Pinnacle chairman sells big block

Rob McCabe, a co-founder and chairman of Pinnacle Financial Partners, on Thursday sold almost $1 million worth of his stock in the bank. Not exactly soothing to investors looking for reassurance after a disappointing quarter that led to a 10 percent sell-off.
Apr 23, 2010 8:00 AM

A steady shedder

Another week, another series of filings from 1818 Fund detailing its steady shedding of National HealthCare Corp. shares even though Lawrence Tucker, a colleague of the fund's managers, sits on NHC's board. This time, they detail the sale last week of almost 40,000 shares that cut its stake to 3.1 percent from 3.7 last month and more than 5 percent a year ago.
Apr 13, 2010 7:39 AM

Laffer joins board of local financial firm

Executive Trading Solutions, a West End venture whose software administers trading plans for public-company officers, has recruited locally based economist Art Laffer, "one of the most respected names in the financial sector," to its board.
Mar 31, 2010 7:50 AM

J. Alexander's CEO wrapping up stock sale plan

Lonnie Stout, boss of restaurant chain J. Alexander's, earlier this week sold 7,700 shares of the company — check the filings here and here — as part of a trading plan initiated last November to offset some large option grants. The dollar figures involved are relatively small, but the sales trimmed Stout's effective stake in J. Alexander's by 4.3 percent. Under the plan, some 8,000 shares can still be sold by the end of this month.
Mar 26, 2010 9:14 AM

NHC director's firm sells some more

The 1818 Fund run by New York firm Brown Brothers Harriman is again trimming its holdings in National HealthCare Corp. Since March 4, the fund — which is represented on NHC's board by Lawrence Tucker — has sold 56,500 shares worth about $2 million. The moves lowered its stake in Murfreesboro-based NHC (Ticker: NHC) to 3.7 percent. A year ago, it was a shade under 5 percent.
Mar 23, 2010 8:02 AM

More Advocat for Marlin

Texas investment firm Marlin Capital Partners continued to build its stake in nursing home operator Advocat last week. The company, which is represented on Advocat's board by Chad McCurdy, snapped up another 40,000 or so shares of Advocat (Ticker: AVCA) to bring its stake to 16 percent. McCurdy and his wife own or have options to buy another 1.5 percent personally. SEE ALSO: Advocat investor tops 15% from less than a week ago
Mar 22, 2010 10:46 AM

'Evidence of animus and intent to retaliate'

Tennessee Commerce says it will appeal the seven-figure order against it by OSHA officials investigating the bank's 2008 firing of former CFO George Fort. Scanning through the regulators' findings, which say there was "a strong inference of retaliation" in the bank's actions, it appears it will have its work cut out. From page 4: "In Complainant's presentation to the Audit Committee on February 15, 2008, he noted Mr. Helf told him "it would not be a good idea for you to go the audit committee." From page 6: Discussing the timing of Fort's being placed on administrative leave, investigators note that officials began working on a Securities and Exchange Commission filing before the bank's board officially decided to sideline Fort. They also write that current COO Lamar Cox e-mailed an auditor about a new CFO search five weeks before Fort was fired. Also on page 6: "There is also evidence of animus and intent to retaliate against Complainant... Mr. Cox stated in one email that he was "in a 'get even' mode and I am enjoying every minute of it." Read the full OSHA report here.
Mar 19, 2010 12:40 PM

Advocat investor tops 15%

Dallas-based investment firm Marlin Capital Partners has added more than 42,000 shares to its large stake in Advocat, lifting its stake in the Brentwood nursing home chain to 15.3 percent. Shares of Advocat (Ticker: AVCA) took a dive last week after the company reported its Q4, but have quickly regained that ground.
Mar 17, 2010 10:49 AM

HealthSpring insiders sell big

Two directors of Medicare Advantage insurer HealthSpring sold a combined $4 million of the company's stock in the past week, taking advantage of its run from $5 to more than $18 in the past year. Benjamin Leon Jr., whose company HealthSpring bought in late 2007, on Thursday and Friday unloaded almost 150,000 shares for roughly $2.8 million. Leon still owns almost 1.3 million HealthSpring shares, about 2.2 percent of the Franklin-based company. (Leon only got access to his shares last November after Leon Medical Centers had built two clinics in Florida. Search for '355' here.) Separately, RegionalCare CEO Marty Rash sold 86 percent of his 72,000 shares on Friday and Monday. The sales were worth more than $1.1 million. HealthSpring shares (Ticker: HS) have rebounded strongly in the past year as the overall market recovered and the prospects of a comprehensive health insurance overhaul have diminished. They are now back in the range where they spent much of 2007 and 2008.
Mar 9, 2010 7:30 AM

NHI trims REIT stake

In a filing with the SEC, National Health Investors says it sold 100,000 shares of LTC Properties, a West Coast-based real estate investment trust late last year. The $2.6 million sale leaves NHI with 675,000 common shares of LTC (Ticker: LTC) as well as convertible preferreds that lifts its holdings in LTC to more than 10 percent.
Mar 3, 2010 12:15 PM