Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I think I will revisit this.
My opinion is that IHCH is going to see a lot of buyers when the next quarterly report is issued in August. I've been a big buyer recently including today. They will have awesome earnings.
some volume this morning. Just have a feeling something may be up. Any opinions on their financials released a week or so ago?
http://finance.yahoo.com/q/is?s=ihch
Financials have been released. Any opinions? Do we move higher from here? My guess is that they will be sold within 6 months.
I can give you 96 Million reasons why someone might have recruited Cantor Fitzgerald for an IHCH end-game. I'm sure they know the deal coming and are far from clueless.
I was out today but definitely like what I am seeing with the upward move in IHCH on extra strong volume. Looks like $0.25 (my target) is being sited in.
Afterall it became a good day. That big seller at 13 might regret it a bit now. Maybe.
Share-wise I think it has, $-wise this may be the first in at least many years.
Never has this stock traded this volume. At least not that I remember.
AFter 2 hours we have 232,000 in volume, the highest in nearly a year, and a 50k bid for more despite what appears to be a single aggressive large seller out there who perhaps cluelessly believes in a mythical .07 buyout.
The first installment of the major QAF gain will not hit the bottom line until the June quarter financials are posted. The only people that know about it are those that already own the stock or have been watching it. When the financials post, IHCH will gain a lot of attention.
I added a bunch of IHCH today.
If you call an unchanged stock merry christmas then yes. Why no reaction today? Isn't that what people here waited for in the last few months? I haven't followed it too closely so I might miss something here.
7 Cents with Debt Resolved
That assumes there is sufficient net to IHCH against this last and the coming QAF Managed Care Payments to accomplish the goal. It also assumes Chaudhuri is sticking with that original plan, given the now 27.9% decline in admissions since 2008 (report shows 20.2 Thousand vs. 28.0 Thousand for 2008). The 20% YOY taper on QAF is also now evident in the Managed Care payments (big chunks), i.e. $72.1M, $60.0M, $24M.0-implied for the 2 plus 1/2 fiscal year periods with stated $156.1M revs (estimated). That assumes the $60M stated is truly Managed Care only, and not inclusive of FFS on that language issue of what revenues means. I'm also expecting additional QAF taper in the 2 year 2014-2015 extension with added phase-out of Disproportionate Share payments.
The number is (again) based upon their stated value of $23 Million AT BEST (low to no debt necessary or cash offset) with consideration of a 2x offer and 662,307,262 shares.
What I'm considering is how much fee was paid to get those payments and how much that would technically reduce with 40% taxes. That's without consideration of what a close with KPC might do for any offset of loses on other properties, like Victorville.
In case anybody is still confused, IHCH paying down huge chunks of debt means....
They're rich.
HO HO HO ;)
So, what per share value do you put on the buyout?
Is that like Merry Christmas IHCH Longs!
NOTE 14 – SUBSEQUENT EVENTS (unaudited)
In May 2013, CMS approved the managed care portion of the 2013 QAF for the period from July 1, 2011 through June 30, 2012. On June 26, 2013, CMS approved the managed care portion of the 2013 QAF for the period from July 1, 2012 through June 30, 2013.
Based on the most recent modeling prepared by the California Hospital Association, the Company anticipates making payments for provider fees and other expenses relating to the 2013 QAF of approximately $105.8 million and receiving approximately $235.5 million in revenues from the State ($79.4 million from the fee-for-service portion and $156.1 million from the managed care portion).
In June 2013, the Company received $72.1 million in managed care QAF payments for the period from July 1, 2011 through June 30, 2012 (Note 11). The Company anticipates receiving approximately $60.0 million in revenues for the period from July 1, 2012 through June 30, 2013.
The Company cannot provide any assurances or estimates in connection with CMS’s final managed care approval of the 2013 QAF (for the period from July 1, 2013 to December 31, 2013) or a possible continuation of the QAF program beyond December 31, 2013.
In June 2013, the Company paid down $25 million on its revolving line of credit, resulting in an outstanding balance of $10 million.
Agree, 10-K Supports Possible Buyout Soon
Here's the 10-K for FY2013, filed Friday after market close:
http://www.sec.gov/Archives/edgar/data/1051488/000101968713002516/0001019687-13-002516-index.htm
In keeping with the SEC Registration for buyout by Chaudhuri...
