I can clear up a few of the details about the SLF deal, although it's still somwhat tangled.
Principal players:
1) Trinity
2) Enviromed
3) Selfcare
Supporting characters:
1) Flambelle -- a wholly-owned subsidiary of Trinity's.
2) Eastcourt -- was owned 50/50 by Flambelle (i.e. Trinity) and Enviromed. See below for recent changes.
3) East Ridge Foundation -- I have found zero information about this company, but they put up about 15% of the cash in this deal. I assume they will share in the profit/loss.
Everything used to be quite complicated, with Enviromed and Trinity owning various chunks of Selfcare through their subsidiaries. Some shares were subject to various lawsuits, others weren't, and there were some odd options by which either party could duck out of the deal, and odd divisions of voting rights.
To make things more complicated, Selfcare was buying up shares of Enviromed, presumably so that they could gain control of Enviromed and disown the disputed SLF shares. In other words, everyone owned a piece of everyone else.
Things got a little less complicated on 11/1, when Enviromed apparently sold all of its interest in Selfcare to Trinity for $1.25 million. (So Trinity bought more SLF shares for between $3 and $13 per share, depending on the outcome of the lawsuit.) Trinity now owns outright all of the 800k shares of Selfcare in question, but about 600k of these are still subject to a lawsuit.
This new info came from Selfcare's 11/14 10-Q: sec.gov
-Steve |
