It looks like Pouting Baby is talking to us again. — JW
My mommy tells me it’s not nice to hide things. That’s why I don’t understand why Governor Scottdemort is working so hard to hide how drug addicts get pain pills in Florida. Mr. Jim wrote about how Scottdemort had a lot stock in the company called Solantic and how that $62 million might get in the way of him being governor. It turned out that Scottdemort had tried to say the stock wouldn’t get in the way of him doing his job by giving the stock to his wife.
On Wednesday, we learned that even though Scottdemort gave the stock to his wife, he still had full control of it, because he just sold it:
Scott’s sale of the company comes as he attempts to distance himself from repeated conflict-of-interest questions about whether the company he started in 2001 — and hoped to develop into a national chain — would benefit from the aggressive health care changes he wants state lawmakers to approve.
The sale to Welsh, Carson, Anderson & Stowe makes the New York investment firm the largest shareholder in the company. In 2007, the firm bought a 30 percent share in Solantic when it committed up to $100 million to the company. Two of the firm’s partners, Thomas A. Scully and D. Scott Mackesy, sit on the board of directors.
Scott put the value of his majority share of the company at $62 million last year in the financial disclosure filed as part of his race. Scott agreed to sell his holdings for less than that amount, but neither side would provide the exact figure of the deal, expected to close April 29.
Wow, all the stories on the stock sale say that Scottdemort sold the stock. How could he do that if it was his wife’s stock?
What’s more important, though, is who bought the stock. Mr. Jim tells me that in the business world, when someone is selling stock worth that much money, the investor uses attorneys for a process called due diligence. In due diligence, the person selling the stock has to disclose everything about the business that might in any way have an effect on its value in the future. If Solantic had a problem because Scottdemort was breaking the rules to help it, Scottdemort would have to disclose that to a new investor in the company. But Scottdemort sold his shares to people who already owned a lot of stock in the company, so there probably wasn’t a detailed disclosure document involved. Was Scottdemort hiding something by selling the stock to an existing stockholder?
We might find out one thing about Solantic soon. Even though Scottdemort was working hard to keep the sellers of pain pills secret, other important people in the state government have gone around him and are putting in place a program that will track who is selling which prescription drugs:
The Florida Department of Health on Friday announced it is going ahead with a disputed prescription drug tracking system to help close down “pill mills” that sell painkillers and other medications to drug dealers and addicts.
Gov. Rick Scott wanted the database scrapped, questioning its effectiveness and arguing it would infringe on patient privacy, but Surgeon General Frank Farmer Jr., a Scott appointee, cleared the way for implementation by rejecting a contract challenge that has held it up for the last four months. Farmer cited a state law passed two years ago to create the monitoring system.
Law enforcement officials say the lack of a database has made Florida the nation’s epicenter of prescription drug abuse, attracting buyers from across the country in what’s been dubbed the “Flamingo Express.”
Will this database tell us that Solantic is selling a lot of pain pills? Solantic announced in February that it was selling some prescriptions for as little as $5 and that it was selling “almost 50 commonly prescribed medications”. Mr. Jim has been looking and he can’t find a list of all the pills that Solantic sells, but read this about the opening of a new clinic:
Solantic’s patient-centric centers are staffed by board-certified physicians and a full complement of medical professionals who offer urgent care services, including treatment of fractures, sprains, infections and other minor illnesses. The center will provide on-site X-ray and lab procedures and most Solantic centers also offer prescription services.
Someone suffering from a fracture or sprain would be likely to get a prescription for the sorts of pain pills that the pill mills sell. Will the new database find a lot of pain pills being sold by Solantic?
What is Scottdemort trying to hide?