Yes, I agree with withdrawal of the S-8 registration as a possible checkoff item as prelude to offer and closure. It does put a further lock on the Share Structure. I note the S-8 POS was filed immediately after confirmation of Managed Care for FY2013 (ending June 30) approval, as stated in the 10-K:
"On June 26, 2013, CMS approved the managed care portion of the 2013 QAF for the period from July 1, 2012 through June 30, 2013." (Bold added by me.)
That assumes that second big chunk payment is sufficient to finally trigger closure. However, the statement on amount coming is a little ambiguous:
"The Company anticipates receiving approximately $60.0 million in revenues for the period from July 1, 2012 through June 30, 2013." (Underlined by me.)
The statement follows the amount of Managed Care received for FY2012 in June, but that was discussed as "payment". QAF Revenues for that period would normally be inclusive of Fee-For-Service revenue, which is running around $30.8 Million (about $7.7 Million per quarter against fees of about $7.2 Million per quarter). So, the amount of Managed Care payment (revenue) might not be $60.0 Million, but the net of only $29-$30 Million for this approved FY2013 Managed Care payment. That's why the language is weak on what exactly is coming.
Well, I did previously suggest the Governor may have asked to move QAF money in that supplemental September 2012 legislation, i.e expanded Medicaid/Medi-Cal coverage and ramp for Obamacare costs. I did think there might be some ramp-down on QAF, but not that much. At this point, it's a language problem I can't reconcile with other QAF statements in that and prior paragraphs on the filed Subsequent Events.
It certainly makes a difference on whether Chaudhuri pays the 7 Cents/Share or something less (IMO). Closure is debt resolution and/or cash distribution to the partners on this insider buyout, so it's very relevant (IMO).
It's not on the DHCS website yet, but if they schedule it similar to May with fee due by mid-July and payment in August. That's when I would (in that scenario) predict closure against the SEC Registered buyout by Chaudhuri. That doesn't preclude an offer coming sooner with closure at/near a date in that time-frame. No, not predicting an 8-K on Monday, but can't rule-out that possibility either.
Watch the DHCS site for update on fee collection for that second Managed Care piece:
http://www.dhcs.ca.gov/provgovpart/Pages/HospitalQualityAssuranceFeeProgram.aspx
Sounds like IHCH may be planning to sell itself and doing some housecleaning.
IHCH SEC S-8 POS Filed
http://www.sec.gov/Archives/edgar/data/1051488/000101968713002477/0001019687-13-002477-index.htm
It is a termination of the prior 2006 employee stock incentive plan filed in 2007.
"Integrated Healthcare Holdings, Inc. (the “Company”) is filing this Post-Effective Amendment No. 1 to its Registration Statement on Form S-8 to withdraw and remove from registration the unissued and unsold shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), issuable by the Company pursuant to the Company’s 2006 Stock Incentive Plan (the “Plan”). The Plan was previously registered by the Company pursuant to that certain Registration Statement on Form S-8 (file No. 333-140417), registering 12,000,000 shares of Common Stock filed with the Securities and Exchange Commission on February 2, 2007."
Vanguard Health up 66% on acquisition by TenetMarketwatch
Nice volume in IHCH today. May be getting close to the State of California making a nice payment to Integrated Healthcare Holdings, Inc.
Hope so.
Still looking for $0.25.
Out of curiosity, are you long?
IHCH: $23-Million True Value AT BEST
I was reviewing the recent public statements about the lawsuit and caught something that directly supports my previously discussed valuation at between $22 and $24 Million for the business in support of buyout formulas. This is the press release in February where company reps discussed the $5.7 Million judgement. Note the statement about valuation: "the company's true value is at best $23 million, he said". I would take the "at best" to mean without the debt issues.
http://www.ocregister.com/taxdollars/fitzgibbons-495851-ihhi-million.html
That echoes the split-off of the $48 Million real estate from the business back in 2005 at acquisition of $70 Million. Does that value hold-up against the over 27% decline in admissions since 2008? If anything, it probably limits the deal to 7 cents (IMO).
The $23 Million valuation does support a debt-resolution method buyout at 7 cents (IMO), per prior discussion. Point of interest in that theory is the named element of a portion of Chaudhuri's warrants held, KPC Resolution, LLC. Interesting name and might be were a portion of the unresolved debt is moving at close in exchange for the warrant value. That would explain the split between Chaudhuri and KPC Resolution warrants and how much residual debt held by OC-PIN might be spun into that entity along with the 15% already held by Chaudhuri against the Real Estate loan with Silver Point.
