Replies to post #12348 on GSI Securitization, Inc. (fka GSII)

[doubleeagle]

Gene if it is the case you have legal. I would be intrested to know wether past press releases could be deemed misleading to the public. Good luck with what you are doing keep us posted.

[doubleeagle]

Also Gene make sure you know what you are getting involved in. Some attorneys can be as bad as Gil Slaton has treated you in regards to cost outlays. Outlays that you may not get a return on or to break even. A vendetta may only end up as a price of personal satisfaction which is hard to place value on.

[skibum2k]

GENE, thanks for the update! The company has to resolve this to start off on a fresh slate!

Good luck and keep us informed!

[jerseyboy]

Gene,

The debt owed to you is on the consolidated GSI balance sheet that the new company is using in evaluating the combination. Per the JV agreement, no disbursements of any size can be made out of the JV without the consent of both partners, and I imagine that the other JV partner would not be amenable to forking over the debt due to you out of the JV's cash, as he was not party to its creation. There is no cash on GSI's stand-alone accounts. The best thing you could do, in my opinion, is to hold tight for a little longer, and after the merger has been consummated, the outstanding debt on GSI's books might be settled.

[jshuff]

As you know here is some more dirt on Gil:
Notice he wont take responsability for this screw up either.
Like Doctors Hospital, it's unlikely Edgewater will operate again as a hospital because buyers aren't interested in taking on the debt brought on by the fraud allegations amid a difficult market for hospitals. Prosecutors say 72-year-old Edgewater also needs capital improvements to bring certain facilities in the hospital up to federal and state health codes.

"Edgewater is out of cash," Braley said. "The trigger was the fact that the sale did not go through."

Lawyers for Vital Community Health Services Inc., parent of Edgewater and Grant, said GSI Securitization Inc. of Princeton, N.J., did "not perform a material portion" of the purchase contract.

GSI President Gil Slaton disagreed, saying a "dispute arose" about how the down payment would be made for Grant. Slaton said GSI still is interested in buying Grant and is scouting for other opportunities to buy hospitals in the area.