Summary: I can't type notes fast enough to get everything.
George: I've been told I run on and get too lengthy, so I'm going to try to be concise.
First Bullet point, I want to encourage everyone, to keep down the same path that we're settled, because we're on a good bath and making some headway.
Bill all you can, colect all you can, and keep making progress.
The last time we got together, I said I wanted to make that 401K payment, and I had every intention of doing that, and it was completely dependent on getting that United healthcare payment.
So Meghan and I have worked together, and we notified United healthcare two weeks ago yesterday so they would start sending about 70 thousand dollars to us at wells fargo. That's what the basis of my statement was about the 401K. But then it didn't come on Friday. We thought maybe it'd take a few more days, but it ends up they sent it to BB&T. I was really frustrated.
They should be paying on Friday, and 53k will be going to that August payroll for layed off employees. Then from there we'll get the 401 K paid.
I got a bit of good news yesterday. There's three banks our company deals with: BB&T (we've answered all their judgements and we're waiting for a hearing date),
We're getting help from a sounding board that was referred by the economical development company that is going to help us get a lender. This will help us from having to settle with the federal company.
We also deal with the bank T&C (TNC?) and they're the one that took the land from us, and they're really working with us. They're trusting what I'm saying and are working with us.
And then the third lender, and this is where the good news comes, Revere Bank. Revere Bank, because they had part of their collateral given back to them, (they had filed a confessed judgement) they met with me, they sat down and said they wanted to work with me. So yesterday, at two we had a conference call. He called me yesterday and said they've looked everything over and they've made a decision that they want to work with me. They've agreed that Dynasplint is going to make it through. So we're going to restructure the loans you have. They want to continue to participate in the Dynasplint Hepburn, so they'd like to be our bank going forward (but theyr'e not big enough yet) but they'd like to be our bank for land.
The basic point is this: They're working with us and it's setting a foundation. They're going to restructure the loans and not keep going after us to get it all paid out. They want to be part of the Dynasplint association.
Insert annotation about how Obama worked with the same loan officer here. (It's probably a substitute for the normal Ravens story)
George says he'd like to start paying back the bounced checks, but the 401K is first. He has a plan for all of it. George says he realizes that people have been pretty patient, but although there's a lot of chatter (I don't look at it at all, this cafe pharma whatever). Anyone that doesn't want to communicate with me--if I get a letter that's anonymous, I tear it up. But everyone here has been patient.
Insert story about a patient that can't find a rep and called angry because she needs her splint and reiterating the value of our product.
That upset patient put a fire under me to get us further back on track. No one else has a product like Dynasplint. We'll be just as in demand. I wanted to share that story with you to be compassionate, be understanding, but don't let those angry patients waste your time.
So we're going to set that budget to get everything paid, it'll be al ittle piece every month but it'll get paid.
Recent departures: You know, people are quitting, I respect that, we'll get down to the core level and that's all we're going to take. Jennifer Lohman, Kathy Hope, Andrew Burke, all resigned. This is all pressurized, some people can't take it. When the going gets tough, the tough gets going. This company is going to be here, and when it gets restored, it's going to be a good time. This is not going to last forever, there's an end in sight.
Insert metaphor about running a marathon.
We are more than half way through, so it'll be a good achievement when we get to the other side. Jane Petroski was laid off, because it became Jane became intolerant about any pay delay. She was paid probably more than twice as much as anyone in the company. In addition to that, she's been here 27 years, and I'm a loyal committed person, but if I can find a way, to justify people being here for years and years, and see to them that they bring value to the work they do, I can try to keep them here. But I can't overlook a lack of commitment. If they're not behind me, they just drag me down. Negative comments, and all that, if you have that, get over it, or get out. But if you want to talk about something, if you have a problem, tell me.
So that's it, I don't want to lose too many more good people. I wouldn't be surprised if I lose more. I hope everything will be fine in 60 days, otherwise, we're still on the good path. We would have been paid off in 90 days but Medicare isn't paying us (didn't he say before that their money doesn't make a dent in all of this?)
Because we've never maid false claims, I'm holding on to the position that we're innocent for as long as we can. medicare didn't tell me this, but the federal lawsuit has been in effect for almost two years, but medicare didn't stop making payment until two weeks after BB&T, so maybe they didn't want their money going there.
I am signing up with a lawyer in Louisiana to defend this Medicare thing (insert the beaten horse argument about why he's right and Sean Murphy, Medicare, Jon Hanczaryk and countless others are wrong).
All the staet medicaids have stopped paying us. Amerigroup of Texas has called me and said they got my rebuttal, and what you said in your rebuttal makes sense to us. We see the logic in what you're doing, so by state law, we can't side with you, but we see what you're doing and we understand.
This is all an injustice, we're working our way through it. When you walk out of here, feel proud of yourselves. If we can save up 4 million, we're golden. If we can hold confirmations at the level you're doing, for the next two to three months, we're going to come out of this. We're going to make up for the 401K loss, market valuations, all of that will be made up. We'll start adding people back and get this company back to what it should be.
Any questions?