Now that an end-game is possible, I'll provide more detail on my best opinions on buyout structure and timing. The 4/10 quarters of catch-up QAF Managed Care coming in June isn't sufficient to trigger a 7 cent buyout (IMO). Again, the 10-K should help with a final determination and whether this 10 quarter round of QAF ending in December is sufficient.
The Bid for IHCH continues to move Up! Today the Bid is setting at $0.135 which is up from the $0.124/5 that has been showing for the past week or more. I have continued to watch this and it appears that there is an orchestrated professional approach to accumulating all the IHCH shares possible away from the loose hands of those who want to sell and move on. This has been moving up in a calculated way for several months now and started in the single digits. Something seems to be up with Integrated Healthcare Hldg, Inc IMO.
You are incorrect in your statement. I believe you've confused discussion points and case example vs general comments to come to your conclusions. I'm fully aware of anti-dilutive and have only included warrants as dilution as appropriate with the exception of any pledged conditions that might exists on any repurchase deal with Silver Point at closure.
At 7 cents buyout on IHCH, the warrants count as dilution and work correctly with book at 2x per prior detailed post. I've never suggested otherwise in that scenario or any other involving buyout at 7 cents or more. I've never changed my position on that since 2010 after the deal was struck and in all relevant post on this board. In fact, I consistently point at the 7 cent warrants as baseline number surrounding the registered buyout and how it operates correctly with real book value on a debt free business with a correct multiple.
At 5 cents buyout on IHCH, the warrants (his/KPC) aren't counted in the detailed case posted. However, it is possible there is a pledge to repurchase the 96M Silver Point warrants as part of the exchange for debt agreement in April 2010. I included those only to demonstrate that possibility as explanation for why Silver Point would sell-back warrants leaving money on the table at 5 cents with repurchase by Silver Point (others, not same party) at 5 cents, and how it might explain a book buyout at that share-total. If you don't wish to count the Silver Point warrants in buyout for your analysis (if any) at lower than 7 cents, that's fine. It's purely a look at what's possible at that number and why it works (coincidental or not) with a residual purchase at book.
QAF fees/payments to IHCH is actually a Medicaid supplement program. Future QAF beyond Sunset on December 31, 2013, takes some explanation (if they pass a Bill for the two years and it gets approved), but may operate quit different under Obamacare as a supplement to Medicaid/Medi-Cal. Disproportionate share payment also begins phase-out in 2014. It's why Hospital Administrators with most of their revenue from those programs are concerned about less aggregate top-line under Obamacare and why I hope Westbrook will address it in the 10-K.
Again, it's only future revenues discussion, if buyout isn't triggered in the interim with the round #3 QAF through December 31. I'm researching the possibilities on round #4 with Insurance as the primary source of revenue under Obamacare. At this point, phase-in/phase-out with some mix is what I believe will happen and why the extension is only two years. I'm not anticipating as much QAF payout to the hospitals in that transition even though fee collection and matching fed funds should still drive the program. California has opted into the expanded Medicaid program, so we'll see.
No update to an accurate 13-D/A is necessary. Again, no proof presented to refute the actual filings that support the registered buyout.
As a point of reference, you keep avoiding the issue that Silver Point dumped warrants at a nickel in February taking a loss and jumping ship. Why sell that low and exit the deal at all, if they have soooo much expectation of a big payout coming? That makes no sense without the valuation model I've presented around true book and a risk of lower buyout coming. Maybe it was only knee-jerk, but it does send the wrong signal (IMO). They could have at least done the trade at real cost paid. Perhaps valuation drove the exchange at that price at that time and that's just the way it had to be to avoid any rule/audit violation issues on valuation. I'm hopeful that low buyout won't happen. But, I will always look at a number to see if it works and needs to be taken in consideration of valuation.
