Thread regarding Sungard Availability Services layoffs

Meeting tomorrow but don't let the wool get pulled over your eyes

A different take to this since it's not data center related but it's where Sungard is at now. No matter which private equity firm buys the chopped up pieces of SgAS' BU's next month, you can expect the same story to follow. Truly a sad story of what happens when a private equity firm takes charge of a hospital and have actual human lives at stake.. if they don't care about those lives, why should we at SgAS matter to the new vulture capitalists?

It is a really long article with a lot the each of us can relate to in some way or another during our tenure at SG. It is worth the read.

Keep an eye out for your future as this bankruptcy progresses within SG.. know what can happen if you choose to stay.

Full article here: https://khn.org/news/article/private-equity-rural-hospitals-closure-missouri-noble-health/

Highlights from article:
“In an emailed response to questions from KHN, Peterson said the startup was meant to do good: “We created Noble to save a rural hospital that was about to close.”...

“...Things grew worse rather than better under the new private equity owners, according to Corrado as well as state and federal documents, gained through months of public records requests, and dozens of interviews with community leaders, health officials, and residents.

Once Noble owned Callaway and Audrain, the hospitals stopped paying their bills, according to lawsuits filed by contract nurses, security guards, and others. Inspection reports from the state workers coordinating with the Centers for Medicare & Medicaid Services were alarming, listing 135 pages of deficiencies that put patients “at risk for their health and safety.”
Corrado saw his hospital being whittled away. Supplies for surgery disappeared, crucial medicines went unstocked, paychecks never came, he said. Just days before Noble suspended operations, he told management: “We don’t have the ability to do the things we need to take care of patients.”...“

“...Ambar La Forgia, a Columbia University assistant professor who studies private equity in health care, said the business model, in general, is “all about creating short-term returns for shareholders.” The emphasis on profit, she said, is “not necessarily great for the patient.”...“

“...The medication, Rituxan, was not in short supply nationally. Noble could not stock it because the hospital purchasing department did not have the money for it, according to a former hospital employee who spoke on condition of anonymity. Ultimately, the person said, the staff bought it directly from the supplier...“

“...In the operating suite, Corrado said he could never be sure supplies like anesthesia medicines, bandages, and catheters would be available for surgeries, from mastectomies to emergency appendectomies.

Management determined who would be paid on a week-by-week basis, he said: “On one Friday, they would pay the employees, and they couldn’t buy anything else. And another week they would be able to maybe buy supplies.”...“

“For example, spending on the non-salaried employee benefits climbed 273%, to $1.4 million. Callaway’s 18-bed hospital nearly doubled its spending on administration, adding $1.1 million in fees paid to Nueterra subsidiaries NueHealth and Noble in 2020. The hospital also paid Noble a $38,000 lease in 2020, a statement filed with Callaway County showed...“

“...Audrain County officials were easy prey for investors. Noble was the only bidder for the failing hospital, said Lou Leonatti, the longtime local attorney, and many in Mexico, a town of 11,000 and the county seat, “believed we were saved.”...“

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Post ID: @OP+1hlns5zQ

16 replies (most recent on top)

It's likely your manager is in the same boat. Start working on your rapport and references. Hope that you can double dip until the sg rug gets pulled. Don't wait to have it pulled before finding a new job.

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Post ID: @1dei+1hlns5zQ

@1ook+1hlns5zQ

Absolutely 100%. If you're diligent, you'll be selecting from opportunities. There are still plenty to be had. But don't wait till you're job search starts with a post on Linkedin about being laid off.

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Post ID: @1xwl+1hlns5zQ

This story is happening in the UK now with aquisitions from Daisy and Redcentric PLC.

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Post ID: @1sdw+1hlns5zQ

UK team is demanding LT to apologize for smearing their reputation and saying they are the reason for SG's downfall. Looks like they aren't getting it from MR... Look at the lack of leadership.. wait that is SG, no leadership for 20 years.

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Post ID: @1ifz+1hlns5zQ

RedCentrix did not even take 50% of existing UK headcount.

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Post ID: @1nnk+1hlns5zQ

Customers did not sign with Daisy in UK because of their aggressive nature of approach. WOW.

And it's sad that the 95mn of capital is now exhausted and UK team can't pay their mortgages after 14 years of service.

Thank you UK for speaking your mind!!

Doesn't look good for NA team... Guess you're next!

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Post ID: @1qcg+1hlns5zQ

DW, go and lay it all out to MR! Thats right, MR's crafty emails did blame UK for SgAS' downfall! Thank you sir for speaking truth and I bid you well!! UK team thank you for speaking out against this LT!! Truthfully, LT team are just talking heads for the real owners who are pulling these strings (shareholders and private equity).

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Post ID: @1bhz+1hlns5zQ

They chopped up UK and now going to do the same in USA

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Post ID: @1qij+1hlns5zQ

Don't buy into the naysayers. For every company on a hiring freeze, there are others who still can't put butts in seats. Physically or virtually. If you have skills that are in demand, chin up. Go get you a new gig.

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Post ID: @1ook+1hlns5zQ

Too late for the resumes, companies are entering into hiring freeze mode due to inevitable recession.

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Post ID: @1yjn+1hlns5zQ

These meetings provide a good opportunity to multitask and send out resumes in the background. But if you've waited this long to start, it's getting a little too late.

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Post ID: @klw+1hlns5zQ

@clw+1hlns5zQ well Andy, my YouTube skills have improved 300% as of late. I will admit, watching the "everything's fine!" performances from LT is keeping me entertained as well.

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Post ID: @rhw+1hlns5zQ

I wonder what MR and LT has to say. Anything noteworthy?

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Post ID: @jpi+1hlns5zQ

Is anyone still at SG actually doing any work? I can’t imagine anyone is actually even turning on a computer

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Post ID: @clw+1hlns5zQ

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