Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
Pro-Solutions Update: Money for Nothing
Over the past few months, a number of doctors have complained that they have ordered and paid for ProAdjuster "Classic" and "Vision" models, but have never received them. The latest bankruptcy documents relative to Pro-Solutions and Dr. Maurice Pisciottano, filed on Dec. 10, 2010, reveal that the actual number of doctors who paid for but never received their ProAdjuster unit is 179. According to the detailed December filing, these doctors are owed a total of $2,141,217.30. This is in addition to the $2,748,134.50 owed to 93 vendors.1
The 102-page Pro-Solutions document also revealed that Pro-Solutions is currently involved in 14 lawsuits, all but one of which is still pending. The remaining 13 plaintiffs include three financial institutions: Bank of the West, National Chiropractic Mutual Insurance Company (NCMIC) Finance Corporation and S&T Bank.
A similar 55-page document was filed by Dr. Maurice A. Pisciottano and his wife, Laurel K. Pisciottano. In their initial personal bankruptcy filing (Nov. 4, 2010), the Pisciottanos claimed they had "$0 to $50,000" in assets. However, this recent filing reveals their assets to be considerably more substantial: $3,789,774.62.
The bulk of their assets as detailed in the latest filing include four pieces of real estate valued at $3,440,000. Other assets listed in the 55-page document include personal property estimated at $349,774.62. A significant portion of these personal assets include automobiles, as alluded to in our last article: a 2006 Bentley, 2005 Ford Mustang, 1994 Chevrolet Corvette, 1962 Cadillac DeVille, 1929 Mercedes, and a 1927 Bugatti replica. This is in addition to leases on a 2010 Audi, 2009 Jaguar and a Lexus.
The Pisciottanos are personally involved in nine lawsuits, with eight pending as of press time. There are currently doing business under 13 different business names including Pro Soft, Pro-Solutions, Pro-Adjuster, Progressive Health, Solutions RE and Venetia Solutions. Total personal liabilities are reported at $3,572,785.01.
References
- Pro-Solutions for Chiropractic, Inc. Summary of Schedules. United States Bankruptcy Court, Western District of Pennsylvania.
- Voluntary petition for bankruptcy: Maurice A. Pisciottano and Laurel K. Pisciottano, joint debtors. Filed in United States Bankruptcy Court, Western District of Pennsylvania, Nov. 4, 2010. Petition available for review at www.dynamicchiropractic.com/proadjusterlawsuits/pisciottano_bankruptcy.pdf
- Maurice A. Pisciottano, Laurel K. Pisciottano. Summary of Schedules. United States Bankruptcy Court, Western District of Pennsylvania.
Complete background documentation regarding Dr. Pisciottano / Pro-Solutions' legal troubles is available online at www.dynamicchiropractic.com/proadjusterlawsuits.