RE:Watch out hereNobilis: About To Fall From Nobility, Part I, 65%+ Downside Surgical center roll up with a management team having experience with prior roll ups losing 90%+ of shareholder value; defunct roll up and Nobilis have the same chairman, 3 CFOs, VP IR, GC. Insiders have cashed out more than $70 million in the year-to-date period through a combination of share sales and compensation (~14% of current market cap). Accounting red flags: 4 CFO changes in a handful of years, along with recent auditor resignations; potentially overstated revenues; newly acquired acquisitions with Accounts Receivable issues. Questionable marketing, with paid studies touting inappropriate success rates for its medical procedures. The company is significantly overvalued, and appears to be guiding for unachievable targets; 65%+ downside in current stock price. Nobilis | A Brief Overview Nobilis (HLTH, TSX:NHC) (formerly known as Northstar Healthcare) is a roll up of ambulatory surgical centers and medical services companies. The company owns surgery centers in Texas and Arizona, and provides marketing and management services for its own as well as third-party facilities. Nobilis has acquired various surgery centers, where it uses its marketing engine to refer procedures to doctors who perform surgeries at these facilities. The plan is for this marketing engine to drive growth at owned and acquired facilities. One of Nobilis' key acquisitions included the rights to AccuraScope, which is a spine surgery that offers patients a very short recovery time versus traditional procedures.