Caldera Medical Part 2
If you did not read part one, you will find a link at the bottom of this blog.
If you are a woman suffering from the after effects of Caldera mesh, I am sure you would like information to do your own research, so I am giving you some links and you can take it from here. First here is where I found the article about what has happened.
Dozens Protest $11.75M Caldera Pelvic Mesh Deal. By Bonnie Eslinger
Law360, Los Angeles (June 13, 2016, 11:32 PM EDT) — Three dozen women objected in California federal court Monday to a proposed $11.75 million deal to resolve thousands of claims alleging a transvaginal mesh implant made by Caldera Medical caused injuries, saying they wanted evidence showing whether the payout would be greater if the company liquidated.
Attorney Lee B. Balefsky of Kline & Specter PC, representing 36 objectors, told the court on Monday an independent audit was the only way to ensure that Caldera Medical Inc. was offering the maximum amount possible to women injured by the medical device.
“We don’t know what the liquidated value of the company is. We know there’s revenue, we know they’re selling products, we know they’re selling the same products that caused injury to thousands and thousands of women,” Balefsky said.
In January, U.S. District Judge Stephen V. Wilson granted preliminary approval to the settlement, jointly filed by Caldera, the company’s insurer, Federal Insurance Company and 23 named claimants representing a potential class anticipated to include up to 3,800 women. Lawsuits against the company maintain that Caldera knew or should have known that the transvaginal mesh devices it manufactured and sold were hazardous and dangerous to patients who were implanted with them. Transvaginal mesh is a net-like implant used to treat pelvic organ prolapse and stress urinary incontinence in women.
“The principal reasons for the settlement are to maximize the share of Caldera’s limited resources that are paid to claimants and to eliminate the expense, uncertainty and risk of further litigation,” states the settlement notice.
In court on Monday, the parties argued to Judge Wilson that an independent audit wasn’t needed since Caldera had already produced financial records showing it was cash-poor, currently not generating a profit and only had its insurance proceeds for which to settle the lawsuit claims. Further, there was nothing to suggest that the liquidated value of the company would exceed the settlement amount on the table, they said. Cash poor? Then why doesn’t Mr. Merade explain
exactly what he makes in salary as CEO of the company to the judge?
Judge Wilson then questioned why the company was still in business.
“If they’re not making a profit, they made this mesh product that was the subject of massive litigation. Why are they still in business if things are as dismal as you suggest?” the judge said.
Caldera attorney Dennis M. Cusack of Farella Braun & Martel LLP told the judge a substantial portion of shareholders don’t want to throw the company’s 30 employees out on the street and there’s just enough revenue coming in to keep paying their salaries. No but the company will throw some women out on the streets when they cannot work.
“There is no ability to borrow; there’s already $1.5 million in secured debt, secured by all the assets of the corporation, and there’s no ability to get equity investment,” Cusack said. If this is the case, then why doesn’t the judge make the officers of the company put up their own assets to pay out to women. Of course they are protected by their LLC status and they can do whatever they like and no one can touch them personally.
The judge asked how much the company’s CEO was making, and Cusack said he didn’t know, but the annual payroll was about $2.3 million, which broke down to an average of $70,000 per employee. Ha, ha. An average? Let’s not lie by omission. The officers of the company should have had to show their salaries.
“There have been no offers to buy the company, and whatever equity if any exists in the company is impaired by the fact that it’s facing 3,000 claims and even if this settlement was to be approved, there are future claims that may still affect the company’s balance sheet,” Cusack said. Are they kidding? No offers? Any offer would mean they were buying a huge liability because of all the mesh products sitting on operating room shelves. Why did they not pull them if they can’t cover the damage done to women already?
The judge asked what other types of claims were expected since the current settlement did not have an opt-out provision.
The company’s attorney replied that the class is defined as claimants for patients who received the Caldera product and had a “cognizable injury” as of May of this year.
“So there may be claimants out there who have been previously implanted with the Caldera product who may not recognize that they have an injury until later on. Those would fall outside the class and fall on Caldera’s shoulders,” Cusack said.
Balefsky told the judge until the court knew the liquidated value of the company, the question would remain if claimants were adequately compensated. He noted that the company’s financial documents state that their annual revenue last year was $7.2 million, with just $2.3 million paid out for employee compensation. I agree and it should be set up to do exactly this and all known Caldera mesh products be recalled to stop more calamity.
“That’s a lot of money [left] that could help a lot of women,” Balefsky said.
The settlement administrator has estimated that if there are between 3,340 and 3,843 claimants, the average per-claimant payment would be $2,780, with patients with higher injury levels receiving more. So now you know. However, this does not mean you will get $2780 because all expenses will be taken out.
Defendant Caldera Medical Inc. is represented by Dennis M. Cusack and John D. Green of Farella Braun & Martel LLP.
Objector Ruth Barry et al is represented by Lee B. Balefsky of Kline & Specter PC.
The case is Federal Insurance Company v. Caldera Medical Inc. et al., number 2:15-cv-00393, in the U.S. District Court for the Central District of California.
Are they still in business? Yes, they are and Caldera has nineteen jobs advertised on this link http://www.monster.com/jobs/search/?q=Caldera-medical
Not only that but Merade has other companies including brand new ones this year!
Vidamed, Inc. Overview. Guess who they teamed up with? Medtronic in 2001. They are selling urological products together.
Vidamed, Inc. filed as a Statement & Designation By Foreign Corporation in the State of California on Thursday, June 8, 1995 and is approximately twenty-one years old, as recorded in documents filed with California Secretary of State. A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in. This does not necessarily mean that they are from outside the United States.
This is their address.
46107 Landing Parkway
Fremont, CA 94538
Read all about this company here. http://www.bloomberg.com/profiles/companies/3595140Q:US-medtronic-vidamed-inc
Auslo Holdings LLC Overview. Another medical company that has only been in business eleven months.
Auslo Holdings LLC filed as a Foreign in the State of California on Wednesday, February 3, 2016 and is approximately seven months old, as recorded in documents filed with California Secretary of State. A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in. This does not necessarily mean that they are from outside the United States.
Read more here.
Xmed Holdings LLC Overview More medical equipment.
Xmed Holdings LLC filed as a Foreign in the State of California on Monday, May 2, 2016 and is approximately four months old, as recorded in documents filed with California Secretary of State. A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in. This does not necessarily mean that they are from outside the United States. This is where you can read more.
This is where I found all these companies listed. https://www.corporationwiki.com/California/Agoura-Hills/bryon-l-merade/43672092.aspx
Novatract Surgical LLC Overview This one said he is involved with it.
Novatract Surgical LLC filed as a Foreign in the State of California on Monday, May 23, 2016 and is approximately four months old, as recorded in documents filed with California Secretary of State. A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in. This does not necessarily mean that they are from outside the United States.
You may want to learn more about why a company files an LLC as foreign. http://info.legalzoom.com/foreign-limited-liability-company-3644.html
This is California. http://www.sos.ca.gov/business-programs/business-entities/faqs
If you want to know more about the finances of Caldera, you can buy them. Here is the link https://www.corporationwiki.com/California/Agoura-Hills/caldera-medical-inc/43672087.aspx
If you or a family member wants to look into this company, then at least this is a start. I hope it helps.
This is part one. http://www.meshangels.com/caldera-screws-women/