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12 year, I only have a free membership here, so I cannot respond to private messages.
But I can tell you that they are displaying their restlessness in the form of a petition, which has gotten way more signatures than required, and which has been submitted to the county.
I will, 12-year. I'll give him all the time he wants, and wish him and all other investors here the best of luck with this stock. Truly I do.
But he has his reasons to believe what he does, and I have mine. Truth is, neither of us (or anyone else) knows for sure what will happen with JRMC or Rennova.
But what I can tell you is that the Fentress County natives are very restless, and they have the support of the county -- which Rennova does not.
Believe what you want, my friend. We'll see.
I can tell you that the Jamestown locals do not believe that JRMC will re-open in the foreseeable future. In addition, Fentress County is very likely to open its own separate ER facility in the near future because of the problems with Rennova (including the fact that former staff will not return to JRMC, nor will local doctors send patients there as long as Rennova owns it).
Moreover, the County expects that once it opens its own ER facility, it is also planning to be able to expand that facility to a regular hospital.
Rennova has NO credibility in Fentress County.
I could be wrong, but I'm sorry to say that based on what I've heard, JRMC is going nowhere.
Well la_, I've had my business experiences and you've had yours.
LA_Trader - Posting ads and actually hiring are two different things.
Devil -- I would be happy to see JRMC open because I am planning to move down to Fentress County in 2020, and I would prefer to see a hospital open there since I am no spring chicken and anticipate that I might need its services at some point.
Yes Ferdenando - I will definitely post any article that says JRMC is re-opening.
Personally, I would like to see it re-open. I just don't think that's likely to happen.
I do wish you luck, Ferdenando. I would be happy to be wrong. We'll see what happens. I'd love to see JRMC re-open soon. I just don't believe that's going to happen.
Active social networks are a marketing thing. Kind of like the musicians on the deck of the sinking Titanic.
But really, I do wish the best of luck to you and all the investors on this site.
GLTA
Good one, Ferdenando. But no. I don't need any, since I know better than to invest in RNVA.
Then don't click on me, backstabbed.
It's coming alright, Ferdenando. Break out the Vaseline.
Well, voeksie, I'm sure this board can spare the bandwidth that my occasional, yet insightful, comments occupy.
Indeed it is, Ferdenando.
Ferdenando -- Of course I have seen the employment ads. Gee. I wonder if they've actually hired anyone.
Maybe they're just posting these ghost jobs to keep the penny stock investors interested.
We'll see.
Hahahaha.
What turnaround? You're not seriously thinking JRMC will open anytime soon, are you?
Rennova in Financial Trouble According to New SEC Repor
By Jacob E. Rosenbaum - October 20, 2019
http://www.fentresscouriernews.com/rennova-in-financial-trouble-according-to-new-sec-report/
A recent Securities and Exchange Commission (SEC) filing made by Rennova Health, the company that currently owns Jamestown Regional Medical Center, reveals that the company was nearing financial ruin at the close of the 2018 fiscal year. The report, which is months overdue, says that the company lacked the financial ability to cover basic operations such as rent and payroll.
According to the report, the company had just $7,000 cash on hand at the end of the 2018 fiscal cycle. “Our cash position is critically deficient, critical payments are not being made in the ordinary course of business, and we have indebtedness for which we do not have the financial resources to satisfy,” the report admits.
Along with this cash deficiency, the company also reported a $13.6 million operating loss last year, along with combined stockholder and and working capital defecits of nearly $80 million.
“We need to raise additional funds immediately and continue to do so until we begin to realize positive cash flow from operations,” the report states.
Along with these glaring figures, also included in the report are a number of statements which demonstrate a level of frankness which has previously not been displayed by Rennova. These statements paint a dire portrait of the companies financial future, as well as admissions that their present business model:
“There can be no assurance that we will be able to achieve our business plan, which is to acquire and operate clusters of rural hospitals, raise any additional capital or secure the additional financing necessary to implement our current operating plan. Our ability to continue as a going concern is dependent upon our ability to significantly reduce our operating costs, increase our revenues and eventually regain profitable operations.”
The report further states:
“We generated negative cash flow from operating activities for the years ended December 31, 2018 and 2017. If this trend were to continue and we are unable to raise sufficient capital to fund our operations through other sources, our business will be adversely affected, and we may not be able to continue as a going concern. There can be no assurances that we will be able to raise sufficient funds on terms that are acceptable to us, or at all, to fund our operations under our current business model.”
Support your local newspaper by reading the rest of the story in this weeks Fentress Courier.
Ferdenando -- I don't know what YOU are reading, but the actual 10k states the following:
"At December 31, 2018, we had $7,000 cash on hand from continuing operations, a working capital deficit of $39.3 million and a stockholders’ deficit of $39.2 million. In addition, we incurred a loss from continuing operations of $13.6 million for the year ended December 31, 2018. As of the date of this report, our cash position is deficient; and payments for our operations in the ordinary course are not being made. Our fixed operating expenses include payroll, rent, capital lease payments and other fixed expenses, as well as the costs required to operate Big South Fork Medical Center, which began operations on August 8, 2017, and Jamestown Regional Medical Center, which was acquired on June 1, 2018. Our fixed operating expenses were approximately $2.0 million per month for the year ended December 31, 2018."
I report. You decide.
(P.S. I ain't no way supporting any Democrats.)
Don't count on JRMC re-opening anytime soon: Petition for Emergency Services Spurs Discussion at Commission Meeting
By Jacob E. Rosenbaum October 23, 2019
http://www.fentresscouriernews.com/petition-for-emergency-services-spurs-discussion-at-commission-meeting/
Monday night’s County Commission meeting was dominated by a discussion of re-establishing local emergency care services. The issue was brought to prominence on Monday by retired local attorney Jim Romer, who has drafted a petition demanding the restoration of these services through the establishment of an emergency medical facility by January 1, 2020.
The full text of Mr. Romer’s petition reads as follows:
PETITION FOR 24/7 EMERGENCY CARE SERVICES
IN FENTRESS COUNTY, TENNESSEE
THE JAMESTOWN REGIONAL MEDICAL CENTER CLOSED ON June 13, 2019. When it closed, Emergency Care Services associated with a 24/7 Emergency Room were lost in Fentress County.
THE UNDERSIGNED PERSONS AND ORGANIZATIONS ADD OUR NAMES TO THIS PETITION to demand with respect but firmness, that FENTRESS COUNTY at the very least regain and reopen a 24/7 Emergency Care Services Facility before January 1, 2020.
We can foresee that disastrous consequences will result for any persons in this service area, from youngest to oldest who at any time might need such a service, only to find they had to be transported to a distant place with loss of precious time. There are already documented cases.
We realize that our County local ambulance service is stretched to the limit making longer runs out to and back from out-of-county hospitals. A cloud of stress hangs over personnel where multiple calls may need a response at the same time. There is a substantial cost increase for maintenance, fuel, and equipment attrition. Area hospitals (mainly Crossville and Cookeville which are already overwhelmed) now have to take the increased load of routine emergency patients from here.
We are aware of and welcome the Governor’s initiative on behalf of the distressed rural counties including our own. For years our leaders have worked on and have made progress in industrial development, tourism, and attracting retirees from other places who would make this their home. But loss of Emergency Care Services has drastically impacted all of our own efforts and adds another factor crippling these efforts and initiatives.
For the near future at least, we will need a different facility to house Emergency Care Services. The patent callousness shown by the last previous ownership by FAILURE to pay its suppliers, LOSING Medicaid and Medicare approval, FAILURE to pay withholding taxes on its employees, and with LIENS filed locally totaling OVER $1.9 MILLION, could lead to years of litigation. An entity named “Jamestown TN Medical Center, Inc.” now claims ownership of TN Health Department Facilities License No. 00000048 formerly titled in the name Jamestown Regional Medical Center. They applied to put this license on INACTIVE STATUS and the application was granted in a hearing on October 2 in Nashville. THE JAMESTOWN REGIONAL MEDICAL CENTER IS NOT LIKELY TO REOPEN ANY TIME SOON. . . . .
Support your local newspaper by reading the rest of the story in this weeks Fentress Courier.
Ferd: I know you and others here don't like me, but I gotta ask:
HYpothetically (i.e. a hypthetical horrible), what would happen if JRMC didn't open for say, 9 months (or never), and one of the other hospitals closed down shortly?
I know it's all just speculation -- I have no insider information, although there are community rumors -- but what do you think would happen to the stock in the event this scenario turned out to be accurate?
I don't believe I made any predictions about an R/S.
I know, right?
The problem is that the cows don't come home once they've been taken to the slaughter house.
la_trader -- refuse away. I don't care. I will continue to post when I feel like it, and I personally invite you to not click on any of my posts.
I thank God that I am not a shareholder but I think my perspective here has value. Ignore at your own risk.
Hope I'm wrong so you can get rich. Really I do. But we'll see.
Ferdenando - I promise you that I am as conservative as one can be, and although back in 2014 I switched my voter registration from Republican to Independent because I was and still am outraged by all the Republican RINOs, whom I detest.
That said, I am completely rooting for Windle to prevail with regard to this lawsuit. And I believe he will.
Ummm. Windle is a democrat (or demonrat, if you will.) But I bet it will be REALLY interesting to see what his Document Uncovery demand and Deposition order uncover.
Unless Seamus withdraws his lawsuit, he is going to have to turn over internal documents that he doesn't want to share, but will have to - not withstanding that he has yet to publicly release the 2018 10k and 4Qs.
Some fun, huh?
So what do you think? Is Seamus going to provide all financial statements and internal documents, and sit through hours and hours of question by Windle's attorney? Or is he just going to withdraw his lawsuit, and have the court decide that he has to pay all of Windle's legal fees?
Hmmmm?
No, Stock. I am very happy I wasn't on the Challenger. And I don't wish you were either.
What do you think, trader? I'm betting on your first scenario. (Well, not betting, since I don't own any shares, but you know what I mean.)
Well, you sure put me in my place, stju. I must say it's hard to argue with someone who has such an eloquent command of the English language as you do.
Mmm-hmmm. We'll see, la_Trader.
Good question. I don't have shares. But I will be moving to Fentress County this year, and I am now horrified that there is no functioning hospital there. And, having followed this Rennova flustercuck over the past year, I think it very unlikely that JRMC will ever re-open as long as Rennova owns it.
Moreover, I also believe that the same will prove true for Big South Fork Medical Center and Jellico.
A lot of good people are going to suffer because of Rennova's mismanagement, as can be seen by reading the 2018 10k and the recent 10qs.
Oh wait, there ain't no 10k and 10qs. Wonder why that is.
It would make me very happy if all you Rennova shareholders end up way in the black because I'm wrong and the hospitals re-open/stay open and become profitable.
But I honestly don't think that's going to happen as long as Rennova owns them.
You are right. Wonderful Americans did die in the Challenger explosion. I remember it well, and it was horrifying.
However, I do think my analogy is very valid and I stand by it. Perhaps I am wrong, and the RNVA rocket will successfully land on the moon. But I don't think the odds of that happening are very good.
We'll see.
IMHO
Like the Challenger
Sources: Hospital not admitting patients amid payroll delay
Some staff members not reporting for shifts after payroll delay, sources say
By Ben Garrett -September 24, 2019
After weeks of relatively normal operations at Big South Fork Medical Center, signs of trouble began to emerge at the hospital on Monday, with new admissions reportedly ceasing and patients who had already been admitted being moved to the emergency room and intensive care unit due to a shortage of nursing staff on the floor. . . .
https://www.ihoneida.com/2019/09/24/hospital-turmoil-admissions-cease-patients-moved-to-er-after-payroll-delayed-sources-say/
Sound familiar? (Latest news about Jellico from Knoxville News Channel 8)
'It's kind of thievery': Jellico hospital staff say pay checks arrive late again
https://www.wvlt.tv/content/news/Paycheck-insurance-concerns-at-Jellico-hospital--559427041.html
What are the names of those two clinics?
John/bal: And your point is . . . ?
I report. You decide.