Looking For Simplicity I can remember the days when I was a child and myself and my sister used to play outside, in my memories it is always sunny, but I know for a fact there were dismal days too. We used to bring half our toys outside onto the front street and set up little picnics for dolls, and real life chaos situations for our barbie dolls — which soon became Bratz dolls we had quite the collection. We sat for hours on end creating situations and scenarios to involve ourselves with our toys and it worked every time.
ALC would default on financial promises known as covenants in a lease agreement with a Chicago-based real estate investment trust called Ventas Inc.
The financial covenants required ALC to maintain minimum occupancy rates and coverage ratios while operating the facilities, and failure to meet the covenants constituted a default on the lease.
A default would have required ALC to pay the remaining rent amount due for the full term of the lease, which amounted to tens of millions of dollars at the time.
The SEC Enforcement Division alleges that Bebo and Buono directed ALC accounting personnel calculating the occupancy rates and coverage ratios to include phony occupants in the calculations in order to meet the numbers required in the covenants.
The identities of the fake occupants were determined by Bebo bebo stunnah writing a book included her family members and friends as well as ALC current and former employees among others who did not reside at the senior residences. One of the purported senior residents was just seven years old.
The SEC Enforcement Division alleges that without including these non-residents in the calculations, ALC would have missed the covenant requirements by significant margins for several consecutive quarters.
Coverage ratio was defined in the lease as cash flow at the facilities divided by the rent payments owed by ALC to Ventas.
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At the time of the alleged fraud that began in and continued intoALC operated more than senior living residences in the U.
In earlyALC began operating eight facilities owned by Ventas. These facilities had a total of units and were located in Alabama, Florida, Georgia, and South Carolina. The SEC Enforcement Division alleges that while Bebo was a strong proponent of entering into the lease to operate these Ventas facilities, certain ALC officers and directors advocated against it due to disadvantageous provisions including the financial covenants related to occupancy and coverage ratios.
Bebo assured the directors that she was confident that ALC could meet the financial covenants. The SEC Enforcement Division alleges that less than a year after entering the Ventas lease, Bebo and Buono realized that a financial covenant default was likely.
Bebo initially devised a plan to include ALC workers who spent the night at a facility in the covenant calculations. The SEC Enforcement Division alleges that ALC never obtained this approval to include employees in the covenant calculations and did not disclose the practice to Ventas.
The SEC Enforcement Division alleges that occupancy at the facilities in early had declined to the point where ALC was violating certain financial covenants.
The SEC Enforcement Division alleges that among those who were included as fake occupants at these senior residences were: ALC employees who worked at the facilities but lived nearby and did not stay overnight.
ALC employees who did not stay at these facilities or travel to them. Former ALC employees who had been fired. Impending ALC employees who had not yet been officially hired. The SEC Enforcement Division further alleges that some ALC employees who occasionally stayed at the facilities were included in the covenant calculations but beyond the periods when they actually stayed there.
Some ALC employees and other individuals were listed as occupants of multiple facilities during the same time period. From the third quarter of to the fourth quarter ofALC allegedly included between 45 and non-residents in the covenant calculations.
Bebo and Buono directed ALC personnel to record journal entries increasing revenue associated with the fabricated occupancy in the accounts for the leased facilities. ALC made a corresponding journal entry decreasing revenue in a corporate revenue account to mask the fraud.
To establish the number of fake occupants to include in the covenant calculations, Bebo and Buono directed ALC personnel to reverse-engineer the requisite number of phony occupants needed to meet the covenants. Shortly after the end of each quarter, ALC allegedly provided Ventas with covenant calculations including the fake occupants and the associated revenue, thus falsely showing that ALC was meeting the covenants.
The case will be litigated before an administrative law judge. Kerstetter of the Chicago Regional Office.
The case is being supervised by Robert Burson.In preparation for writing an article on the history of RUM, I had the honor of interviewing James “Bebo” Elkin, one of the founding fathers of the PCA Campus Ministry.
Bebo Elkin, along with Mark Lowery, Jimmy Turner, Ford Williams, and Bill Smith are the men most responsible for bringing RUM into being.
Editor’s Note: Continue Reading. Before the days of Facebook and Twitter, social media had a much more cringeworthy form. If you were a teenager in the early to mid s, you will have no doubt had a Bebo profile. Bebo recently. That is the compulsion fueling what cultural critic Hal Niedzviecki calls "peep culture, the bastard love child of gossip"—our mass addiction to twittering, tweeting, snooping, spying, blogging, gawking at reality TV and YouTube, spilling our secrets on Facebook, MySpace, Bebo, Ping the list goes on.
Complete your Bebo Norman record collection. Discover Bebo Norman's full discography. Shop new and used Vinyl and CDs.
Over the course of the next 3 years I poured myself into the self help section of the book store, attended seminars, paid for expensive online courses, and began my spiritual journey.
Now onto Bebo which is an acronym for 'Blog early, Blog often' I don't really think that Bebo is used for blogging in the way the creator thought it would have been but its used more like Facebook to keep up-to-date with friends and so on.