Globalstar seeks to get listed on Nasdaq, NYSE
COVINGTON (AP) — Globalstar, a Covington-based satellite phone service company, has filed applications to have its common stock listed on Nasdaq and the New York Stock Exchange.
The company said Monday it will choose one of the markets on the basis of the listing application process and review.
Globalstar is now an “over-the-counter” stock, which means shares are traded through a dealer network rather than a centralized exchange. In general, companies whose shares are traded over-the-counter are smaller and can’t meet an exchange’s listing requirements including a minimum number of publicly traded shares, share price, and earnings over a three-year period.
Globalstar said it meets all eligibility requirements of the New York Stock Exchange MKT and Nasdaq Capital Market, which list the stocks of small growth companies, with one exception. On the Nasdaq Capital Market that price may be $2 or $3 depending on the standard under which a firm applies.
Whitney Bank earns top marks for small business banking
NEW ORLEANS (AP) — Whitney Bank has received eight national and regional Greenwich Excellence Awards for small business banking in 2013. The Gulf South financial institution was among the top 6 percent of eligible organizations to earn the coveted Greenwich Associates recognition based on interviews with thousands of small business executives across the country.
Only 43 of more than 750 eligible banks received recognition for distinctive quality in business banking in 2013. Whitney Bank has won a total of 55 Greenwich Excellence designations since 2009, receiving the prestigious awards for five years in a row.
“Small business growth has been integral to the country’s economic recovery. Whitney Bank is extremely honored that this important client segment rates us among the best financial partners to support those opportunities,” said Whitney Bank President Joe Exnicios. “Helping small businesses succeed is an important part of what we do at Whitney Bank. This Greenwich Associates recognition is special to us because the feedback comes directly from our clients.”
Greenwich Associates recognized Whitney regionally and nationally for Overall Satisfaction and Treasury Management-Overall Satisfaction. Whitney’s other national Greenwich Excellence accolades include Relationship Manager Capability, Likelihood to Recommend, Financial Stability, and Branch Satisfaction.
Fisheries expo planned in Houma
HOUMA (AP) — The Louisiana Fisheries Summit is planned March 12 to 13 at the Houma-Terrebonne Civic Center.
The expo will include displays on the seafood industry and programs for professionals.
On March 13, visitors can see demonstrations of new equipment for the fisheries industry.
Registration and more information about the expo are available online at www.visit bayoulog.com/louisiana-fisheries.
BATON ROUGE (AP) — William F. Borne, who oversaw home nursing provider Amedisys Inc.’s transformation from a small regional company into one of the country’s largest, has resigned as chief executive officer, chairman and director.
The company said Monday that Borne, who founded the Baton Rouge-based company in 1982, will now serve as chairman emeritus.
“It’s never easy to see a founder leave, yet it’s not uncommon,” said David R. Pitts, a company director. “Bill had the vision, drive and compassion to build an incredible company that at its core is focused on helping chronically ill patients and their families during their greatest times of need.”
The company’s board of directors has named President and Chief Financial Officer Ronald A. LaBorde the interim CEO, while a national search for a permanent replacement is conducted. Amedisys’ has hired Korn Ferry to conduct the national CEO search.
LaBorde has been president and CFO for two years and a member of the board for 17 years, including nine years as lead director.
He said he is looking forward to leading the company during this period of change.
The board also made Donald A. Washburn, lead director, and Pitts non-executive board co-chairmen. Washburn and Pitts will take a greater oversight role in the company’s operations.
Amedisys’ has also hired the Boston Consulting Group for business and industry analysis and advisement and ReviveHealth for strategic communications, corporate marketing and health care industry consulting.
Borne’s departure marks the end of a chapter for Amedisys.
The company had grown inexorably, seemingly from its founding until April 2010, when an analysis by The Wall Street Journal showed the number of home therapy visits by the company closely tracked the levels required to trigger lucrative Medicare bonus payments. The story led to investigations by the U.S. Senate Finance Committee, the Securities and Exchange Commission, and the Department of Justice.
The Senate investigation found in 2011 that Amedisys abused the Medicare bonus system at best and committed fraud at worst. But the committee levied no penalties.
In November, Amedisys announced it had set aside $150 million to settle with the Justice Department. The SEC investigation is still underway.
Meanwhile, Amedisys’ stock and financial performance suffered. The company was hurt by four years of cuts in Medicare payments and closed or sold dozens of underperforming home nursing centers. The company’s stock fell from a high of more than $61 in 2010 to less than $10 per share in 2012.