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Jersey whats to stop them from just buying into another shell.
The RegD form shown in the CIK for GWOW was processed by Thomsons Reuter. I think this is a mistake,the two companies HAVE NO
relation to each other.
GWOW is an empty shell and could remain so for many years.
The more i look into this the more i'am convinced the form RegD filed in GWOW is a mistake or a purposely contrived mistake. Initially it was nice to speculate that the Canadian company had bought the shell,but i now don't believe this.
Could have been a neat way of running up GWOW in a pump and dump scheme that failed to materialize.
Canadians up to their old tricks i would guess.
FACT
A 2,000 sq. ft. steel framed home will use recycled steel of 8 scrap cars, compared to 50 trees (or 1 acre of forest) for the same wood frame home.
Looking back at the Chart of GWOW there definently was a spike to 10 cents between the end of January and the beginning of February.
There are two central index numbers for Genesis worldwide according to Edgar. They are 0001465102 and 0000067532. As far as i can tell the first one is the Canadian one GWI.TSX and the second is the one we know as GWOW.
The interesting thing is that the Regdex form that penny highlighted appears in both CIK numbers. Either the form has been mistakenly entered by the SEC for one company or the two companies are irrevocably connected.
Our GWOW doc:- http://sec.gov/Archives/edgar/vprr/09/9999999997-09-009202
The Canadian Genesis doc:- http://www.sec.gov/Archives/edgar/data/1465102/000146510209000003/xslFormDX01/primary_doc.xml
Its interesting to see that our Genesis RegD form was signed by Greg Kent on March 6th 2009. The Canadian Genesis RegD form was submitted by Greg Kent on August 7th 2009.
Also the later Canadian RegD form has a sold amount of $2,893,493 while the US Genesis has a sold amount of $1,228,412.
The newest filing for GWOW occured on 9th March 2009.
It looks like the GWOW shell could have been bought by the Canadian Genesis company probably sometime at the beginning of this year.
Would be interesting to see the share price fluctuations at around this time.
It looks like ,unless a mistake has been made, that the GWOW shell is now part of GWI.TSX.
We could be now part of http://www.genesisworldwide.com/.
Wzebra asked the question why would a Canadian company file in the US, maybe they want to expand their business into the US to take advantage of all the Green incentives that Obama is going to make.
Of course this is all speculation,i think someone should contact the SEC to see if the REGD form in GWOW was entered mistakenly.
Looks like somebody is hoping this won't trade again. Amazing they are still interested in this stock. If your looking for crooks i'am sure if you look at the banks more throughly you will find far bigger ones.
April 1st. For all us fools.
Yes,congratulations Jersey. Well done you have earned it. I hope you can make a difference to the way communications are forwarded to shareholders. It seems very likly now that GSI will be trading again.
My only concern is the void being left as regarding the news and current status of the company that has been dissemintated by you in the past.
It would be nice if you could pass this hat on to somebody else you can trust. Please do not cut us off totally. It would help if they could appoint you as some sort of liason between us and the company.
I think the share price would definantly gain if this was done.
Don't forget about us!!
I own 15000 that i have no intention of selling. Who knows what could happen. All my money is now going into physical silver and gold. However i have been tempted recently to buy some stocks,but the thought of all the wall st crooks out there getting one over me again,has stopped me.
Its going to take a very long time before anybody has any faith in the American stock exchanges again. The crooks won't stop until they squeeze every penny they can get out it,it will be pension funds next.
J.P Morgan must be saved whatever the cost.
Another billionaire (in Germany) committed suicide today.
Thanks jersey. I'am keeping my fingers crossed.
With Obama coming in for a health plan for all,i think this area of secutrization may do quite well. The government will not be able to fund it all by themselves.
To start trading again is the main goal,i would think. At least the shares would be worth something at that stage.
Thanks for the update Jersey. Hold onto that silver,it may just make your dreams come true.
Don't take my word for it,read articles by:-
John Embry
Jason Hommell
Mogumo guru
Jim Sinclair
James Turk
Rumours of a possible COMEX default in December.
Just go to Ebay and see what they are selling silver coins for and then check out the paper price at netdania quote list.
In the UK they are selling those Kennedy halves at £8 a piece (£1 for postage)thats around $12 an ounce. Interesting that for a 40% silver coin. The paper comex price for an ounce of silver is currently $9.50. A one ounce silver eagle (nearly 100% silver) is selling for $22.5 with an extra $3.50 for postage.
