RE: CFO Moving OnAs for the CFO, Mr. Klein, he's the CFO that brought Northstar to the public back in 2007. This company's first quarter of reported financials had Revenues of $6.8M and Accounts Receivable of $16.38 Million?:
https://www.northstar-healthcare.com/investor_relations/downloads/07_Q2_Financials.pdf
Do any accountants here have a rational explanation for that? Do those numbers evidence that the insurance reimbursement issues were an issue from the beginning? I don’t see enough detail to determine that from the financials and MD&A; but the settlement with The Kirby Partnership was about the pre-existing insurance reimbursement issues too, wasn't it? ...oh and look at that $139M of "Goodwill", doesn’t that seam rather ironic in hindsight?
That's not to mention that Mr. Klein seams pretty cozy with the rest of that original management group that brought Northstar public less than three years ago.....and some of whom now seam intent to destroy any last shred of value that the public investor might be left with.
Note Ken Klein here listed as a Director of Acro Energy (ART.v):
https://acroenergy.com/investors/press-releases/lonestar-capital-corp-closes-acquisition-of-acro
Note Brad Kovnat is a director of Acro Energy:
https://acroenergy.com/investors/company-officers/
But wait, there’s more:
The CEO of ART is Harry Fleming, who is a lawyer in the law firm representing Lake Breeze Surgical Affiliates that is suing NHC. Harry previously worked for Capstone Associated, who were the financial "architects" of the NHC "hybrid IPO" : www.feldlaw.com/articles/yahoo-finance.pdf
https://www.flemingattorneys.com/CM/Custom/fleming.asp
Their history with Northstar doesn’t seam to demonstrate a very “investor friendly” approach. Anyone here feel inclined to go buy some Acro based on their history here with Northstar?
I feel really bad for those poor people who bought this IPO at $12.25 or higher less than three years ago expecting to have a nice income producing investment….and instead ended up with this….with the company’s founder’s trying to destroy it....along with any last shred of value the public investors might have. I sure hope there's some justice in this for them.