In regard to the "massive cash infusion", have you forgotten the enormous debt hole that's over $80M and climbing? The accounts payable crossing above accounts receivable the last two quarters and widening has me concerned about the hidden debt that may exist in unpaid accounts and any delayed payment penalties and interest that aren't shown in the realized debt total. As I suggested, it could be over $100M in consideration of those possibilities. I've discussed it in a prior post, so it's not a new problem. It's great to get a lot of money, but prior rounds of QAF just got IHCH back to low negative book due to debt payment and catch-up spending. So, I don't look at that "massive cash infusion" as other than back-fill of the big hole with whatever is left to execute or fix problems, and any potential residual that makes buyout work. I guess that jives with the "How broke are they?" as publicly disclosed by Westbrook to the press.
I'm hopeful the board will have a better picture of the situation when the 10-K is filed. It's due by July 1, unless they extend.
What nonsense. You're claiming buyout based on book value less than .07 per share then calling warrants exercised at .07 per share dilutive to a buyout. LOL
LOL doesn't work that way my friend. Warrants exercised are anti-dilutive in terms of book value if the book value is less than the exercise price.
Finance 101.
PS-- the many years ago statement you're wrapping your arms around while making up fictional buyout prices says he "intends" to acquire the company some day. If and he does so, he'd have to pay fair market value which would include the massive cash infusion coming IHCH's way which then puts the book value much much higher. And that's not even factoring in futures QAF payments. You think this is the end of the program that keeps on giving and increasing? LOL!
Mo money coming. .07 buyout is laughable. The fact that his "intention" is no longer repeated and your doomsday baseless scenario doesn't exist in the risk factors of the 10K is also very telling.
The argument you present contradicts itself and lacks any substance to support your position.
The dilution provided by the warrants exercised at buyout drops the price per share needed to pay to other shareholders to take it private. The dilution provides the leverage and the cash on the books is the cash distributed to sellers in this type of buyout. This is an insider buyout. It's more like a cash distribution at closing, i.e. he's not putting money in at closing as he already owns the business in majority and is distributing cash to the minority holders at close at a specific buyout price per share (IMO).
The delay in the deal is due to the delay in debt resolution and cash available to conclude the deal, period (IMO). The ongoing California recession-level unemployment, the Fed/State budget cuts (and lack of budget in continuing resolutions and sequester), the cost increases to operations, the drop in admissions, the Supreme Court test of Obamacare delays in CMS approval, the debt and extended debt service because of the delays in payment are all contributors to what has happened to prevent an earlier buyout (IMO). All pretty difficult to predict back when the deal was struck in April 2010.
His IHCH registration with SEC on 13-D/A in late 2010 to buyout the OS and the warrants issued at bankruptcy debt buyout is evidence of what he's doing and support the evaluation provided (IMO). The "massive cash infusion" is exactly what it needs to trigger and complete the deal. GOT IT? If you're cheering for that money to come soon, so am I. I noted this round of QAF as having the potential last fall, but the approval delay moved it past the original timeline of April 13 in getting sufficient payments in path.
Are you arguing that he should (in theory) pay himself as buyer by purchasing his warrants at buyout from himself to count them? Well, that technically is exactly what occurs, but without the need for the obvious pay-in/pay-out to self at close. With the buyout taking the business private under KPC Group (where it already appears on their website), it's somewhat moot to discuss anything past closure for value when there won't be a stock to trade. So, if wild valuation in your opinion is merited on the "massive cash infusion", that conflicts with the problem with no longer being public on triggering buyout against true book valuation.
While he might be thinking of putting money into the business once he owns it free and clear, I don't see that need at close (unless we don't have the cash on the books or the back-fill money is due and payable soon). I can only see a really bad scenario to trigger that possibility and that isn't priced in either my 5 or 7 cent scenario. Something on that order might surround a close-the-doors on one or more of the hospitals due to the admissions decline. I am concerned about that possibility and it does reflect a national trend I'm tracking.
If you have a different evaluation against book/filings to suggest I'm wrong, please give a detailed explanation so that others can understand your position. Otherwise, respectfully, your arguments have absolutely no basis in fact to support your position.
If you feel that Dr. Chaudhuri has falsely registered his buyout intention with SEC (as required), that's a pretty serious allegation. He hasn't since given indication to the contrary by update to the 13-D or in any public statements by him or Thomas (his attorney and frequent spokesperson) that I am aware of. Can you provide evidence that he intends to do other and the deal is not pending the issues previously discussed to reach final closure?
Right. We should use the dilution factor of the warrants in a mythical take-under event that will never happen but we should ignore the cash resulted from that non-existent dilution.
