Friday Omnibus: Love them new 1095s like red beans and rice

Pro Insider tip: You know its gonna be a good fee generator when the bookkeeping staff becomes weepy worried about tax season deadlines.

The Department of the Treasury has concluded that some employers, insurers, and other providers of coverage need additional time to adapt and implement systems and gather, analyze, and report the information. Employers and coverage providers are encouraged to provide returns and statements as soon as they are able to do so.

The only hiccup I see is in the implications of the extended 1095 deadlines on the deadline for 1040 filers in particular.

How about a couple of stories we’ve been following. First up it appears the light bulb has finally turned on in an area of Hizzoner’s brain that was once thought to have been completely and irreversibly damaged:

Where’s the DOJ money? Bay council blocks mayor’s $88K transaction ~ Wes Muller

Caught in a trap…..

Ah hem, lest I digress we had a major federal court hearing in Gulfport on the Singing River Hospital Disaster. Of particular interest was the Singing River/Jackson County gang that can’t seem to shoot straight waxing both apologetically and indignantly attempting the play the different crowds in the different venues. What follows is the indignant:

SRHS settlement moving forward after federal judge’s decision ~ Karen Nelson

From the account of a retiree that attended the hearing whom I spoke with Tuesday that then meshed well with Karen Nelson’s, it appears Singing River, along with settlement Plaintiff attorney Jim Reeves are desperate to shut down both the flow of information and the related public discussion of both the proposed settlement and the plan trustee/management perpetrated misdeeds that caused the disaster. The settlement group was also hesitant to share information about how the $6.4 million dollars in attorney fees the taxpayers of Jackson County are paying was calculated. Worth noting is part of that $6.4 million will likely go to the very law firm that was on the inside of the apparent massive breaches of fiduciary duty that occurred with the pension plan and that has to be galling to the long suffering retirees.

Judge Guirola strongly encouraged the SRHS settlement group to share more information about their proposed settlement so that the retirees can make informed decisions in advance of the fairness hearing. He took the Singing River motion for an injunction against the state proceedings under advisement.

If you are a retiree and want to learn more about the mechanism that drove both the Federal Court hearing Tuesday and upcoming fairness hearing click here and pay particular attention to subpart E.

Based on the fact that copious amounts of information about the settlement have been withheld from the retirees I do not know how any of them could possibly support this cram down, especially given the financial risk they are being asked to take in becoming a haircut, long term creditor of a Hospital system that has been badly mismanaged.

Even worse the larger economic headwinds are so stacked against a lone community hospital system competing against other community hospitals and the huge for profit health systems. The industry trend is letting the larger systems take over and manage the Community Hospital such as Hancock Medical affiliating with Ocshners or outright long-term privatization deals such as the one Jefferson Parish Louisiana did with Children’s Hospital leasing it West Jefferson Medical Center.

Long term bond holders of the Hospital system are backed by a Jackson County Board of Supervisors property tax pledge.  There is no such security for the retirees and to the extent this whole exercise has been about screwing the retirees out of their pension benefits, the omission a county backed financial guarantee can’t be ignored from a credit analysis standpoint.

For those that missed it earlier this week the politicians in the City of Ocean Springs honored one of their own kind, former Jackson County Sup John McKay who lost big in the primary election last August. The comments to the news story about Jackson County politicians engaging in activities they enjoy the best inspired Warren Kulo of the Mississippi Pravda to jump to McKay’s defense. RFP provided the informed dissent about Mr. McKay here and here. And to you folks in Vancleave dealing with Tommy Cobb’s environmental disaster, brought to you by John McKay and the Walkers, please be sure to especially thank Mr. McKay for his “public” service. Tell them Warren sent you.

Finally the folks over at SRHS Watch checked in with a Judge Hilburn story as told by Mississippi Supreme Court Justice James Kitchens that is well worth the read.

Leave a Reply

Your email address will not be published. Required fields are marked *