With your 295 ounces of silver that would be valued around $6000 on ebay. How many coins has $1000 face value bag have. If there Kennedy half dollers does this mean you have 2000 coins. If so they are selling at $10 a coin on ebay thats a nice $20K.
Glad to hear the news Jersey. Thanks for your persistance. Any idea how long before the 2007 financials are complete?
Any idea how the companies business plan will look like in the near future.
If they can get reinstated on the pinks,i still think they have a chance to succeed.
I haven't given up hope yet.
In the meantime i strongly urge everybody to buy physical gold and silver,especially silver. Silver is dirt cheap right now.
Their is a disconnect between physical silver and paper silver prices.
The ratio between gold and silver is currently around 76,historically its usually around 16.
If you want to recover your money from the wall street crooks buy these commodities.
I suggest Goldmoney.com,Jim Turks company might be a good vehicle for your investment.
Do not buy the ETFs.
I know all of us are currently hurting,but we can win the war with precious metels.
I will never buy stocks ever again.
Penny,is the GSI saga totally ended? Should i stop hoping?
Jersey,why do you have so much faith that this company will come thru. What do you know that the rest of us don't. Help us,because we would like to see some economic upside also.
Maybe Paulson will bail out GSI as well.
The thought of savvy Lehman ,Merrill and AIG shareholders losing all their money makes me feel a little better in a morbid way.
Finally the crooks on wall st are getting some of the same treatment they dished out on others.
Like i said before,we should not be having to talk to Gil,he should be talking to us. Obviously he doesn't care a toss for us.
Penny,i would say we have all been screwed. I can't see this one coming back now. All this financials talk is all BS. Have you talked to gil,penny?
An old article but i think the future is going to be very hard for some.
Race is on to file ahead of new law
By PAUL MENSER
pmenser@postregister.com
Theo Kestner of Idaho Falls said it was probably inevitable.
Five years after a near-fatal motorcycle wreck left him with $60,000 in medical bills, Kestner filed for Chapter 7 bankruptcy Tuesday afternoon. He was one of 40 eastern Idahoans to file.
With four credit cards maxed out, no job and no money for rent, Kestner figured it was time, especially because of a new law going into effect Monday that greatly limits Chapter 7 and eliminates the option of bankruptcy for many.
"To me, it was just insurmountable," the 45-year-old said.
Signed April 20 by President Bush, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has set off a tsunami of paperwork across the country.
Between Oct. 3 and Monday, the U.S. District Court in Pocatello received 189 bankruptcy filings. Ordinarily, that would be a big number for an entire month. But on Tuesday and Wednesday, another 109 people had filed.
Local bankruptcy attorneys have been swamped, too.
"We've been getting calls from people who have said other law firms have been too busy to see them," attorney John Avery said. "I think there are going to be some people who are going to be sorry they didn't file earlier."
Kestner said bankruptcy has never been far from his mind since his accident. A welder, his insurance expired two days before he smashed into a car making a left turn in front of him, breaking his back, seven ribs, two bones in his shoulder and puncturing his lung.
He faced $60,000 in hospital bills, and he had more than $11,000 in other expenses. Back trouble has kept him from holding a steady job since.
"I've just never been able to get out from under it," he said.
He had heard in March or April that Congress was changing the bankruptcy laws. But it wasn't until he left his latest job at the end of August that reality began to sink in.
On Tuesday, Kestner went to We the People, a franchise document preparation service on 17th Street, and got the papers and help he needed to declare bankruptcy.
Since 1978, Chapter 7 has offered a way out for people who think they need a fresh start, said Vickie Theis, who operates We the People. She has seen a steady stream of people asking about it recently, from all income levels and occupations.
Chapter 7 allows people to liquidate their debts. Under Chapter 13, a debtor has three years to pay back creditors on a schedule set up by the court. Under the new law, it will be five years.
The banking industry convinced Congress that Chapter 7 made it too easy for many Americans to escape their obligations without changing their spending habits. Between 1995 and 2004, personal bankruptcies climbed from 900,000 to 1.6 million.
Candace Moehnke, Idaho Falls branch manager of Debt Reduction Services, has seen plenty of people who have not been able to resist the lure of easy credit. Some have filed for bankruptcy more than once.
But because the bankruptcy industry has been willing to extend easy credit to all levels, it has not been blameless, she said. While the number of personal bankruptcies nearly doubled between 1995 and 2004, credit card industry profits more than tripled, from $12.9 billion to $31.6 billion.
The new law doesn't eliminate Chapter 7 altogether, but it limits it to people who fall under certain income levels. In Idaho, a person earning more than $32,531 is ineligible. Likewise, a family of four with an income of more than $55,914 can't file for Chapter 7.
For those who do qualify, the law requires them to get credit counseling from certified agencies such as Debt Reduction Services, a nonprofit organization based in Boise.
"I can see our business booming," Moehnke said.
She worries what the unintended consequences of the new law might be. For all the people who can't manage their finances and turn to bankruptcy as an easy out -- "I have had people come in with $5,000 in credit card debt and say, 'Should I file for bankruptcy?' and I say, 'Why?'" she said -- Moehnke sees many mired in debt caused by medical bills.
There are people who have been laid off from jobs and use credit to fill the gap while they find another one, often at a lower rate of pay.
And there are single mothers who come to her and tell her that the $1,500 a month they're making disqualifies them for public assistance.
Moehnke estimated Debt Reduction Services ordinarily advises about 10 percent of its clients to talk to a lawyer before doing anything.
The rest go through a process in which an adviser puts together a plan for paying off debts -- much like a Chapter 13 bankruptcy. The difference is credit counseling won't affect a person's credit score, but a bankruptcy will.
"I don't think the United States, the younger generation in particular, recognizes the importance of a credit score," Moehnke said.
To make matters worse, another new law allows credit card companies to change the minimum payment required from 2 percent to 4 percent of a customer's balance.
Although a 4 percent minimum is intended to get people to pay off their balances faster, a lot of people who have gotten used to easy credit could find themselves in trouble.
A person who is paying $1,500 a month on credit cards is suddenly going to have a bill for $3,000, Moehnke said.
"How many people are going to be able to afford the 4 percent?" she said.
And when a payment comes in late or the full minimum isn't paid, the interest rate is likely to jump to 40 percent.
"Those that aren't aware are becoming aware," she said. "I'm really interested to see how it affects the economy. I have clients who make more than $80,000 who are up to their eyeballs in debt."
For more information
The federal government's Thomas Web site (http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00256:@@@L&summ2=m&) provides the official summary of the new law. More details and research about the law can be found at Web sites of the American Bankruptcy Institute (www.abiworld.org), the Commercial Law League of America (www.clla.org) and www.Bankruptcy ReformNews.com.
Think you're in bad shape?
Consider the Romans' approach to bankruptcy:
"If the debtor be insolvent to serve creditors, let his body be cut in pieces on the third market day. It may be cut into more or fewer pieces with impunity. Or, if his creditors consent to it, let him be sold to foreigners beyond the Tiber."
-- Twelve Tables, Table III, 6 (ca. 450 B.C.)
Here's another viewpoint:-
Bankruptcy Law Changes
Cathy Moran
Congress passed sweeping changes to the Bankruptcy Code restricting the availability of a discharge in Chapter 7 bankruptcy and substantially reducing the relief available in Chapter 13 bankruptcy. The bill became effective October 17th, 2005.
It's impossible to predict with certainty how the changes reviewed below will be implemented and interpreted by bankruptcy trustees and judges. What is clear is that under the new law there will be far more hoops for the debtor to jump through to get a fresh start. The process will be more expensive for the debtor and the court system, and there will be an extended period of uncertainty as the players work their way through the changes.
Eligibility for Bankruptcy
Past: The debtor could elect to file either a Chapter 7 or Chapter 13 bankruptcy. Debtors whose debts were primarily consumer debts were subject to scrutiny by the trustee or the judge as to whether they had enough disposable income that permitted them to file Chapter 7 would be a "substantial abuse." If so, the case could be dismissed or the debtor could convert to a Chapter 13 which repays debts, usually only in part. There were caps on the amount of secured and unsecured debt a debtor could have and file Chapter 13.
Current: A "means test" determines whether a debtor can file Chapter 7 bankruptcy. Anyone with an income below the median income for families of the debtor's size in their state are exempt from the means test. For those debtors above the median income, a presumption of abuse on the part of the debtor, which the debtor has the burden of disproving.
In applying the means test, the average income over the past 6 months is used, regardless of present actual income. Mortgage and car payments, and the amount necessary to pay back taxes and past due support, are subtracted. Private and public school expenses for children are limited to $1,500 per child per year. If, after deducting those amounts and the living expenses provided in the IRS's national collection standards, the debtor could pay at least $6,000 to unsecured creditors over 5 years, the debtor's only option is Chapter 13 bankruptcy.
Barriers to Filing
Past: Any individual who was willing to submit to the jurisdiction of the bankruptcy court could file a bankruptcy case. Legal counsel was widely available and subject to fierce price competition.
Current: Debtors must obtain approved credit counseling before they can file bankruptcy. Unfiled tax returns must be filed within weeks of the commencement of the case. Lawyers for debtors, but not lawyers for creditors, face personal liability for monetary sanctions if their client is not eligible for Chapter 7 bankruptcy or the facts in the petition are later disproved. The filing fees for bankruptcy cases typically have increased. Legal fees charged by attorneys who remain in the field are expected to increase substantially.
Chapter 13
Past: Debtors who elected Chapter 13 bankruptcy were able to cure mortgage arrearages, catch up on back taxes, discharge debts not dischargeable in Chapter 7 bankruptcy, and keep nonexempt assets. Secured debts such as car loans could be reduced to the present value of the collateral. The debtor's disposable income for determining how much of the pre-filing debt must be repaid was determined by the judge's assessment of what living expenses were necessary and reasonable for this debtor and his family. Plans ran three years unless the debtor proposes a longer plan, which could not exceed 5 years.
Current: Disposable income is calculated using the IRS collection standards, rather than allowing the judge flexibility. Strip down of liens on cars is limited to vehicles purchased more than 2½ years before the bankruptcy. Debtors whose gross income exceeds the state median are required to remain in Chapter 13 for five years. It is still unclear how the means test guaranteeing a certain level of repayment to unsecured creditors will intersect with the debtor's efforts to cure mortgage arrears and prevent foreclosure on his or her home.
Multiple Bankruptcies
Past: Debtors could file a Chapter 13 bankruptcy immediately following a chapter 7 bankruptcy to pay debts that survived a Chapter 7 bankruptcy discharge. A Chapter 7 discharge was available in the seventh year following a previous discharge. Debtors whose Chapter 13 cases were dismissed short of discharge could refile a bankruptcy case, so long as the new case is filed in good faith.
Current: The interval between Chapter 7 discharges has increased by two years. A Chapter 13 may not be filed within 4 years of a Chapter 7 discharge. No change is made on the debt caps for eligibility for Chapter 13, creating a class of debtors with larger debt totals, for whom only the more expensive and complex Chapter 11 bankruptcy is available.
Automatic Stay
Past: The "automatic stay" uniformly stopped collection actions against the debtor or his property, and requires the creditor who wants to continue enforcing state law rights to get permission from the bankruptcy court.
Current: The automatic stay is hedged or conditioned in many circumstances, creating less certainty about immediate protection of the debtor. Filing bankruptcy will not stay acts to collect back support, including revocation of driver's licenses or professional licenses. Creditors omitted from the official list of creditors are free to continue collection action even if they have actual notice of the bankruptcy. If a prior case is dismissed, the duration or even the existence of a stay is limited in subsequent cases. Landlords are freed to complete evictions, even when the tenant-debtors are paying rent.
Discharge of Debts
Past: Debts not dischargeable in Chapter 7 bankruptcy included recent taxes, family support and student loans, plus a group of debts that may be nondischargeable if the creditor proves in bankruptcy court that the debt was incurred by various kinds of dishonesty or that the debt was created in a divorce proceeding. Chapter 13 provided for a broader, "super discharge", allowing discharge of more kinds of debts in exchange for undertaking a repayment plan.
Current: More debts are nondischargeable in Chapter 7 bankruptcy, including privately funded student loans, all debts arising from divorce and debts incurred to pay nondischargeable debts such as taxes or support. Presumptions of fraud have been broadened to include purchases of "luxury goods" of $500 within 90 days of filing or cash advances of $750 or more within 70 days of filing. The Chapter 13 discharge doesn't cover taxes for which the taxing authority didn't file a timely claim, unfiled tax years or debts tinged with dishonesty.
General Observations
The proposed law imposes new duties on debtors and their attorneys, and failure to timely perform these duties will result in dismissal of the case or lifting of the automatic stay. Coupled with the new limitations on a second filing, the consequences of mistakes, inattention, or misfortune become far more serious, as the court and the trustee have less discretion to deal with human frailty and intervening circumstances. The presumption that the debtor is entitled to relief from his debts is effectively replaced by presumptions that the debtor's filing is abusive until the debtor proves otherwise.
This overview looks at those aspects of the bill that impact the average debtor. Exactly how it actually will work, or not work, will only become known as debtors, lawyers, trustees, and judges try to apply it to the real world of consumers and their debts.
Cathy Moran is a business and bankruptcy lawyer in the San Francisco Bay Area, and was one of the first bankruptcy specialists certified by the California State Bar. Her Web site Bankruptcy in Brief includes much information on bankruptcy.
FAQ on new bankruptcy Laws
Q: What is the new bankruptcy law, and when did it take effect?
A: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a major reform of the bankruptcy system, was passed by Congress and signed into law by President Bush in April 2005. The majority of changes instituted by this new law took effect on October 17, 2005 (180 days after the law was signed), although a few changes took effect immediately after the legislation was signed by the President.
Q: Does the new law make it more difficult to file for bankruptcy under Chapter 7?
A: Under the new bankruptcy law, as of October 17, 2005 bankruptcy applicants who wish to file under Chapter 7 must meet certain eligibility requirements under a "means test."
Under the "means test," if your current monthly income is less than the median income in your state, you can file for bankruptcy under Chapter 7. But if your current monthly income is above the median income in your state, and you can afford to pay $100 per month toward paying off your debt, you cannot file under Chapter 7 and must proceed under Chapter 13 (more on Chapter 13 in the next section). Whether you can afford to pay $100 per month (or $6,000 over a five-year period) is based on a formula that includes your monthly income, your expenses, and the total amount of your debt.
Q: I want to file for bankruptcy, but I have not paid taxes for the past few years. Can I still file?
A: Since the new law went into effect on October 17, 2005, people wishing to file bankruptcy under Chapter 7 or Chapter 13 must now show proof of their income by providing federal tax returns from the last tax year. If a bankruptcy filer has not paid taxes for the previous tax year, he or she must do so before the bankruptcy can proceed.
Q: Is it true that people who want to file for bankruptcy now need to go through some type of credit counseling?
A: Yes. As of October 17, 2005, before filing for bankruptcy most applicants must undergo credit counseling in a government-approved program. Also, after the conclusion of bankruptcy proceedings, but before any debt can be discharged, bankruptcy debtors must participate in a government-approved financial management education program. You can get more information on pre-filing credit counseling and debtor education (and lists of approved counseling and debtor education agencies) from the U.S. Trustee Program (a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases).
Q: If I file for bankruptcy, can my landlord still evict me from my apartment?
A: People who file for bankruptcy are entitled to certain immediate protections from certain legal actions -- part of what is called the "automatic stay" effect of a bankruptcy filing, because many potential legal actions against the filer are stopped (known as "stayed" in legal terms). But as of October 17, 2005, when the new bankruptcy laws took effect, some of these protections have been eliminated. One key change is that filing for bankruptcy no longer delays or stops eviction actions.
Who knows Double. What actually did GSI offer to enable the purchase of Argyle. It seems that those who have a relationship with Gil,haven't a clue what questions to ask him or know the answers and are not willing to pass on the info.
With bankruptcy laws having changed in the US this collection business though a little seedy may be very profitable in the future.
I foresee an even bigger housing crash and the credit card and auto loan business going the same way.
Maybe Gil should forget about dealing with hospital receivables and start buying auto loan and credit card receivables.
Somebody bought Merrill lynch's toxic mortgage backed assets for 10 cents on the dollar. Over the long run they are probably going to make a fortune.
However even if GSI makes it who knows if your shares are worth anything.
I'am loading up on physical gold and silver,i don't trust anything else now. One day this change in investing tactics will reward me more then GSI will ever do.
Yes Equicare capital,thats Argyle.....Regarding Revcare bankruptcy. From Revcare Inc · PRER14C · On 8/11/05
Reasons for and Purposes of the Reverse Stock Split
The primary purpose of the Reverse Stock Split is to reduce the number of record holders of our Common Stock to fewer than 300 so that we can terminate the registration of our Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Reverse Stock Split is expected to result in the elimination of the expenses related to our disclosure and reporting requirements under the Exchange Act and to decrease the administrative expense we incur in servicing a large number of record stockholders who own relatively small numbers of our shares.
The other purpose of the Reverse Stock Split is to prepare the Company for an investment that is conditioned upon the de-registration of the Company under Section 12(g) of the Exchange Act. In the LOI, Lighthouse has indicated an interest in investing $4,500,000 of new capital in the Company in exchange for 70% of the newly issued and outstanding Common Stock on a post-Reverse Stock Split basis. Lighthouse is likely to make this investment through an entity controlled by it, Equicare Capital, LLC, a Delaware limited liability company. We are indebted to an affiliate of Lighthouse under a note of $250,000 made on February 9, 2004, with a payoff balance of $272,173 as of March 31, 2005. Robert Tam, a principal of Lighthouse, and other principals of Lighthouse are also principals in an entity that provides outsourcing and call center services to the Company. The Company has no relationship with Equicare Capital. Before it will engage in an investment in us, Lighthouse has required that the Company complete a going-private transaction, so that Lighthouse can purchase an equity interest directly from the Company rather than completing a public tender offer, the results of which would be unpredictable because of its voluntary nature, and that would present an undue risk that it would not be completed because many holders of small numbers of shares may not make the effort to tender their shares. Further, since it believes that the costs of the Company's continued registration under the Exchange Act are substantial and outweigh the benefits of such registration to the Company, Lighthouse has required that the Company engage in a transaction that allows it to terminate the registration of its Common Stock under Section 12(g) of the Exchange Act prior to Lighthouse's proposed purchase of new shares of Common Stock.
FSP has indicated to the Company that it is unwilling to continue to fund our working capital needs on an indefinite basis, and that the Company needs to attract new equity capital. The Board believes that the proposed investment by Lighthouse is likely to be the only opportunity for the Company to continue operations, and thus is recommending the Reverse Stock Split at this time. The Board also believes that by going private now, we will save costs and reduce our working capital requirements, and that those savings will outweigh any benefits of remaining a public company.
The Board believes that any material benefit derived from continued registration under the Exchange Act is outweighed by the cost. We have been unable to provide increased value to our stockholders as a public company, and particularly as a result of the increased cost and tangible and intangible burdens associated with being a public company following the passage of the Sarbanes-Oxley
Its looks like a a typical toxic death spiral financing from Friedman Billings and Ramsey. Short the stock and bobs your uncle you may make a nice profit when the company goes to zero.
I hope Gil is smart enough to not get involved in this type of financing.
Its seems that Revcare did have a viable business. Argyle probably got the receivable contracts for a song after the bankruptcy.
Found this :-
REVCARE INC: Losses & Deficits Trigger Going Concern Doubt
----------------------------------------------------------
Revcare, Inc., filed its Form 10-KSB for the fiscal year ended
with the Securities and Exchange Commission reporting net losses
of $2,034,380 and $3,572,112 in fiscal years 2004 and 2003,
respectively.
The Company had a deficit of $3,045,488 and a working capital
deficit of $6,668,788 at September 30, 2004. The working capital
deficit includes $3,254,361 of principal and accumulated interest
that the Company owes to its largest shareholder, FBR, which has
provided funding to the Company in the past.
The Company's accountant, Mayer Hoffman McCann P.C., raised
substantial doubt about the Company's ability to continue as a
going concern due to these losses and deficits.
Management believes that the recent losses are primarily
attributable to a decrease in revenues from its service lines,
which more than compensated for significant decreases in operating
costs. The Company lost more clients than it gained in 2004. The
Company's cash balances may be diminished during 2005 due to many
factors, including:
-- the use of cash for operations,
-- changes in working capital,
-- capital expenditures, and
-- repayment of outstanding notes payable and related interest.
The number of major receivable management contracts for the
Company in 2005 is expected to be a little higher than 2004 and
this trend is expected to continue. However, implementation and
installation costs of new contracts will negatively impact the
Company's cash balances. Despite these factors, the Company
believes that available funds and cash flows expected to be
generated by current operations will be sufficient to meet its
anticipated cash needs for working capital and capital
expenditures for its operating segments for at least the next
twelve months. However, the Company will not have sufficient cash
to repay non-operating liabilities (primarily its Notes Payable
and Financing Obligations) and credit facilities that will be due
during the next twelve months.
About the Company
RevCare, Inc., is a leading provider of revenue cycle management
services in California, Nevada and Hawaii. It has traditionally
focused its services on three segments of the accounts receivable
management industry: healthcare, banking and retail. However,
with its acquisition of four healthcare revenue cycle management
companies in August 2000, it is now concentrating on offering its
comprehensive and integrated suite of services to manage the
revenue cycle of healthcare providers. The Company now has the
ability to provide the services required by its healthcare clients
to manage all phases of their revenue cycle, which include:
physician and hospital billing, non-delinquent and delinquent
receivable collections, and reimbursement maximization projects.
Revcare has a presence in the Southern California, Las Vegas and
Hawaii healthcare markets. It provides services to approximately
88 healthcare facilities in these geographic areas. It currently
manages over $500 million in receivables for its billing and
collections clients on an annual basis.
Don't want a conference call,i want a website forum where questions can be put to management and management answers when they have the time. This way the same questions are not being asked and a history of answers is available for other shareholders to access.
The only problem with this company is that it could stay private for years. Is there any need for it to become public now.
In essence we might as well face the fact that we may never see out investment again.
Therefore i have to agree with muff regarding Gil's lack of information to shareholders. What actually does a shareholder mean in this company anyway.
Jersey keeps telling us to talk to Gil but should it not be that Gil should be talking to us.
There can't be that many shareholders in this company why can't he communicate direct to us by email. It would be easy for shareholders to register an email address on the GSI website.
I doubt if there is any urgency to for him to anything for shareholders,now the company is no longer public.
A simple personal newsletter to shareholders on the website outlining what is going on and what the company is currently doing with possibly a forum for existing shareholders to ask questions would go a long way to show he has any concerns for shareholders.
All i can say snow is that you have not been doing your homework.
Argyle must be paying their staff fresh air i guess.
I would think they will do now. Argyle even has a chief financial officer.
Still don't fully understand why the would allow GSI to aquire them. Must have been a very big incentive for them to do so. Maybe Jersey can enlighten us.
I would say GSI is now a revenue producing company. That definantly means its going to be trading higher then 8 cents when it get relisted on some exchange.
MedAssets, Inc. and Equicare Capital, LLC Enter a Business Relationship to Improve Healthcare Providers' Cash Flow
Atlanta, GA
june 5 2007
MedAssets, Inc. and Equicare Capital, LLC announced today a new, exclusive business relationship that will offer MedAssets’ customers accelerated and increased cash payments for their accounts receivables.
Historically, most hospitals have not implemented effective collection processes and routinely write off co-payments and deductibles. However, with an increasing number of self-pay patients in the marketplace, bad debt accounts are growing to an unacceptable level. Bad debt in healthcare is estimated to be approximately more than five hundred billion dollars and is growing faster than any other segment of healthcare.
Equicare is a leading healthcare receivables management company based in San Marcos, Calif. The company’s cash acceleration programs are generally non-recourse and involve little or no risk for the hospital. Equicare provides a more predictable and reliable cash generation stream for hospital assets that have little or no book value. Collection processes are designed to coincide with healthcare providers’ organizational values and goals and provide consistent and streamlined communication with patients.
“Our relationship with Equicare offers a win-win situation for hospitals doing business with MedAssets,” stated John Bardis, chairman, president, and chief executive officer, MedAssets, Inc. “An immediate cash infusion from selling accounts receivables enables customers to fund much needed initiatives or invest in additional tools to improve business processes and operating margins.”
“The relationship with MedAssets gives Equicare the opportunity to serve more of the country’s healthcare providers,” said Manny Occiano, president, Equicare Capital, LLC. “We strongly believe our services offer the most responsible and productive alternative for handling hospital receivables. We know that behind these receivables are the faces of patients / healthcare customers. Our success relies solely in our ability to help these patients recover from the financial burden that may be associated with a healthcare procedure.
Equicare Capital, LLC and ARGYLE Solutions, Inc. announced today that they finalized a business combination to form Equicare Capital, Inc., a healthcare revenue cycle management company.
Equicare Capital, Inc. offers healthcare providers flexible and consumer-focused receivables management solutions, including debt purchasing programs, which accelerate cash flow to hospitals. Manny Occiano, former chief executive officer of Equicare Capital, LLC, will serve as chief executive officer of Equicare Capital, Inc. and Jerry Morrison, former chief executive officer of ARGYLE Solutions, Inc. will serve as chairman of the board.
“The combined team has a tremendous amount of experience, knowledge and expertise in healthcare revenue cycle management. We have the financial strength to provide the most flexible and creative receivables management solutions to our clients,” said Jerry Morrison. “Equicare Capital will offer a full range of solutions to improve and accelerate cash flow for healthcare providers.”
“At Equicare Capital, because we exclusively work in healthcare receivables management, we understand our clients’ needs. Our mission is to maintain and improve each client’s reputation in the community it serves, while providing them with solutions to manage their receivables,” said Manny Occiano. “The keys to our success are the knowledge we have gained from our years of experience in healthcare, our commitment to continual innovation, and our professionalism in working with our clients and their patients.”
Pre-Delinquent Medical Accounts New Target for Debt Buyer
Medical debt buyer Equicare Capital is focusing more on purchasing early-stage debt, says President Manny Occiano.
Occiano says the company currently has deals with six providers to buy accounts “from bill drop,” or immediately after service. He predicts four more deals by the end of the summer.
Hospitals that begin selling Equicare their warehoused debt usually soon agree to move earlier in the revenue cycle, he says. “Soon, it’s why not at bill drop,” he says. “And that’s how we see our transactions unfold.”
Occiano declined to specify prices for early-stage debt. “Hospitals are of course not going to do anything that reduces their current run rate,” he says. “The range is very wide.”
He says historical collection rates and other factors determine the price of even early accounts.
Equicare made its first healthcare purchase in March 2006, and has since closed 28 deals, he says. That includes three forward-flow agreements with providers. “And that’s not even indicative of what we have in our pipeline,” he says. “Our challenge right now is making sure we don’t outpace our servicing capabilities.”
Based in San Marcos, Calif., Equicare currently employs 150 collectors, but plans to hire more by the end of the summer. Occiano, who previously was chief operating officer at Encore Capital Group, says Equicare is in “acquisition mode.” He declined to specify possible companies for acquisition.
Last week Equicare announced a partnership with healthcare consulting and software company MedAssets. MedAssets, which has a subsidiary that focuses on improving providers’ revenue, will now offer debt sales as one of its tools. The debt purchases will be funded and serviced by Equicare.
Occiano says debt buying is the fastest growing part of Equicare's business, making up 50% of its revenue base.
An interesting article from Argyle solutions:-
http://findarticles.com/p/articles/mi_m3257/is_4_62/ai_n25341182
I'am with you on the need for trading walker. Penny,logic dictates that some sort of financing occurred so that GSI could buy Argyle. One has to wonder what benefit Argyle gets for joining with GSI. I would think either GSI has closed a large hospital receivable contract or are very close to signing one. They then needed a vehicle to collect on the receivables,hence the need for Argyle and its setup.
Obviously GSI believes they can do a better job in collecting the
outstanding receivables then the current hospital infrastucture,it also saves alot of money for the hospital in hiring collection personnel.
GSI's obvious skill in all this is the ability to value the receivables to the liking of both the financing provider and the hospital.
It may be better for all us if they stay private until they get all their ducks in a row regarding financials and list on a higher exchange. One can dream.
Also in mineapolis is:-
ACA International is a 501(c) 6 not-for-profit trade association for professional businesses and individuals in the credit and collection industry.
ACA International (ACA), formerly the American Collectors Association, was created in 1939 to bring together third-party collection professionals to advance the credit and collection industry.
Today, ACA ties together the entire credit and collection cycle, which is critical to the world's economy. ACA's membership includes collection professionals, asset buyers, attorneys, creditors and vendors in more than 55 countries. ACA members return billions of dollars to the economy each year, ensuring that the use of credit remains available to consumers.
ACA members work to achieve common goals and encourage the continued growth and professionalism of their businesses. The association is the voice of the credit and collection industry and serves as a resource for its members, the media, policy makers and consumers.
ACA's headquarters is located in Minneapolis, and has a professional staff dedicated to serving ACA members and the industry at large.
We might be in better hands then anyone ever expected. Here is an interesting article posted on their site:-
http://www.carvalinvestors.com/pdfs/The%20Paper.pdf