Business Context and Reporting Period
This Form 8-K is a current report filed by Care Investment Trust Inc. on February 1, 2013, regarding events occurring on January 31, 2013. The filing addresses a change in the company's senior management team, specifically the departure of the Controller and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel changes rather than financial performance.
Material Changes
- Resignation: Joseph B. Sacks resigned as Controller and Principal Accounting Officer, effective January 31, 2013.
- Appointment: Patrick Huvane, CPA, was appointed as Principal Accounting Officer, effective February 1, 2013.
- Compensation Structure: Mr. Huvane's salary is not paid directly by the Company. Instead, he provides services through an existing agreement between TREIT Management, LLC and the Company.
Outlook, Risks, and Management Commentary
Management Background: Mr. Huvane is currently the Controller of Tiptree Financial Partners, L.P., the majority shareholder of Care Investment Trust Inc., and is employed by Mariner Investment Group LLC. He holds a CFA charter and is a Certified Public Accountant in New York. His prior experience includes roles at Axon Financial Services, Fletcher Asset Management, Credit Suisse, Sumitomo Bank, and Ernst & Young.
Indemnification: The Company expects to enter into an indemnification agreement with Mr. Huvane, substantially similar to the Company's standard form, providing maximum indemnification permitted by law.
Risks and Contingencies: No specific financial risks or contingencies are disclosed in this filing.
Key Facts for Investor Verification
- Verify the terms of the services agreement between TREIT Management, LLC and Care Investment Trust Inc. regarding Mr. Huvane's compensation.
- Confirm the effective dates of the resignation and appointment to ensure continuity of accounting operations.
- Review the referenced Indemnification Agreement (Exhibit 10.9 to Form S-11) for specific liability protections.
- Note that the majority shareholder (Tiptree Financial Partners) and the service provider (Mariner Investment Group) are closely linked to the new appointee.