Perusing emails written to and from the Kern Valley Healthcare District CFO, Chet Beedle, I have a theory that either Cal Mtg. insurer of this community's debt is easily duped, or they are fine with having Mr. Beedle sending out emails regarding things not so "transparent."
Beedle has been with the district or formerly with the district's management company that hired former CEO of KHD, Pamela Ott, currently charged with elder abuse.
Dave Green and Chet Beedle came on board the sinking ship in 2000, after the obvious overwhelming debt from the expansion project which was initially estimated to cost 13 million, and finally climbed up to 22 million, and yet the construction only created half the initial project.
Management companies have combed thru this valley scribbling notes, charging large sums, regarding saving a hospital ruined by debt and incompetence. Chet Beedle came from such a company, called BRIM.
(under construction: see you soon)
(Current KVHD CEO, Tim McGlew, came on board in July of 2009, in his first year he started a campaign for a "bailout" called Measure G. All the management companies, that have been involved in trying to create a solution by charging "Wall Street" prices, have overwhelmed the districts bank account, and ALWAYS the first suggestion is a tax hike. And now once again, via our new and old friends, another GOB is on the way. Watch you wallet.)
Sent: Monday, Sept. 10, 2007 10:35:24 am
From: Chet Beedle
The answer to your questions are as follows:
1) Dr. Gross wants to be the hospitalist medical director for KVHD, but he wants significantly more money to do so.
2) Yes, KVHD lost over one million dollars on their capitation contract with BFMC. The district does currently have a contract with BFMC, but it is a fee for service contract.
3) The answer to your question is yes. Cal Mtg. and the bondholders have already discussed bringing in a management company due to KVHD not meeting their bond covenants. I have staved them off by saying that we have already done this with Sycamore Asset Management Co. They will not continue to wait forever.
Thanks for the confidence about the financial position of the district for the last four years. I am just concerned that we are no longer in that position and I am not currently able to reverse that trend.
I am waiting to see if Bob Jamison will take Rick Carter to Exchange. Have a good day!
Beedle's Resume shows a sharp shooter
Reading Beedle's email showing that he has the clout to actually ignore Cal Mtg., or stave them off, mislead them, you can suddenly see a link with his resume:
3) Assisted two California district hospitals with obtaining operating lines of credit that were guaranteed by the Cal Mortgage program of the State of California.This is quite confusing as the CFO manager of KVHD's money and perpetuity, claims to have saved district hospitals, arranging Chapter 11 reorganizations, has strategic planning strategies, but he went to school in 1976, and then prior to his arrival in these here mountains, he finally got his masters in Business at La Verne University.
But in his email, he dramatically reveals he cannot keep up with the debt that had been created before and after his arrival. For Beedle to have all this experience, I would imagine, that the situation financially was the truth.
What could he have done to assist two hospitals to obtain Lines of Credit from Cal Mtg? Fungible monies, for old debts, it seems this is how it is done. No bankruptcy with Cal Mtg., but that doesn't mean there aren't other ideas.
Current CEO, Tim McGlew, also had a relationship with the OSHPD office of Cal Mtg. when he worked for the "Home for Jewish Parents" on a multimillion dollar expansion project
There is nothing illegal about a line of credit, except when the insurer of your debt is the only one who can obtain credit for the beleaguered healthcare district. The problem is that the board and administration seemed toknow ltte about