Got it. However, your analysis on this has been and continues to be dead wrong, especially as you ignore the massive cash infusion coming into IHCH's pockets. You may have the last word.
You don't pay for your own warrants on a buyout as you would be paying yourself. They operate as leverage to bring the price inline with what he's willing to pay per share. And, here's my math on the IHCH buyout:
.07 x ~662M shares = $46.3M or roughly 2x book of the $22-24M historic valuation of the business (IMO) on record. That's with assumption that Tenet sold at about book back in 2005 to get these book-draggers off their books.
OS = 255,307,262
Options = 2M (note: only 2M of 5M are in 7 cent)
Warrants = 405M with 96M held by Silver Point
He would cover the balance of the 128,601,344 shares in the OS he doesn't own, the 96M warrants held by Silver Point, and in the money options, which Westbrook has 2M at strike of .01; all made as cash payout at takeover on a 7 cent buyout. That's 226,601,344 shares at .07 or $15,842,094.08 (minus $20K for Westbrook exercise price). However, he may have partners, like Thomas, that will operate with KPC and retain interest, i.e. won't be bought out.
His current running acquisition price (including one sale) of shares averages at .047528 per share for the 128,601,334 he owns. The cum price paid for shares with the one sale offset is $6,112,185.14.
If you aggregate those two numbers (bought and buyout at 7 cents), it's $21,954,279.22. That's almost dead-on the value of the business piece on the $70 Million Tenet acquisition minus the "on the books" evaluation of the (sold-off to PCHI) land and buildings at $48.1 back in 2005 Q1 10-Q. Like any good investor, he's taken pieces at opportunity for very good price. However, with respect to buyout principles, he planned to purchase the remaining at 2x book in the 2010 deal. That's why a 7 cent buyout can be defended and is correct against any minority complaints. However, over 90% of the OS is held by the insiders, which certainly understand the deal. Whether they are happy with it or not, is another discussion topic. LOL
However, you have to consider the decline in the business as a current problem against any book valuation under consideration when the deal was struck back in 2010. The 5 cents is credible as floor against the 226,601,344 at $11,310,067.20 (again minus $20K) or roughly the remaining portion at book, i.e. the half he doesn't own at about book. That's why the 5 cents is correct for a possible distressed price at only book value. It's also why the warrant trade in February at 5 cents has me throwing a caution flag until I get more clarity on numbers and forward guidance. The number being correct against book gives it more credibility (IMO).
All that's needed at minimum is resolution of the business debt, accounts back to normal, and sufficient payout money as free cash on the books to make it happen (IMO). I'm also thinking that Legal Judgement of $5.7M is still a risk on appeal. I'm wondering if the final outcome of that problem is in fact part of the 5 vs. 7 cent decision.
See what happens when you DO THE MATH.
The .07 never-exercised warrants do exist. But if you're going to use them in any valuation, you need to included the cash received from their exercise which yet again throws out the laughable notion of bankruptcy.
Huge sum of net cash heading IHCH's way.
Are the 405-Million 7-Cent Warrants a myth?
No, they were issued to Chaudhuri as part of the bankruptcy debt agreement in April 2010 and just extended for another 3 years to operate with the buyout as leverage for a 2x book against the remaining portion of the business valuation. If the warrants have no purpose, explain them. And, at PPS over 7 cents, you have to add them as the dilutive element to current valuation.
Do the math.
I've always considered a better than 7 cents with book justification, e.g. more cash than needed on healthy-business/healthy-book at the point of buyout as a premium price.
However, the deterioration in business (IMO) now doesn't justify 7 cents or at least no premium. The devaluation on trade of warrants (IMO) is a signal that 5 cents might now be the considered price or a potential floor. That's inclusive of any deal to repurchase the debtholder traded warrants and why all the warrants were renewed. Debtholders don't take a loss without reason. However, I don't have a full $ amount on QAF, so there is still possibilities on any final price. It's also possible the 5 cent was knee-jerk reaction by some of the debtholders at Silver Point that simply wanted out of the deal and took the loss as a price of exit at the point of renewal. I just can't recommend repurchase above that mark for any future swing trade opportunities until the current problems are better understood. There's the risk. 5 cents might operate as worst case buyout going forward. The number does work to buyout the half he doesn't own with inclusion of Silver Point's warrants.
Again, do the math.
