CHILD VICTIMS ACT – Legislation and Justice – SIGNATURE REQUESTED

Houses of worship and a person’s experience of their faith should be free of sexual abuse.

Shockingly, when victims of child sex abuse by religious leaders and other perpetrators come forward to seek justice and stop abusers from causing more harm, they are blocked by current New York State law. New York ranks among the very worst in the nation — alongside Alabama, Michigan and Mississippi — for how the courts and criminal justice system treat survivors of child sex abuse.
Mental health experts know it can take decades for a victim of this abuse to overcome the fear, shame, and trauma to be able to come forward to confront their abuser, but our current law allows survivors of abuse to pursue criminal or civil justice only until the age of 23 — a statute of limitations of, in some cases, only five years.
A bill called the Child Victims Act can change that at the upcoming session. It will extend or eliminate the statute of limitations so victims come forward and perpetrators can be prosecuted, helping victims get justice and taking unknown abusers off the streets. April and May are critical months for clergy to demand that officials introduce and vote for the bill.

Add your name to demand action here

Right now, many Republican members of the New York legislature are opposing the bill. Some religious institutions are pressuring legislators to reject the bill because it could mean holding them accountable. Religious groups and others are threatening to thwart the re-election of members if they pass the bill.
Clergy for Child Victims is mobilizing faith leaders to sign this petition to the governor letting the governor, state assembly, and state senate know that we stand behind the governor’s support of the bill. On May 9, a group of clergy will make a lobbying trip to Albany to try and get new legislation passed before budget negotiations start.

Sign and share with your colleagues here

As an influential faith leader in New York, I urge you to sign the letter to demonstrate widespread support from multi-religious faith leaders.
Thank you for supporting this crucial effort.
In faith,
Rabbi Ari Hart

The Brius Jet Watch – 40,000 Feet

 

http://briuswatch.org/jet-paper/

The Jet Papers

In February of 2017, the National Union of Healthcare Workers (NUHW) published a report (“Misplaced Priorities at 40,000 Feet”) about a luxury jet operated by a Brius-related company for the benefit of Brius’ owner and CEO, Shlomo Rechnitz.

The following are links to many of the source documents used to prepare the report. All of the documents are public records obtained from state and federal government agencies including the Federal Aviation Administration, the California Secretary of State, and the California Office of Statewide Health Planning and Development.

Brius LLC Gulfstream G-IV Documentation

(1) Aircraft Bill of Sale (AC Form 8050-2) memorializing the purchase of the Gulfstream G-IV jet by SR Administrative Services, LLC. Dated September 20, 2013. Source: Federal Aviation Administration.

(2) Aircraft Registration Application (AC Form 8050-1) submitted by SR Administrative Services, LLC and signed by Shlomo Rechnitz. Dated September 20, 2013. Source: Federal Aviation Administration.

(3) Aircraft Registration Renewal Application (AC Form 8050-1B) submitted by SR Administrative Services, LLC. Dated July 12, 2016. Source: Federal Aviation Administration.

(4) Flight Data covering the period from September 2013 through July 2016, which the FAA provided in electronic “.xls” format. The hyperlinked spreadsheet contains two tabs: (1) “Sheet 1 – modified” and (2) “Sheet 2 – original”. Source: Federal Aviation Administration.

(5) Loan and Security Agreement by and between Compass Bank and SR Administrative Services, LLC signed by Shlomo Rechnitz and detailing a $3.628 million loan for the purchase of the jet. This document also describes the agreement by which SR Administrative Services, LLC leased the jet to SR Capital, LLC. See page 6 and various pages following the initial signature page, including an attachment entitled “Acknowledgment, Grant of Security Interest and Subordination Agreement by SR Capital, LLC.” Dated September 17, 2013. Source: Federal Aviation Administration.

(6) Limited Liability Company Articles of Organization” (Form LLC-1) for “SR Administrative Services, LLC.” Dated June 3, 2013. Source: California Secretary of State.

(7) Limited Liability Company Articles of Organization”(Form LLC-1) for “SR Capital, LLC.” Dated December 28, 2009. Source: California Secretary of State.

(8) Statements of Information” (Form LLC-12) for “SR Administrative Services, LLC. Dated November 9, 2015 and July 12, 2013. Source: California Secretary of State.

(9) Statements of Information” (Form LLC-12) for “SR Capital, LLC. Dated January 28, 2015 and October 6, 2015. Source: California Secretary of State.

(10) Certificate of Status” for “SR Administrative Services, LLC. Dated September 14, 2016. Source: California Secretary of State.

(11) Certificate of Status” for “SR Capital, LLC. Dated September 14, 2016. Source: California Secretary of State.

(12) Certificate of Merger” (Form OBE Merger-1) for“SR Capital, LLC,” signed by Shlomo Rechnitz. Dated December 20, 2012. Source: California Secretary of State.

(13) Excerpt from Medi-Cal Cost Report Describing a Brius Nursing Home’s Transactions with SR Capital, LLC. This two-page excerpt is taken from a recent Medi-Cal Cost Report submitted by one of Brius’ nursing homes, Monterey Healthcare & Wellness Center (Rosemead, CA), to the California Office of Statewide Health Planning and Development (OSHPD). This excerpt offers an example of the kinds of financial transactions between “SR Capital, LLC” (the corporation that operates the jet) and individual Brius nursing homes. On the second page of the document, Monterey Healthcare & Wellness Center reports it paid $530,382 to SR Capital/YTR Capital during the 12-month period ended December 31, 2015. In addition, it shows that Monterey Healthcare & Wellness Center owed $4,327,952 to “SR Capital, LLC” at the end of 2015. Source: California Office of Statewide Health Planning and Development.

(14) Shlomo Rechnitz, SR Capital, LLC and SR Administrative Services, LLC. This notarized document is excerpted from the 54-page “Loan and Security Agreement by and between Compass Bank and SR Administrative Services, LLC,” which is available in its entirety on this page. It is excerpted here in order to document Rechnitz’ role atop SR Capital, LLC and SR Administrative Services, LLC, the corporations that operate and own the jet. For example, Rechnitz signed this notarized document which identifies him as the “CEO” and “Managing Member” of “SR capital, LLC, a California limited liability company, as the sole member and manager of SR ADMINISTRATIVE SERVICES, LLC, a California limited liability company…” Multiple additional public records confirm Rechnitz’ positions.

Shlomo Rechnitz and Brius – Neglecting Patients for Financial Gain

Humboldt_County_Residents_Protest_Brius_Plans_To_Close_Three_Nursing_Homes_2-1

http://briuswatch.org/brius/humboldt-county-brius-home-hit-another-wrongful-death-lawsuit/

Humboldt County Brius home hit another wrongful death lawsuit

A Brius-owned nursing home in Humboldt County evicted a 63-year-old patient suffering from dementia and left him alone in a hotel room where he died four days later, according to a lawsuit filed last month by an attorney for the man’s sister.

Alan Dewey had been living for nearly two years at the Eureka Rehabilitation & Wellness Center, which state regulators fined $160,000 earlier this year for substandard care that stemmed from chronic understaffing. The nursing home also has been named in two other wrongful death lawsuits since November.

Dewey was admitted to the  home in late 2014, according to his complaint filed by Amelia F. Burroughs of the law firm Janssen Malloy LLP. He had suffered a “significant brain injury in 1975 and a stroke, which affected his vision.” He also had “a seizure disorder and multiple complex medical problems.”

On Oct. 14, 2016, the nursing home “deposited” Dewey at the Clarion Hotel in Eureka with his medications, “a half-gallon of milk, instant noodles, and Velveeta macaroni and cheese,” according to the complaint, which described his hotel stay this way:

“Dewey could not see well enough to attend breakfast in the lobby of the hotel; could not see well enough to sort and take his medications appropriately, and could not see well enough to sort and take his medications appropriately, and could not see well enough to use the key card to enter his room or navigate his surroundings.”

He was found dead inside his hotel room on Oct. 18.

At the time that Dewey was allegedly dumped at the hotel, Rechnitz had announced his intention to close the Eureka nursing home and two others in Humboldt County in a move local officials said was a naked ploy to pressure them into once again boosting his reimbursement rates.

Dewey’s sister, Sherri McKenna, told Courthouse News she thinks her brother was discharged as part of Rechnitz’s effort to clear the nursing home given “the onerous requirements for resident transfers.”

The lawsuit names Brius CEO Shlomo Rechnitz, and several of his corporate entities as defendants for wrongful death and dependent adult abuse. “The facts are horrific,” Burroughs told the news outlet. “The corporate entities running the facility made decisions that I believe really hurt (Dewey).”

Burroughs’ firm is also representing the families of Ralph Sorensen and Randy Kruger. They both died after developing Stage IV pressure ulcers that became infected, according to lawsuits that also name Rechnitz among the defendants.

 

Download (PDF, Unknown) – Wrongful Death Lawsuit

Mark Nordlicht and Platinum – As Seen in Contracts – A Chilling Pattern

Mark Nordlicht – The Beauty, Pure Genius of it all…

A Sampling of His Contractual Legitimization and SEC Registration of a Strategy of Removing Assets and Destroying Companies…

Many readers will recognize the companies listed in the below contractual thread. Most of those companies represent only a small number of Platinum Partners’ and Nordlichts’ victims. It would take a staff to review each and every contract and take the entire picture as a sum of each of  its brushstrokes.

In broad terms, if you review the pattern we illustrated in several previous posts through the lens of the total strategy. The serial corporate piracy becomes all too clear. We leave it to you.

SEC Government Links:

https://www.sec.gov/Archives/edgar/data/1031927/000101359414000444/echodfan14a-053014.pdf
https://www.sec.gov/Archives/edgar/data/1031927/000101359414000723/echoex991-122214.htm
https://www.sec.gov/Archives/edgar/data/1031927/000114036114027289/xslF345X01/doc1.xml
https://www.sec.gov/Archives/edgar/data/1031927/000114036113028586/misc1.htm

Sample Contracts with Mark Nordlicht

Navidea Biopharmaceuticals, Inc. –Settlement Agreement(June 29th, 2016)

This Settlement Agreement (this “Agreement”) is made as of June 16, 2016, by and among Navidea Biopharmaceuticals, Inc., a Delaware corporation (“Navidea” or the “Company”); Platinum Partners Value Arbitrage Fund, L.P. and Platinum-Montaur Life Sciences, LLC (collectively, the “Platinum Defendants”); a stockholder of the Company, Cody Christopherson (“Christopherson” or the “Stockholder”); and Hunter & Kmiec, a New York general partnership and counsel to the Stockholder (“HK” or “Counsel”). Collectively, Navidea, the Platinum Defendants, Christopherson and HK are referred to as the “Parties”.

Navidea Biopharmaceuticals, Inc. –April 7, 2016 Navidea Biopharmaceuticals, Inc. 5600 Blazer Parkway, Suite 200 Dublin, OH 43017-1367 Attention: CFO Tel: 614-973-7474 Fax: 614-793-7522 E-Mail: blarson@navidea.com E-Mail in Care Of: bjohnson@navidea.com Kevin W. Waite Moomjian, Waite & Coleman, LLP(April 13th, 2016)
Navidea Biopharmaceuticals, Inc. –Agreement(March 18th, 2016)

This Agreement (this “Agreement”) is made and entered into as of March 14, 2016, by and among Navidea Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), and the entities and natural person listed on Exhibit A hereto and their respective Affiliates (collectively, the “Sub Lender”) (each of the Company and the Sub Lender, a “Party” to this Agreement, and collectively, the “Parties”).

Securities Purchase Agreement by and Between the Investors Listed on the Signature Pages Hereto and Echo Therapeutics, Inc. December 18, 2014(April 15th, 2015)

THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of December 18, 2014, is made by and between Echo Therapeutics, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Exhibit A hereto (collectively, the “Investors”).

Platinum Partners Value Arbitrage Fund L.P. C/O Platinum Partners(April 15th, 2015)

This Letter of Agreement, including the Exhibits attached hereto (collectively, this “Agreement”), sets forth the terms and conditions of the investment by certain investors (collectively, the “Investors”) in Echo Therapeutics, Inc. (the “Company”). In consideration of the good and valuable consideration, including the mutual covenants, agreements and promises set forth in this Agreement and elsewhere, the receipt and sufficiency of which are hereby acknowledged, each of the Investors and the Company hereto agree as follows.

Naturalnano –Platinum Long Term Growth Iv, Llc(September 15th, 2009)

Reference is made to the $2,750,000 8% Senior Secured Promissory Note due March 6, 2009, issued on or about March 6, 2007, the $150,000 8% Senior Secured Promissory Note due March 6, 2009, issued on or about August 4, 2008, the $190,000 Senior Secured Promissory Note due January 31, 2010, issued on or about September 29, 2008, the $59,500 Senior Secured Promissory Note due January 31, 2010, issued on or about October 31, 2008 and the $14,941.34 8% Senior Secured Promissory Note, issued on or about February 20, 2009 (together the “Notes”) from NaturalNano, Inc. and NaturalNano Research, Inc. (jointly and severally, the “Borrower”) to Platinum Long Term Growth IV, LLC (the “Lender”). Capitalized terms used herein and not otherwise defined shall have the respective meanings given in the Notes.

Naturalnano –Platinum Long Term Growth Iv, Llc(September 15th, 2009)

Reference is made to the 8% Senior Secured Promissory Note, dated as of April 3, 2009, in the original principal amount of $136,375.98, the 8% Senior Secured Promissory Note, dated as of April 17, 2009, in the original principal amount of $5,000, and the 8% Senior Secured Promissory Note, dated as of May 12, 2009, in the original principal amount of $15,000 (collectively the “Notes”) from NaturalNano, Inc. and NaturalNano Research, Inc. (jointly and severally, the “Borrower’) to Platinum Long Term Growth IV, LLC (the “Lender”). Capitalized terms used herein and not otherwise defined shall have the respective meanings given in the Notes.

Naturalnano –Platinum Long Term Growth Iv, Llc(April 15th, 2009)

Reference is made to the $2,750,000 8% Senior Secured Promissory Note due March 6, 2009, issued on or about March 6, 2007, the $150,000 8% Senior Secured Promissory Note due March 6, 2009, issued on or about August 4, 2008, the $190,000 Senior Secured Promissory Note due January 31, 2010, issued on or about September 29, 2008, the $59,500 Senior Secured Promissory Note due January 31, 2010, issued on or about October 31, 2008 and the $14,941.34 8% Senior Secured Promissory Note, issued on or about February 20, 2009 (together the “Notes”) from NaturalNano, Inc. and NaturalNano Research, Inc. (jointly and severally, the “Borrower”) to Platinum Long Term Growth IV, LLC (the “Lender”). Capitalized terms used herein and not otherwise defined shall have the respective meanings given in the Notes.

Amendment No. 7 to Asset Acquisition Agreement and Plan of Reorganization(November 1st, 2007)

THIS AMENDMENT NO. 7 TO THE ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this “Amendment”) is made and entered into this 26th day of October, 2007, by and between Tandem Energy Corporation, a Colorado corporation (“Seller”), Platinum Energy Resources, Inc., a Delaware corporation (“Platinum”), and PER Acquisition Corp., a Delaware corporation (“Buyer”).

Amendment No. 6 to the Asset Acquisition Agreement and Plan of Reorganization(September 10th, 2007)

THIS AMENDMENT NO. 6 TO THE ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this “Amendment”) is made and entered into this 4th day of September, 2007, by and between Tandem Energy Corporation, a Colorado corporation (“Seller”), Platinum Energy Resources, Inc., a Delaware corporation (“Platinum”), and PER Acquisition Corp., a Delaware corporation (“Buyer”).

Optionable –Contract(August 14th, 2007)

Exhibit 10.1 CONFIDENTIAL TREATMENT REQUESTED BY OPTIONABLE, INC. OF CERTAIN PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. – ——————————————————————————– STOCK AND WARRANT PURCHASE AGREEMENT BY AND AMONG OPTIONABLE, INC., MARK NORDLICHT, RIDGECREST CAPITAL, INC., PIERPONT CAPITAL, INC. AND NYMEX HOLDINGS, INC. Dated as of April 10, 2007 – ——————————————————————————– TABLE OF CONTENTS Page

Optionable –Contract(August 14th, 2007)

Exhibit 10.2 INVESTOR RIGHTS AGREEMENT INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated as of April 10, 2007, by and among: (a) Optionable, Inc., a Delaware corporation (the “Company”), (b) NYMEX Holdings, Inc., a Delaware corporation (the “Investor”), and (c) Mark Nordlicht, Edward O’Connor, through Ridgecrest Capital, Inc., a New York corporation (“Ridgecrest”), and Kevin Cassidy, through Pierpont Capital, Inc., a New York corporation (“Pierpont”) (each a “Founder” and collectively, the “Founders”). WHEREAS, as part of the transactions contemplated by the Stock and Warrant Purchase Agreement, dated as of April 10, 2007 (the “Stock and Warrant Purchase Agreement”), by and among the Company, the Investor and the Founders, the Investor is purchasing (i) an aggregate 10,758,886 shares of Common Stock (as defined below) of the Company from the Founders, and (ii) the Warrant (as defined below) from the Company;

Optionable –Contract(August 14th, 2007)

Exhibit 10.3 WAIVER WAIVER AGREEMENT, effective as of April 10, 2007 (the “Waiver”), with respect to that certain Loan Agreement, dated as of March 22, 2004, between Optionable, Inc., a Delaware corporation (the “Borrower”) and Mark Nordlicht, an individual (the “Lender”) (the “Loan Agreement”). W I T N E S S E T H: WHEREAS, the Borrower and the Lender are parties to the Loan Agreement; WHEREAS, Section 2.b.2 of the Loan Agreement provides, in part, that following the first financing, the Borrower shall prepay Lender a certain portion of the Loan (as defined in the Loan Agreement) and shall begin to pay interest on the remaining unpaid balance; WHEREAS, the Borrower and the Lender are parties to a Stock and Warrant Purchase Agreement, dated as of April 10 , 2007, (the “Stock and Warrant Purchase Agreement”) by and among the Borrower, the Lend

Optionable –Contract(August 14th, 2007)

Exhibit 4.1 WARRANT to Purchase Common Stock of Optionable, Inc. Warrant No. 0001 Original Issue Date: April 10, 2007 THIS WARRANT IS NON TRANSFERABLE OTHER THAN TO A WHOLLY OWNED SUBSIDIARY OR OTHER AFFILIATE OF NYMEX. A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE CORPORATION OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS WILL BE FURNISHED BY THE CORPORATION, WITHOUT CHARGE, TO EACH WARRANTHOLDER WHO SO REQUESTS, UPON REQUEST TO THE SECRETARY OF THE CORPORATION. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN INVESTOR RIGHTS AGREEMENT DATED APRIL 1

Optionable –Contract(August 14th, 2007)

Exhibit 10.5 REGISTRATION RIGHTS AGREEMENT between OPTIONABLE, INC. and NYMEX HOLDINGS, INC. ___________________ Dated as of April 10, 2007 TABLE OF CONTENTS Page 1. Certain Definitions………………………………………..1 2. Demand Registrations……………………………………….4 (a) Right to Request Registration……………………….4 (b) Number of Demand Registrations………………………4 (c) Priority on Demand Registrations…………………….4 (d) Restrictions on Demand Registrations…………………5 (e) Selection of Underwriters………..

Amendment No. 5 to Asset Acquisition Agreement and Plan of Reorganization(July 24th, 2007)

THIS AMENDMENT NO. 5 TO THE ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this “Amendment”) is made and entered into this 18th day of July, 2007, by and between Tandem Energy Corporation, a Colorado corporation (“Seller”), Platinum Energy Resources, Inc., a Delaware corporation (“Platinum”), and PER Acquisition Corp., a Delaware corporation (“Buyer”).

Amendment No. 4 to Asset Acquisition Agreement and Plan of Reorganization(June 4th, 2007)

THIS AMENDMENT NO. 4 TO ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this “Amendment”) is made and entered into this 1st day of June, 2007, by and between Tandem Energy Corporation, a Colorado corporation (“Seller”), Platinum Energy Resources, Inc., a Delaware corporation (“Platinum”), and PER Acquisition Corp., a Delaware corporation (“Buyer”).

Amendment No. 3 to Asset Acquisition Agreement and Plan of Reorganization(April 4th, 2007)

THIS AMENDMENT NO. 3 TO ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this “Amendment”) is made and entered into this 29th day of March, 2007, by and between Tandem Energy Corporation, a Colorado corporation (“Seller”), Platinum Energy Resources, Inc., a Delaware corporation (“Platinum”), and PER Acquisition Corp., a Delaware corporation (“Buyer”).

Naturalnano –Registration Rights Agreement(March 8th, 2007)

This Registration Rights Agreement (the “Agreement”) is made and entered into as of 7th day of March 2007 by and among NaturalNano, Inc., a Nevada corporation (the “Company”), and the investors identified on the signature page hereto (each an “Investor” and collectively “Investors”).

Naturalnano –Loan and Security Agreement(March 8th, 2007)

THIS AGREEMENT made as of March 7, 2007 by and among the investors listed on Schedule 1 to this Agreement (collectively, the “Investors,” and each, individually, a “Investor”), Platinum Advisors LLC, a limited liability company, as agent for the Investors (the “Agent”) and NaturalNano, Inc., a Nevada corporation with its chief executive office, principal place of business and mailing address at 15 Schoen Place, Pittsford, New York 14534-2025 (“NaturalNano”), and NaturalNano Research, Inc., a Delaware corporation (“NN Research” and, together with NaturalNano, the “Borrower”). The obligations of NaturalNano and NN Research shall be joint and several.

Amendment No. 2 to Asset Acquisition Agreement and Plan of Reorganization(February 15th, 2007)

THIS AMENDMENT NO. 2 TO ASSET ACQUISITION AGREEMENT AND PLAN OF REORGANIZATION (this ” Amendment “) is made and entered into this 9th day of February, 2007, by and between Tandem Energy Corporation , a Colorado corporation (” Seller “), Platinum Energy Resources, Inc. , a Delaware corporation (” Platinum “), and PER Acquisition Corp. , a Delaware corporation (” Buyer “).

Amendment to Unit Purchase Options(November 9th, 2006)

This AMENDMENT TO UNIT PURCHASE OPTIONS (this ”Amendment”), dated November 3, 2006, is made by and between Platinum Energy Resources, Inc. (the ”Company”) and the holders designated on the signature page hereof (”Holders”), to those certain Unit Purchase Options referred to below.

Warrant Clarification and Confirmation Agreement(November 9th, 2006)

This Warrant Clarification and Confirmation Agreement (this ”Agreement”), dated November 3, 2006, is to the Warrant Agreement, dated as of October 24, 2005 (the ”Warrant Agreement”), by and between Platinum Energy Resources, Inc., a Delaware corporation (”Company”), and American Stock Transfer & Trust Company, a New York corporation (”Warrant Agent”).

Consulting Agreement(November 1st, 2006)

This CONSULTING AGREEMENT (this “Agreement”) is dated as of the 26th day of October, 2006, by and between PLATINUM ENERGY RESOURCES, INC., a Delaware corporation (“Platinum”), and Lance Duncan (“Duncan”).

Consulting Agreement(November 1st, 2006)

This CONSULTING AGREEMENT (this “Agreement”) is dated as of the 26th day of October, 2006, by and between PLATINUM ENERGY RESOURCES, INC., a Delaware corporation (“Platinum”), and Lance Duncan (“Duncan”).

Termination Agreement(October 11th, 2006)

THIS TERMINATION AGREEMENT (this “Agreement”) is made and entered into this 4th day of October 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”) and certain stockholders of Target (the “Major Shareholders”). Parent, Target, Acquisition Sub and Major Shareholders shall herein collectively be referred to as the “Parties”, and each, a “Party”.

Asset Acquisition Agreement and Plan of Reorganization(October 11th, 2006)

In the event the Platinum Claim involves any action by an unaffiliated third party, no compromise or settlement thereof may be effected by Platinum without the Tandem Representative’s consent (which shall not be unreasonably withheld).

Amendment No. 3 to Agreement and Plan of Merger(August 22nd, 2006)

THIS AMENDMENT NO. 3 TO AGREEMENT AND PLAN OF MERGER (this “Amendment”) is made and entered into this 17th day of August, 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”).

Amendment No. 2 to Agreement and Plan of Merger(August 4th, 2006)

THIS AMENDMENT NO. 2 TO AGREEMENT AND PLAN OF MERGER (this “Amendment”) is made and entered into this 31st day of July, 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”).

Agreement and Plan of Merger(August 1st, 2006)

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made and entered into this 26th day of January, 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”).

Amendment No. 1 to Agreement and Plan of Merger(July 6th, 2006)

THIS AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER (this “Amendment”) is made and entered into as of the 30th day of June, 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”).

Optionable –Contract(April 12th, 2006)

Amendment to Master Services Agreement dated April 1, 2004 And to Loan Agreement dated March 22, 2004 The undersigned acknowledge and agree to the following amendments to (i) Master Services Agreement (“Master Services Agreement”) dated April 1, 2004, as modified, between Optionable, Inc. (“OPEX”) and Capital Energy Services, LLC (“CES”) and (ii) Loan Agreement (“Loan Agreement”) dated March 22, 2004, as modified, between OPEX and Mark Nordlicht (“Nordlicht”). 1. Capitalized terms not defined herein shall have the meanings ascribed to them in the Master Services Agreement or the Loan Agreement, as the case may be. 2. The Master Services Agreement is hereby amended by deleting Section 2(e)iii.1. thereof and inserting the following in its place and stead: 1. The Repayment Allocation is defined as follows; A percentage, established at the discretion o

Agreement and Plan of Merger(February 1st, 2006)

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made and entered into this 26th day of January, 2006, by and between Platinum Energy Resources, Inc., a Delaware corporation (“Parent”), Tandem Energy Holdings, Inc., a Nevada corporation (“Target”), and PER Acquisition Corp., a Delaware corporation (“Acquisition Sub”).

Optionable –Contract(November 3rd, 2005)

EMPLOYMENT AGREEMENT EMPLOYMENT AGREEMENT, dated as of October 30, 2005 (this “Agreement”), between OPTIONABLE, INC., a Delaware corporation (“Employer”) and KEVIN P. CASSIDY (“Employee”). W I T N E S S E T H: – – – – – – – – – – WHEREAS, Employer is engaged in the business of providing trading and brokerage services to brokerage firms, financial institutions, energy traders, and hedge funds, and developing an automated electronic trading system; and WHEREAS, Employee seeks to be employed by Employer and Employer seeks to so engage Employee as its Chief Executive Officer and Vice Chairman; NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound, agree as follows.

Contract(September 30th, 2005)

UNDERWRITING AGREEMENT between PLATINUM ENERGY RESOURCES, INC. and CASIMIR CAPITAL, L.P. and CANTOR FITZGERALD & CO. As Representatives of the Underwriters named on Schedule I Dated: , 2005 PLATINUM ENERGY RESOURCES, INC. UNDERWRITING AGREEMENT New York, New York , 2005 Casimir Capital L.P. Cantor Fitzgerald & Co. As Representatives of the Underwriters named on Schedule I hereto c/o Casimir Capital L.P. 489 Fifth Avenue New York, New York 10017 Dear Sirs: The undersigned, Platinum Energy Resources, Inc., a Delaware corporation (“Compa

 

Contract(September 28th, 2005)

INVESTMENT MANAGEMENT TRUST AGREEMENT This Agreement is made as of , 2005 by and between Platinum Energy Resources, Inc. (the “Company”) and American Stock Transfer & Trust Company (“Trustee”). WHEREAS, the Company’s Registration Statement on Form S-1, No. 333-125687 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof by the Securities and Exchange Commission (“Effective Date”); and WHEREAS, Casimir Capital LP (“Casimir”) and Cantor Fitzgerald (“Cantor”) are acting as the representatives of the underwriters in the IPO; and WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Certificate of Incorporation, $131,760,000 of the gross proceeds of the IPO ($151,524,000 if the underwriters over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the C

Contract(August 31st, 2005)

PROMISSORY NOTE $5,000 As of August 29, 2005 New York, New York Platinum Energy Resources, Inc. (the “Maker”) promises to pay to the order of Mark Nordlicht (the “Payee”) the principal sum of Five Thousand Dollars and No Cents ($5,000.00) in lawful money of the United States of America, together with interest on the unpaid principal balance of this Note, on the terms and conditions described below. 1. Principal. The principal balance of this Note shall be repayable on the earlier of (i) May 5, 2006 or (ii) the date on which Maker consummates an initial public offering of its securities. 2. Interest. Interest shall accrue at the rate of 4% annually (non-compounded) on the unpaid principal balance of this Note. 3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under

Contract(August 31st, 2005)

Exhibit 10.9 INVESTMENT MANAGEMENT TRUST AGREEMENT This Agreement is made as of , 2005 by and between Platinum Energy Resources, Inc. (the “Company”) and American Stock Transfer & Trust Company (“Trustee”). WHEREAS, the Company’s Registration Statement on Form S-1, No. 333-125687 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof by the Securities and Exchange Commission (“Effective Date”); and WHEREAS, Casimir Capital LP (“Casimir”) is acting as the representative of the underwriters in the IPO; and WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Certificate of Incorporation, $95,160,000 of the gross proceeds of the IPO ($109,434,000 if the underwriters over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and

Contract(July 27th, 2005)

Ehxibit 1.1 UNDERWRITING AGREEMENT between PLATINUM ENERGY RESOURCES, INC. and CASIMIR CAPITAL, L.P. Dated: ____________________, 2005 PLATINUM ENERGY RESOURCES, INC. UNDERWRITING AGREEMENT New York, New York , 2005 Casimir Capital, L.P. 489 Fifth Avenue New York, New York 10017 Dear Sirs: The undersigned, Platinum Energy Resources, Inc., a Delaware corporation (“Company”), hereby confirms its agreement with Casimir Capital, L.P. (hereinafter referred to as “you,” “Casimir” or the “Representative”) and with the other underwriters named on Schedule I hereto for which Casimir is acting as Representativ

Contract(June 10th, 2005)

EXHIBIT 10.13 REGISTRATION RIGHTS AGREEMENT THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the ______ day of _________, 2005, by and among: Platinum Energy Resources, Inc., a Delaware corporation (the “Company”); and the undersigned parties listed under Investors on the signature page hereto (each, an “Investor” and collectively, the “Investors”). WHEREAS, the Investors currently hold all of the issued and outstanding securities of the Company; WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of shares of Common Stock held by them; NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. DEFINITIONS. The following ca

Contract(June 10th, 2005)

EXHIBIT 10.7 June 3, 2005 Platinum Energy Resources, Inc. 152 West 57th Street, 54th Floor New York, New York 10019 Casimir Capital LP 489 Fifth Avenue New York, New York 10017 Re: Initial Public Offering Gentlemen: The undersigned stockholder, officer and director of Platinum Energy Resources, Inc. (“Company”), in consideration of Casimir Capital LP (“Casimir”) entering into a letter of intent, dated May 4, 2005 (the “Letter of Intent”), to underwrite an initial public offering of the securities of the Company (“IPO”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 11 hereof): 1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all Insider Shares owned by the undersigned in accordance with the majority of the votes cast by the holders of the IPO Shares. 2. In the event that the Company fails to consummate a Business Combinatio

Contract(June 10th, 2005)

EXHIBIT 10.12 PROMISSORY NOTE $175,000 As of May 5, 2005 New York, New York Platinum Energy Resources, Inc. (the “Maker”) promises to pay to the order of Mark Nordlicht (the “Payee”) the principal sum of One Hundred Seventy-Five Thousand Dollars and No Cents ($175,000.00) in lawful money of the United States of America, together with interest on the unpaid principal balance of this Note, on the terms and conditions described below. 1. Principal. The principal balance of this Note shall be repayable on the earlier of (i) May 5, 2006 or (ii) the date on which Maker consummates an initial public offering of its securities. 2. Interest. Interest shall accrue at the rate of 4% annually (non-compounded) on the unpaid principal balance of this Note. 3. Application of Payments. All payments shall be applied first to

Optionable –Contract(May 4th, 2005)

ADDENDUM TO PROMISSORY NOTE DATED MARCH 22, 2004 The undersigned acknowledges and agrees to the following changes to the Promissory Note, dated March 22, 2004, between Optionable, Inc. (the “Borrower”) and Mark Nordlicht (the “Lender”), to which this addendum is attached (the “Promissory Note”); 1. The first paragraph of the Promissory Note will be replaced with the following paragraph: FOR VALUE RECEIVED, OPTIONABLE, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to the order of MARK NORDLICHT (the “Lender”) at the office of the Lender located at c/o Platinum Partners LP, Carnegie Hall Tower, 152 West 57th Street, 54th Floor, New York, NY 10019, or at such other places as the holder hereof may from time to time designate in writing, the principal sum of $5,621,753.18. This Note will be due and payable on the first to occur of; (i) The March 22, 2014, at which time the Borrower will pay Lender $5,621,753.1

Optionable –Contract(May 4th, 2005)

ADDENDUM TO LOAN AGREEMENT DATED MARCH 22, 2004 The undersigned acknowledges and agrees to the following changes to the Loan Agreement, dated March 22, 2004, between Optionable, Inc. (the “Borrower”) and Mark Nordlicht (the “Lender”), to which this addendum is attached (the “Loan Agreement”); WHEREAS, Kevin P. Cassidy, Edward J. O’Connor and the Lender requested a negotiation of the Loan Agreement and the Deferred Payment to Capital Energy Services LLC (“CES”); WHEREAS, the Deferred Payment, specified in Section 2(e) of the Master Services Agreement with CES (the “Deferred Payment”), has been assigned by CES to Kevin P. Cassidy (“Cassidy”), as to 50% (the “Cassidy Payment”), and Edward J. O’Connor (“O’Connor”), as to 50% (the “O’Connor Payment”); WHEREAS, OPEX created a Finance Committee which negotiated the Loan Agreement and the Deferred Payment to CES; NOW, THEREFORE, the parties hereby agree as follows: 1. SECTION 2 of the

Optionable –Contract(May 4th, 2005)

ADDENDUM TO MASTER SERVICES AGREEMENT DATED APRIL 1, 2004 The undersigned acknowledges and agrees to the following changes to the Master Services Agreement, dated April 1, 2004, between Optionable, Inc. (“OPEX”) and Capital Energy Services (“CES”), to which this addendum is attached (the

 

Mark Nordlicht – Platinum Partners and Targets – The Echo Therapeutics Inc Story as it Unfolded

warning-general-2

A Warning to Potential Target Companies –

If your Software or Underlying Assets are Valuable, if you have Minimal Institutional Investor Interest and are Short on Business Savvy, You Represent a Disaster Waiting to Happen. 

We contend that each of the companies listed below has been or will be the victim of Platinum’s serial corporate piracy. Caveat Emptor (may the buyer beware) Caveat Venditor (may the seller beware).

There appears to be no Latin term that adequately warns the most vulnerable in this strategy – the entrepreneurs and visionaries and those who founded these companies.

If Platinum shows interest, run the other way.

www.octafinance.com/mark-a-nordlichts-platinum-management-ny-is-the-latest-13f-q3-2015-filler/

Mark A. Nordlichts PLATINUM MANAGEMENT NY Is The Latest 13F Q3 2015 Filler

Platinum Management Ny Llc 13F Positions

Mark A. Nordlicht’s Platinum Management Ny Llc just filed its Q3 2015 13F. Dated 23/12/2015, the SEC filing shows the hedge fund has a portfolio value of $31.12 million, representing a decrease of $1.61 million from the previous quarter when it was $32.73 million. Note: This filling reprents only about 1.96% of Platinum Management Ny Llc’s assets, which which are listed in the US.

Portfolio Q32015
Market Value: $31,122,000
Previous Mkt Value: $32,728,000
Chg Mkt Value %: -4.91 %
Sentiment:
Turnover %: 4.89 %
Stocks Activity
New Purchases: 2
Additional Purchases: 1
Sold out: 3
Reduced: 2
Top 10 Holdings %: 100.01%

Based on $1.59 billion in assets under management, Platinum Management Ny Llc’s equity exposure is only 1.96% of assets. Please also note that we can’t know the Platinum Management Ny Llc’s shorts and net exposure.

New Stocks

During this quarter, Mark A. Nordlicht’s Platinum Management Ny Llc started new positions in Echo Therapeutics Inc (ECTE) for $1.29 million and You On Demand for $6,000. These were the 2 biggest new positions. In total the hedge fund bought 2 new stocks.

Top 5 New Buys
Echo Therapeutics Inc 4.13%
You On Demand 0.02%
13F Sector Allocation
Health Care 97 %
Energy 3 %

Increased Positions

The hedge fund didn’t report any lifted positions in this quarter.

Sold Holdings

Mark A. Nordlicht’s fund sold all its stakes in Echo Therapeutics Inc, Virco Mfg Co (VIRC) and Dlh Hldgs Corp (DLHC). These stocks constituted 4.32 %, 0.38 % and 0.17 % of the manager’s portfolio, respectively. We can only speculate about the reasons for the selling but we believe it has to do with either value, momentum or a better place for Platinum Management Ny Llc’s capital.

Reduced Positions

The fund also trimmed its postitons in Pedevco Corp (PED) by -8.33% and Inspiremd Inc (NSPR) by -76.72%.

Top Positions

Navidea Biopharmaceuticals I (NAVB), Echo Therapeutics Inc (ECTE) and Pedevco Corp (PED) made up the majority of Platinum Management Ny Llc’s total US long portfolio in Q3 2015. These securities were top 3 and constitute 99.96% of Platinum Management Ny Llc’s US-listed securities.

The picture above provides a snapshot of Platinum Management Ny Llc’s top 10 US-listed equity positions in Q3 2015.

Sector Allocation

Platinum Management Ny Llc lifted the health care sector from 90 % to 97 %. The fund trimmed the Energy sector positions by 3 %.

So these are Q3 2015 fund’s sector weights now: health care 97 % for $30.19 million and energy 3 % for $933,660.

Important Position Changes

Top 10 Q3 2015 New Positions: Echo Therapeutics Inc (ECTE) and You On Demand.

Top 10 Q3 2015 Sold Out Completely: Echo Therapeutics Inc, Virco Mfg Co (VIRC) and Dlh Hldgs Corp (DLHC).

Download the full 13F form in CSV: Q3-2015-Platinum-Management-Ny-Llc-Mark-A.-Nordlicht-13F-Portfolio-Stock-Holdings.csv

Research more New York hedge funds in our free database. Read ‘What is a Hedge Fund’ at our Hedge Funds resource page.

