Blog: Scientologist David Gentile's GPB Capital Holdings Continues Its Meltdown - 2019-09-15
David Gentile's GPB Capital announced a staggering devaluation of its funds from $1.8 billion to $1.1 billion. This took place in June. Our impression at the time was that the $700 million dollar write down was a necessary prelude to GPB releasing its restated, and long-awaited, 2015 and 2016 financial statements. GPB had promised to release these SEC-required statements on September 30, 2019.
On September 10th, the eve of the somber remembrance of the 9-11 attacks, GPB issued a notice stating that it would not meet its promised date of September 30, 2019. That GPB Capital sought to bury this announcement in the 9-11 news cycle shows GPB's nervous PR strategy. The timing was no different than releasing bad news late Friday afternoon or during the weekend.
Reporting on the delayed financials last week, Investment News quoted an e-mail written by GPB's director of communications Mr. Brian Weisenberger: