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Hey Slattery...not so fast...

Discussion in 'Millennium Laboratories' started by anonymous, Nov 18, 2015 at 3:15 PM.

  1. anonymous

    anonymous Guest

    anybody see the Wall Street Journal today?

    not so fast, Mr. Slattery. Maybe you cant take all the money and run.


    ..Now Millennium is in bankruptcy protection, felled by a number of whistleblower lawsuits filed by former employees and doctors who claim the company’s growth was fueled by unnecessary tests and illegal kickbacks to physicians, as a Justice Department investigation concluded was the case.


    Before last week’s bankruptcy filing, Mr. Slattery and minority owner TA Associates struck a deal with most of their bondholders to turn over ownership of the company and pay $325 million to settle the federal probe. In return, the owners get to walk away from any potential lawsuits tied to claims related to the federal probe.


    That plan is facing pushback in court, where at least one investor, Voya Investment Management Co., claims Millennium’s owners are getting off too lightly. The bankruptcy settlement is just a fraction of the cash the two owners took out of the company in the past three years as dividends, Sharon Levine, lawyer for Voya, said last week in bankruptcy court.
     
  2. anonymous

    anonymous Guest

    off topic, but I thought this might help in some way. PCLS just sent out 14,000 back logged patient bills that were held up because they were on credit hold with the company that mails their bills. This should really upset clients and enable you to tae their business.
     
  3. anonymous

    anonymous Guest

    If those bozos over at PCLS would have charged the same amount we charge they wouldn't be having any cash flow problems - just legal ones
     
  4. anonymous

    anonymous Guest

    One strange facet of the dividend payout was that Slattery et al were not particularly evasive about where the debt issuance would end up-special dividends straight into their pockets.
     
  5. anonymous

    anonymous Guest

    This is just the tip of the iceberg for these gangsters. By the time the dust settles I'm guessing Uncle Jimmy and his henchmen will be wearing jumpsuits. The other consideration is that of the Unaffordable Care Act. It's just a matter of time before CMS & the OIG finish levying fines and criminal penalties on these bums, and then turn their attention to the poor saps that have their NPI #s connected to these grossly negligent test orders. This is going to be better than any drama series Hollywood could ever dream up!
    In closing, all I can say is: "Millennium, don't let the door hit you in the ass on your way out of this industry"
     
  6. anonymous

    anonymous Guest

    No crime documented by DOJ so just free money for the owners ...sorry man
     
  7. anonymous

    anonymous Guest

    Has the Bankruptcy impacted any of you sales reps yet?
     
  8. anonymous

    anonymous Guest

    "On the eve of a crucial bankruptcy court hearing, a long-simmering dispute over a $1.8 billion loan to Millennium Health LLC on Wednesday boiled over into a federal-court racketeering lawsuit.

    Funds associated with Voya Investment Management Co. sued Millennium’s owners, founder James Slattery and private-equity firm TA Associates Inc., alleging they failed to warn lenders of a Justice Department investigation into the company’s practices.

    Across the street in bankruptcy court, Millennium, Mr. Slattery and TA clashed Thursday with Voya over a chapter 11 plan that would shield the company’s owners from legal action over the financing. During arguments, lawyers for Mr. Slattery and TA said the complaint had no merit, and would likely mean years of litigation that wouldn’t pay off.

    Millennium says its survival as a company depends on getting approval of the chapter 11 plan. Mr. Slattery and TA have agreed to contribute $325 million to the reorganization of one of the nation’s largest drug-testing companies. With that money, Millennium would be able to get from under “corporate-killing” enforcement action by the government, which has threatened to strip the laboratory-testing company of the right to bill Medicaid and other taxpayer-funded programs, said company lawyer Ken Ziman.

    The company is seeking Judge Laurie Selber Silverstein’s signature on a chapter 11 plan that hands ownership of the company to lenders that took part in the $1.8 billion loan in 2014 and removes the threat of litigation from Mr. Slattery, TA Associates and many others. The judge is expected to rule Friday.

    Without the contribution from the owners, Millennium can’t cover a $256 million settlement with the Justice Department that quiets fraud accusations that grew out of a multiyear investigation. Millennium must pay up by the end of the year or lose its right to bill taxpayer-funded programs. Once the government shuts off Millennium, insurers will follow suit, and the company’s revenue will fall to a trickle, Mr. Ziman said."
     
  9. anonymous

    anonymous Guest

     
  10. anonymous

    anonymous Guest

  11. anonymous

    anonymous Guest

    Yes! I hear that any of the reps that have a keen sense of the obvious are getting a lot of practice updating their resumes...:D
     
  12. anonymous

    anonymous Guest

  13. anonymous

    anonymous Guest

    wow
    I would say that is all she wrote: there is no way the courts are going to let them walk away with a billion dollars screwed from hard working peoples 401K etc.

    I see planes for sale and a Del Mar beach house with a few high end cars...

    The guilt has already been proven Helen Keller or Forrest Gump could win this in court if they were lawyers!
     
  14. anonymous

    anonymous Guest

    No, no, no... That's episode #2
     
  15. anonymous

    anonymous Guest

  16. anonymous

    anonymous Guest

    All these comments about millennium in trouble are from their competitors. Y'all need to worry about your own company since you don't have enough business to survive. Bottom line is millennium cleared major hurdle and will survive and move on. Good luck to you loser reps that will bounce from lab to lab.
     
  17. anonymous

    anonymous Guest

    yep ML is free to move on and the owners are free to spend their money that they deserve. Without them there would be no company at all. It is all perspective, and has been a fun event to watch unfold.

    what a ending!!!
     
  18. anonymous

    anonymous Guest

    Nice try but you missed at least one key statement in the article. They are not absolved from any criminal prosecution. Taking into consideration that they have admitted numerous times in court to having committed improper and illegal activities in their promotion of the lab, this might still be wide open should someone elect to file specific charges. Unlikely but possible.