Platinum Management Ny Llc – website

13F Filing Link: 000136861615000006

Echo Therapeutics Inc, one in a String of Platinum Decimated Companies…. Answering Some Questions.

The below is an article that was posted in Valuewalk. The author asks some obvious and reasonable questions. Taken in a vacuum, one might wonder. However, when viewed through the looking glass of Platinum corporate savagery, the answers to those questions take on a whole new perspective.

Our comments are in red. – LM

Echo Therapeutics Inc (ECTE) – A Stock With No Revenue And A Short Catalyst

Platinum Partners is the largest investor in Echo Therapeutics (common, warrants, pref and debt). Below is the author’s take on the stock itself, but it raises some bigger questions regarding Platinum such as:

  1. why was platinum (a $1 billion fund) repeatedly investing in such a micro cap stock. Because as part of Platinum’s strategy, Platinum acts as the savior “institutional investor,” proceeds to increase value through name recognition, to take control, divest the company of its most valuable assets and equity and then to tank the stock and leave nothing for investors. Most likely in bankruptcy, Platinum repurchases the company at a substantial discount or holds onto the assets and sells them.
  2. How did Platinum value its investment in the warrants and preferred as there is no “market” for these illiquid investments. The value is an arbitrary number intended to guide other investors who view Platinum’s investment as a benchmark. As you know there were some questions about how Platinum valued some of its other investments. See Black Elk and Optionable, Echo Therapeutics and dozens if not hundreds of others. They all follow the same pattern of setting a benchmark, enticing other investors to increase capital thereby increasing value and then tanking the company by divesting it of its assets through a series of tender offers, mergers, special purpose vehicles or strategic partners. In Echo’s case it was a Chinese partner who made promises of Chinese FDA approval to appear legitimate.
  3. Did Platinum invest in ECTE while at the same time preventing Platinum investors from withdrawing from the fund (aka failing to honor redemption requests). Most likely or they created a class of shares in which they too were investors and then voted one class over the other thereby diluting the equity for the second class. That was followed by removing the value through a series of tenders, mergers, corporate takeovers, strategic partnerships…

Echo Therapeutics Inc (ECTE) – An Overvalued Stock

Echo Therapeutics (ECTE) has no revenue, is losing money, is facing delisting from the Nasdaq exchange, needs capital, recently filed a shelf offering (very late in the day on a Friday!) and faces competition from much larger industry competitors. According to the latest 10Q, the company had only $42k of unrestricted cash (not much cushion for a company that burns over $1mm per quarter) yet boasts an equity market cap of almost $35 million (using the 20 million shares, which includes convert pref,…most data sources like yahoo and Bloomberg use only 11 million shares outstanding). The company also expects to have negative cash flows for the foreseeable future as it funds its operating losses and capital expenditures. Echo Therapeutics is up 25% YTD and up 100% from its 52 week low. This was not the case initially. The software had value. The company was a Platinum target from start to finish.

To make it an even more attractive short candidate, consider that its largest shareholder is Platinum Partners, the fund that one of its executives has been accused of paying bribes to a union boss in exchange for an investment and the same fund that yesterday the FBI raided on reportedly as part of an investigation into Platinum’s valuation of its hard to value illiquid assets. It has also been reported that Platinum will be liquidating some or all of its funds (which makes the short even more interesting). Finally, it has been reported that Platinum failed to honor redemption requests from investors and that Platinum has defaulted on a $30 million loan from New Mountain Capital…in other words, Platinum appears to have some very serious problems and their future is uncertain. Platinum Partners gets involved to give the company seeming legitimacy, name recognition, institutional investor interest thereby enticing other investors.

Furthermore, Platinum’s investment (and ECTE’s market cap) are larger than it might initially appear as most of Platinum’s investment is in the form of convertible Preferred stock, so the number of shares outstanding is, theoretically larger than it appears on the cover of the 10q. In addition there are Blockers limiting the number of shares that the preferred can be converted into, so the ownership table in the proxy table understates Platinum’s true ownership, although the footnotes give more accurate information. Precisely why their pattern of corporate savagery works.

Echo Therapeutics is trying to develop a non-invasive (aka no needles), wireless, continuous glucose monitoring system. You can see the latest presentation at http://echotx.com/investors/investor-relations/ . The company has been developing its products for several years now but still has no commercially viable product. It probably doesn’t help that they spend more on SG&A than they do on R&D and that they compete with companies with significantly greater resources. ECTE does talk about getting approval from the Chinese FDA (we have our doubts) and the company does put out press releases on things that we believe are of limited real value. Promises of Chinese FDA approval was a ruse to add seeming legitimacy to its choice of strategic partner, also a Platinum related entity, in China. Meetings were held in China, thereby removing the US entrepreneurs and board members from earshot. To reiterate, the supposed FDA Approval in China was a ruse intended to make the entire scheme appear legitimate, reasonable and even value enhancing.

To avoid delisting from the Nasdaq, by the July 5, 2016 ECTE will need stockholders’ equity above $2.5 million (last quarter it was negative $4.7 million) and to provide projections that it can maintain that amount through June 30, 2017 (remember the company loses money and lost $2.6 million last quarter). ECTE could, theoretically meet the Nasdaq requirements by doing one of 2 things, neither of which would be good for current shareholders: 1) Raise equity through a recently filed (but not yet effective) $25 million shelf, although it is unclear if ECTE has enough time to pursue this option and who would buy the stock or 2) Have Platinum convert some/all of its preferred stock into common stock, although given Platinum’s other problems I’m not sure how focused they are on ECTE at the moment.

In addition to being ECTE’s largest shareholder, Platinum has the right to nominate one director to ECTE’s Board. Platinum’s designee is ECTE’s Chairman, Michael M. Goldberg. Goldberg’s previous biographies indicate he used to work for Platinum. However his employment by Platinum is not mentioned in the bio listed in ECTE’s SEC filings and we wonder why. (Note: Mr. Goldberg is also Board Director for ticker NAVB, another Platinum related company whose stock has cratered recently.) Each and every member of the Platinum team from start to finish is a Platinum person, friend, family member, financial colleague and co-conspirator. This is part of the same Platinum pattern. Platinum Controls all aspects of the entity it takes over. It is carefully planned, reflecting savvy, a clear understanding both of the markets and of investor behavior and a willingness to destroy the most vulnerable, those who began the venture and did not know enough to prevent Platinum from stepping in.

Besides Michael Goldberg, Echo Therapeutics has 2 other non-employee directors, one of whom is Mr. Goldberg’s first cousin. Couldn’t ECTE find a qualified director who was not related to an existing Board member? To be clear, we don’t know either of the Goldbergs nor are we suggesting they have done anything wrong. However, their ties to Platinum (and each other) are red flags for us. They should be huge red flags, warning signs a cause for running in the opposite direction.

Not surprisingly, ECTE has failed to attract much interest from institutional investors. If ECTE is such an interesting investment, why have so many sophisticated investors avoided it? Our opinion is that Platinum owns shares when the company is functioning with moderate returns, dumps those shares into the market, tanking the stock, which serves to make a company appear less financially viable. They then enter as the “legitimate institutional investor” at a lower market price, take over a majority of shares and proceed to acquire control in seemingly legal contracts and transactions then divest the company of its most valuable assets under the guise of  trying to rebuild a company. In reality the entire path from start to finish is a well orchestrated ballet, with a chorus of additional dancers waiting at the sideline to step in and steal the show.

Based on the latest proxy as of April 2016 we estimate Platinum’s investment to consist of 783k common shares, 5.6 mm shares (theorectically convertible from preferred stock) and 2.8 million warrants. Clearly exiting its position will be challenging considering the company needs to sell shares too to raise cash and the trading volume is limited. No surprises. It was orchestrated in similar fashion in EVERY other deal that Platinum has entered (see Objectionable, Black Elk and others).

Echo Therapeutics is an overvalued stock where we believe both insiders and the company will need to sell large numbers of shares and we don’t see how either can occur at these prices. Echo Therapeutics can be saved if the Receiver in Bankruptcy sees the company through the looking glass of Platinum’s involvement and facilitates its recovery by denying Platinum and its partners any involvement.

SentosaCare – Filipino Nurses – October 2015 – Accountability (or the lack thereof) and Politics

Ben Landa – a Comment to Our Previous PostSentosaCare and Google

LostMessiah – 20.04.17

After reading one of the “glowing endorsements” of Ben Landa we received in the comments to our previous posting, and in an effort to stay true to investigating the voracity of our commenter’s claims that the staff at SentosaCare is happy in their positions, we decided to do as the commenter asked, “Google.”

Much to our chagrin, there were numerous glowing articles about SentosaCare and Ben Landa all of which, unsurprisingly, were posted on SentosaCare’s websites, Twitter feeds, Facebook pages or those of SentosaCare’s affiliates and partners. We also found glowing reviews of Ben Landa, also on his own website, LinkedIn pages and Twitter feeds.  Unsurprising, there were no flowery reports about Ben Landa being a “great guy.”

In fact, among the many things we found on our Google search (completed at the request of the commenter) were a string of lawsuits against SentosaCare, the most chilling of which related to the company’s treatment of its Filipino staff. We were surprised to find a string of repeated accusations dating back to 2004 and elder care issues at Fensterman’s nursing home in 2003 and earlier.  But Fensterman was not the subject of our commenter’s words of praise. We were thus shamed into realizing that not enough has been said about SentosaCare, Ben Landa, Howard Fensterman and the political gamesmanship that has facilitated, if not out rightly endorsed these facilities.

We discovered, thanks to our commenter, that the most interesting and unsettling explanation for the success of these facilities can be found at least as early as 2005. There are certainly numerous articles supporting our repeated contentions that politics and the political generosity of the owners of these homes are like binary stars, functioning because they feed off each other like parasites. Political clout knows no bounds and moral bankruptcy can likely not be crammed down.

The reality of today could not be better described than it was in an article from  2007 by Michael Amon and Ridgely Ochs entitled:

“How a Long Island Nursing Home Empire Got Its Way”

/01/05/how-a-long-island-nursing-home-empire-got-its-way/

Instead of posting that article, which only serves to outline the history of behavior found in our previous post, we decided to post the text of an article found on the website of a South Carolina law firm. While we know nothing at all about this firm, their words speaks volumes.

DISCLOSURE STATEMENT:

In the interest of full disclosure, this posting is not an endorsement of the law firm quoted nor is it an advertisement on behalf of the law firm. We know nothing about the law firm or their services but are simply posting information we found in a Google search. We felt it important to show that we indulged the request of one of our commenters and the results of that request led us here. – LM

 

SENTOSACARE: WHAT HAPPENS WHEN PEOPLE AREN’T PUT FIRST?

POSTED BY CHRISTIAN & DAVIS LLC || 29-OCT-2015

With more than 5000 beds in 25 facilities, SentosaCare, LLC is now the largest nursing home network in the state of New York. However, a quick look into the record of complaints, fines, and violations is enough to make one wonder how SentosaCare is allowed to run one facility, let alone acquire dozens more.

In one particularly harrowing story, a 60 year old patient was placed into a SentosaCare facility to recover from a diabetic emergency. He entered the facility with minor wounds on his foot, and expected them to heal over the six weeks he planned to stay at the home. However, his “recovery” soon led to an emergency hospital visit, as negligence by caretakers led to a severe infection which required amputating his foot.

Why is SentosaCare Being Allowed to Expand?

In New York, prospective buyers of nursing home facilities must pass a “character-and-competence” review before the transaction will be allowed. The Public Health and Health Planning Council is supposed to deny these deals when they find that the facilities have repeat violations which could potentially put the residents at risk. The Council works primarily off of reports and records compiled by the Department of Health.

However, the Department of Health has regularly excluded or failed to report major violations, including more than 20 federal fines which SentosaCare facilities have been ordered to pay. Inspections reports have indicated numerous instances of residents wandering away, and in one case, freezing to death. Prosecutors and inspectors alike have found that staff members have falsified records. Despite this, the Department of Health found that SentosaCare homes provide a “substantially consistent high level of care.”

We Fight for Those Who Can’t

There are dozens, if not hundreds, of instances of improper patient care in SentosaCare facilities. While this group appears to be particularly troubled, similar abuse and neglect unfortunately occurs in facilities around the country. The Department of Health and Human Services’ inspector general has even stated that one-third of all Medicare patients suffered preventable harm in a nursing home within one month of being admitted for short-term rehab. For more information, read this recent ProPublica article.

At Christian & Davis, LLC, our Greenville nursing home abuse attorneys are proud to stand up for the rights of the elderly. We believe that when you put your loved one into a nursing home, they deserve to receive a high standard of care – and the law is on our side. If someone you love has suffered abuse or neglect at the hands of nursing home staff, contact our firm immediately to pursue justice.

Hold negligent or abusive nursing homes accountable for their actions. Call (864) 408-8890 today for experienced, compassionate counsel.