How insider dealing and private equity loots a company

[EVT1]

usnews.nbcnews.com/_news/2013/12/09/21841229-major-ambulance-service-shuts-down-without-notice-in-six-states

Interesting history- the COO of Rural Metro (that filed bankruptcy), is hired by private equity to run an acquisition (that was in bankruptcy)- and didn't even make it 6 months before putting that company on the block- meanwhile this same shithead is operating his own ambulance service and is looking to buy equipment on the cheap.

www.prnewswire.com/news-releases/enhanced-equity-funds-announces-partnership-with-bryan-gibson-to-join-firstmed-ems-as-ceo-217826381.html

usnews.nbcnews.com/_news/2013/12/09/21841229-major-ambulance-service-shuts-down-without-notice-in-six-states

This from a poster and it is true- I am in this business:

     The media seems to be at a loss as to the reason for the recent closure of First Med EMS. I want to inform you of a few key tidbits that should help provide some context:

     Bryan Gibson was hired as the CEO of First Med EMS by Enhanced Equity in July 2013.

     Bryan Gibson also owns and is the CEO of Shoals Ambulance in Alabama. Shoals Ambulance IS NOT part of First Med EMS.

     Bryan Gibson began hiring employees in Tennessee and Alabama. The employees were paid by First Med EMS.

     Bryan Gibson sent more than 20 First Med EMS ambulances to Tennessee.


     Shoals Ambulance was incorporated in Tennessee (Already incorporated in Alabama) on November 06, 2013 with a DBA of First Med EMS.


     The DBA of Priority Ambulance was added to Shoals Ambulance in Tennessee on November 25, 2013.
In an article on December 3, 2013, just 3 days prior to First Med EMS closing, Bryan Gibson as the CEO of Priority Ambulance donated $5,000 (Did First Med EMS pay or Priority?) for Veterans Wreaths. The article later states "Priority Ambulance is a new non-emergency ambulance service coming to East Tennessee next year."


     Hundreds of thousands of dollars was spent by First Med EMS to help start Shoals Ambulance in Tennessee.

     $0 revenue was received by First Med EMS in Tennessee.

     During the first half of 2013 First Med EMS was profitable. During the time Bryan Gibson was CEO the company lost millions.

     At the time of closing the east coast division of First Med EMS was still profitable.

     It is rumored that Bryan Gibson intends on buying the assets out of bankruptcy and continuing his plans with Shoals Ambulance and Priority Ambulance.

All true.

[zibazinski]

I'd ask congress about insider trading. Oh, wait, THEY don't go to jail for it the way a regular person does.

[workpublic]

you're just finding out that we live in an amoral society from top to bottom?

[zibazinski]

It's only bad if a republican does it, don't you know that by now?