The closing price on Friday at 15 cents is above 4x historic book of the business (not inclusive of the interested party elements which are not owned by the business, the land and buildings). And, that's only with consideration of removal of the huge debt that's now worse than the debt on the books upon exiting bankruptcy.
Again, do the math.
I'm hopeful the 10-K will help with better numbers on QAF (not just an old, dated, estimate). I'm also hoping Westbrook gives some guidance on Obamacare expectation, as many disproportionate-share-based hospitals have suggested they will receive less top-line money with Obamacare, than they have received through the composite Fed/State programs that are pre-Obamacare. In fact, some are laying-off staff with that explanation.....which has Hospital Unions upset over that problem. Consolidation with KPC Group might help that issue and could be a good reason to expedite the buyout on best opportunity.
How many now-dead years ago was a casual mention made that one dude intended to acquire the company for an unspecified amount as opposed to the mythical .07/share?
If we're going to make up buyout details based on almost nothing from years ago, I vote let's make them really good and go with .007/share instead of .07. I mean, why not
The QAF payment comes as no surprise to any savvy investor in IHCH.
Is the buyout registration with SEC a myth?
Is the major 27%+ decline in admissions on the record since 2010 a myth too?
The myth is IHCH PPS that operates above and beyond any rational book valuation principles.
Small float under control of a group that probably paid too much is the worst reason to buy stock (IMO). The real worry those folks have, is whether that buyout happens sooner than they might have anticipated and at a price they won't like. LOL
Yes, I was surprised last week to see the approval by CMS. Maybe a little pressure on them, you think? Let the money roll-in, as this is a buyout based upon cash on the books for distribution to the major stockholders. That's why it didn't happen before, not enough money....even with the prior big lumps of QAF.
If I've dropped my valuation to 5 cents, it's not because I'm happy about it. I'm honestly wishing I'd said more back in the Fall, when I got suspicious. However, I think anyone that sold into the run over 7 cents did correct.
To show you I'm balanced in thinking, I do see the play where Shah et. al. buyout Chaudhuri and keep the company public. Not sure what Silver Point would think or act in such a play. Shah controls the real estate while Chaudhuri controls the business. I have bad thoughts about how that might explain the admissions decline, to squeeze him out. The board games go on.....
Good grief, the mythical .07 buyout again that has zero chance of happening?
LOL
Sufficient money to operate the buyout?
Maybe....as the approval is now in (per prior posted link) but the total payout of QAF to IHCH is still unknown.
What needs to happen to trigger buyout? Well, here's some thoughts based upon the cash needed ....
Need to remove the business debt, the revolving charge.
Need to get any delayed payments off the books and accounts back in balance.
Need to have sufficient cash to at least make payout against the buyout price at .05/share at book or .07/share (fully diluted) at two times book of the business (minus interested party elements to derive true book). I'm assuming there is a deal to buyout the Silver Point warrants as inducement for the original trade of debt for warrants. Again, the recent trade on warrants at 5 cents by debtholders/Silver Point in taking a loss is potential evidence of devaluation of buyout (IMO). See my prior post on Admissions Decline to help understand my concern on why buyout price is potentially lower.
True book of the business is subject to question, given the admissions decline since emergence from bankruptcy. Pre-bankruptcy, value was in the $22-24M range (IMO), as evidenced by the filings in 2005 on value of land and buildings at roughly $48M post buyout from Tenent and sold to PCHI with total buyout at $70M. That figured was echoed again with $70 purchase of debt of both entities at bankruptcy in April 2010.
Maybe Chaudhuri wants to see sufficent cash on the books to also resolve his debt interest in the Real Estate. He and Thomas hold 49% ownership in the real estate. The other 51% is held by Shah and Orange County Physicians. Those folks makeup PCHI as the "interested parties" as they are also the major stockholders of IHCH.
He might also need sufficient cash on the books to fix problems, if the problems can be fixed.
Well, I'm not sure the estimate by CHA is still good, but it goes a long way to make those payouts to operate the buyout. We shall see....
If Chaudhuri offers .05, I'm wondering if Shah/OPC-IN will make any counter-offer to buy him out and where he/they might get backing. Yes, things could get interesting.
The company is set to gain a huge payout by the State of California over the next few months. I think things could be for real with IHCH.
Bid/Ask now increases to .13 x .15 with a small tap at the ask.
You may be right, IHCH appears ready to heat up. Just add volume.
Thank you.
