3. Anonymous

    Anonymous Guest

    Forgot to but Willow is closed now. Calloway?
     
  4. Anonymous

    Anonymous Guest

    The current CEO at Calloway was Ampersand's cracker jack lab and billing expert before the sale for both Willow and I assume Calloway. What happened to us? Does not make sense at all.
     
  5. Anonymous

    Anonymous Guest

    You're finished, that's what happened to you.
     
  6. Anonymous

    Anonymous Guest

    The crackerjack was the prize in the box. She kept the high paid people who drank the Kool Aid, dumped those with integrity and Voila! Even West Virginia caught the flagrant billing codes paid by Medicare and Medicaid. The Crackerjerk continued to amaze the industry with arrogance and obviously fraud. Sadly she shut down Willow, a respected lab who was compliant. Left employees with no jobs and customers with no services.
    A Gem for the Harvard Business Review as it is not over. Not an ounce of sympathy for those at Calloway. The practices were known by all.
     
  7. Anonymous

    Anonymous Guest

    Pee for Profit.

    https://cb.hbsp.harvard.edu/cbmp/product/807040-PDF-ENG
     
  8. Anonymous

    Anonymous Guest

    Troy L. Ward – Keefe, Bruyette & Woods, Inc.

    Yes it does. Thank you. And then – on one of the – I guess it would be considered an add-on. On the Calloway transaction it looks like a percent added on the Willow Laboratories in Boston. Can you speak to that transaction and whether or not that's kind of going down the path of a roll up in the industry and also that's how the Willow in the 10-Q is actually marked a low cost. So could you just talk about what's going on with the Calloway in particular?

    Brook Taube

    Sure, there was an additional fund rising of about – just over $5 million. It was funded disproportionally by the equity. We did participate, but the equity came in disproportionately on that incremental funding. Willow was out – or sort of merged into the platform. And it is a low-cost provider and I think what you all see is, it’s going to allow the completely to transfer some of that lower margin on profitable accounts. And the estimate is up to $6 million of potential savings as a result of the integration.

    We like everyone are always conscious in modeling all of the synergies that might occur, but it's clearly going to provide cost synergies. I think the background of the story however is idiosyncratic in this case and it remains under pressure on balance reimbursement rate cuts among the commercial insurance providers and we’ve seen some off in this case pain care segment has had slightly below plan. So it's on the watch list, we are watching it carefully, it's actually on balance, appears to be doing fine, but like all of these takes a lot of careful attention. So does that give you enough color on it, Troy?

    Bye bye Willow now a no cost provider. Sorry Brook, stop swalowing bs. Can I have five bucks?
     
  9. Anonymous

    Anonymous Guest

    Chris York - JMP Securities
    Okay. And then how are you thinking about the maturity of Calloway Labs over the next five months. What are your expectations for repayment in the investment?

    Brook Taube - Chairman & Chief Executive Officer
    Sure, I don’t have lot of caller to provide. We and the other lenders continue to work closer with the management and the sponsor to improve the performance and the value of the company. We’ve commented before we are saying sample volume stability and some positive outlooks for profitability are beginning to come through. We need additional performance there and we have a team actively working on it. So I have no further comment at this point.


    Operator

    And your next question comes from the line of Greg Mason with KBW. Please proceed.

    Greg Mason - KBWGreat, thanks. Good morning guys. First, I wanted to retouch on Calloway Labs. I know in your Q you talk about revenue recognitions saying you are not going to accrue PIK if the portfolio company evaluations indicate the PIK is not collectable and as we look at Calloway, the fair value, dollar basis was unchanged, but the cost basis went up for the PIK.
    I guess my question is, what’s the risk that ultimately that stops accruing that pick income, based on what we’re seeing as your policy and the fair value not moving? Can you help us understand the risk there?

    Brook Taube - Chairman & Chief Executive Officer
    Good morning. We are currently accruing at the mark, so we have a partial reserve against that PIK. The risk is if we see deterioration in the enterprise value, deterioration in the underlying business, then it likely would need to go on full non-accrual, for the full PIK piece.

    Greg Mason - KBW
    Okay. So you’re only accruing, call it 60% of that PIK amount. Am I understanding that correctly?

    Brook Taube - Chairman & Chief Executive Officer
    That’s correct.
     
  10. Anonymous

    Anonymous Guest

    Chris York - JMP Securities
    Okay. And then how are you thinking about the maturity of Calloway Labs over the next five months. What are your expectations for repayment in the investment?

    Brook Taube - Chairman & Chief Executive Officer
    Sure, I don’t have lot of color to provide. We and the other lenders continue to work closer with the management and the sponsor to improve the performance and the value of the company. We’ve commented before we are seeing sample volume stability and some positive outlooks for profitability are beginning to come through. We need additional performance there and we have a team actively working on it. So I have no further comment at this point.
     
  11. Anonymous

    Anonymous Guest

    Perception. Our CEO spouts about it, but does not understand how to change it, only measure it. BTW, CFO, keep shouting on conference calls. A louder voice obviously makes your opinion correct. In case you do not get a some what subtle inference, you are a DOPE!

    Treat your employees like monkeys, and you are still confused as to why they throw feces at you.

    http://qz.com/287876/this-is-why-people-leave-your-company/
     
  12. Anonymous

    Anonymous Guest

    HAPPY NEW YEAR, YOU OLD BUILDING AND NONPERFORMING LOAN!

    http://seekingalpha.com/article/2745875-medley-capital-credit-quality-issues-surface

    Our concerns were validated yesterday on the release of Fiscal 4Q14 financial results, which showed a marked decline in credit quality.

    F4Q14 Portfolio Events

    There were several notable credit events in the quarter. First, three names were put on non-accrual: These include Calloway Laboratories, Exide Technologies (OTCPK:XIDEQ), and Water Capital. Both Calloway and Exide were on our Medley Capital Credit Watch List. We covered the history of Calloway extensively, noting the multiple restructurings.
     
  13. Anonymous

    Anonymous Guest

    Who is the current VP Sales?
     
  14. Anonymous

    Anonymous Guest

  15. Anonymous

    Anonymous Guest

    Re-Peet
     
  16. anonymous

    anonymous Guest

  17. anonymous

    anonymous Guest

     
  18. anonymous

    anonymous Guest

    GP has super powers. Swept this thread clean of all mention of GP. Way to go GP!
     
  19. anonymous

    anonymous Guest

    Calloway, we hardly knew ye.