Here is an excerpt from an article that I just read on wptv.com written by reporter Angela Cruz. Makes me wonder if I ever worked for Liberty at all...
"Liberty sold its Medicare diabetes business to Coral Springs-based Arriva Medical, under parent company Alere, in 2011. Harvey said Liberty and Arriva have not reached an agreement on the terms of that option deal, so employees who are working temporarily for Arriva are staying on in an as-needed basis."
Read more: http://www.wptv.com/dpp/news/region_st_lucie_county/port_st_lucie/liberty-medical-bankruptcy-port-st-lucies-liberty-medical-supply-inc-files-chapter-11-bankruptcy#ixzz2L0Sf8KdL
ATLS,Acquisitions, LLC (the parent company of Liberty Medical and the rest of the listed companies that filed Chapter 11 today )was established circa 11/29/2012 just in time to announce that the " old managers" had bought Liberty and then shortly after that they would need to perform lay offs, salary cuts and re-structuring of departments in an effort to "become" profitable in the future.
ReplyDeleteThen suddenly we're informed that these managers are working on a deal with Arriva Medical ( who had just bought out Nations Health) to buy the Diabetic portion of Liberty medical.
Then they implemented anything and everything to de-stablize the departments by relocating agents from dysfunctional programs that they understood and had somehow made work and moved agents from the barely functional system for primary medicare -train them 5 days and expect perfect performance.
From everything that I have seen it has appeared to be a structured default. Not surprising. But to people that don't understand bankruptcy -illogical.
From a business perspective its understood, but the aftershock for the employees with de-stablization of departments and the uncertainty from day to day is taking a very heavy toll emotionally and healthwise for those who have always been told they are the frontline defense and representatives of the company. The ones that the company is counting on to save them. The hopeful ones.
The upper echelon of the company will walk away with much more than any of the employees left holding the proverbial bag.
So dissecting the current events it appears that a company was created to be an umbrella for all of the entities that filed Chapter 11 by this crew of old managers.
Now the employees just need to ride out the wave at this point and be ready for the next proverbial shoe to fall - because it will because that is the next step in the bankruptcy.
Comparing the company to
American Airlines or GM is not appropriate as they were bailed out with tax payer money.