I really wish whomever is at the ask of .16 would learn to break up their sells..........geez. Oh well, with the right news, it won't matter much anyway.........
Showing 5,000 at .144 then 5,000 at .15 the 96,000 at .16 and 5,000 at .191
Very interesting. Thanks for sharing.
Do you happen to know what is behind the 5 thousand shares at .144 on the ask? Hopefully, it's thin. We really moved quickly last time with just a little volume. We also know another poster here took profit and sold all his shares. Regardless, as you say, it's always nice to see strong bid support. Only thing better is when the bids aren't getting filled and they have to hit the ask. lol
The Bid on IHCH keeps creeping up if not daily then for sure weekly. Started at .10 and now today's bid is showing $0.125. Things must be getting close to happening as it was just at $0.1085 the other day. Now we have three Bids of substance above $0.12 with NITE at .1225, ATDF at .124 and ETRF at .125.
Things may heat up for IHCH soon. I am still looking for $0.25.
Fitzgibbons v. IHCH Appeal Filed to 4th Appellate DD3
Fizgibbons appealing the District Courts decision to throw-out the lower court decision and judgment as excessive, per prior post.
http://appellatecases.courtinfo.ca.gov/search/case/mainCaseScreen.cfm?dist=43&doc_id=2045323&doc_no=G048413&search=party&start=1&query_partyLastNameOrOrg=Fitzgibbons&query_partyFirstName=Michael
If you wish to search prior cases history, you can use Michael Fitzgibbons as party on this page at the 4th Appellate District Division 3 page:
http://appellatecases.courtinfo.ca.gov/search.cfm?dist=43
My guess is the Appellate Court will reinstate, but might see issue with the excessive amount of the compensatory $5.2M. Only thinking the court will take that action due to prior Appellate decisions in favor of Fitzgibbons.
IHCH Admissions Decline Follow-Up
Here is some data to help understand my concern over the decline in admissions. The numbers are directly from the Annual and most recent quarter reports (in thousands):
FY2006 - 27.5* - Baseline post acquisition by IHCH from Tenet Healthcare
FY2007 - 27.8
FY2008 - 28.0 - Peak Admissions prior to onset of Great Recession
FY2009 - 26.8 - Bankrupcty Filed in Fall
FY2010 - 25.6 - Emerged from Bankrupcty with Chaudhuri recognized ownership in common majority and super-majority fully diluted at 7 cents
FY2011 - 23.1 - 9.7% drop
FY2012 - 21.3 - 7.8% drop
2013Q3 - 15.3 - Down 3.5% for the 9 months with 6.8% drop Q3 over Q3
*Note: The FY2006 number is derived from the FY2007 10-K report from the statement "Inpatient admissions increased only slightly by 1.1% to 27,806 in the year ended March 31, 2007."
If rate for 2013 remains at 3.5% drop, the full year may operate at 20.4. That puts the decline since FY2008 at over 27%.
While the decline is beginning to decelerate, a bottom is still not in evidence and current/future CMS policy and impact of Obamacare is placing added doubt on admissions trend (IMO). I would hope that Westbrook will address Obamacare impact in the 10-K.
Followers
|
58
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
2548
|
Created
|
08/17/07
|
Type
|
Free
|
Moderators |
|
Western Medical Center Anaheim
IHCS News & Press Releases IHHI Announces Completion of Re-Financing Click below to read the full press release! http://biz.yahoo.com/prnews/071019/laf047.html?.v=101 IHHI Blazes and Independent Path for Its Board Click below to read the full press release! http://biz.yahoo.com/prnews/070921/laf061.html?.v=20 Two IHHI Hospitals Receive Marks of Excellence Click below to read the article from The Orange County Register! http://www.ocregister.com/ocregister/healthscience/homepage/article_1314338.php IHHI's Western Medical Center Santa Ana Signs Agreement with flexSCAN Click below to read the press release! http://biz.yahoo.com/pz/060921/105592.html Western Medical Center Santa Ana's Neurosurgical Services featured in the September 2006 issue of Smart Business Magazine Chapman Medical Center's Center for Heartburn and Swallowing featured in the August 2006 issue of Smart Business Magazine Share Structure: IHCH Confirmed Share Structure A/S: 400,000,000 O/S: 255,307,262 Restricted: 235,558,871 FLOAT: 19,748,391 !!!!
|
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |