Interesting Post from RagingBull HRC Board:
By: stars99
04 Apr 2003, 06:40 PM EST Msg. 3501 of 3502
Interesting
A timeline: Richard Scrushy and HealthSouth
04/01/03
1979: UAB graduate Scrushy, then 26, joins Houston-based Lifemark Corp., a national hospital chain.
1984: Scrushy and four co-workers found Amcare Inc. and open its first outpatient center in Birmingham.
1985: Amcare changes its name to HealthSouth Rehabilitation Corp. and takes in $5 million in revenue.
1986: In September, HealthSouth first sells stock to the public. Profits for 1986 reported at $1.1 million. Scrushy's pay that year: $225,000.
1990: HealthSouth expands to 50 outpatient locations.
1992: Scrushy's pay tops $1.2 million.
1993: HealthSouth becomes the largest provider of rehabilitative services after acquiring rehab clinics from Tenet Healthcare. Scrushy and others found MedPartners Inc., a physician management company.
1994: Number of HealthSouth locations rises to 250. Scrushy starts Capstone Capital Corp., a real estate investment trust in Birmingham.
1995: HealthSouth announces nearly $2.5 billion in acquisitions that would give the company more than 850 facilities and more than 32,000 employees. 1996: Scrushy collects $8 million bonus.
1997: Scrushy's country band, Dallas County Line, releases self-titled album with songs such as "Honk if You Honky Tonk" and "You're Too Good Looking to Still Be Looking." Scrushy's pay that year: $106.8 million.
1998: Scrushy steps in as CEO of MedPartners, which was imploding after a series of miscues and a failed merger. HealthSouth's market value reaches $12 billion.
1999: Scrushy buys $25 million in HealthSouth shares. He hires a Miami lawyer to file defamation lawsuits against people posting salacious messages on Yahoo! bulletin board.
2000: HealthSouth shares rise 203 percent, making the stock one of the top performers on the Standard and Poor's 500 index. Scrushy sells $6 million in MedPartners (now Caremark Rx Inc.) shares.
2001: HealthSouth paid $7.9 million to settle allegations it overbilled Medicare for equipment bought from G.G. Enterprises, a company owned by Scrushy's parents.
2002: Scrushy sells $100 million in HealthSouth shares in months before company says lower Medicare payments will trim earnings. SEC begins investigation. Flurry of shareholder lawsuits filed.
Jan. 6, 2003: Scrushy reclaims CEO post he had given up the previous August.
Feb. 4: HealthSouth pulls plug on its "Go For It!" roadshow.
Feb. 6: FBI begins probe into HealthSouth stock trades. March 19: SEC files lawsuit charging Scrushy and HealthSouth with faking $1.4 billion in profit.
March 21: HealthSouth suspends Scrushy.
March 26: HealthSouth shares trade for 11 cents, valuing company at less than $50 million.
Monday: HealthSouth fires Scrushy.
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