iiinova — where your digital self keeps evolving

The industry lobbying group AHCA (Ensign’s CEO sits on the board) sued the federal government to block mandatory minimum staffing for nursing homes. A UPenn study estimated the policy would save 13,000 lives a year.

These related-party transactions are called “tunneling,” and a congressional oversight letter named it a "deceptive tactic" used to hide profit.

The one thing that goes up after Ensign takes over? The overall star rating — driven largely by the self-reported metrics the company controls. Care goes down. The score goes up.

So how is Ensign rated so highly? It grades itself. We sorted government metrics by whether they are independently verified. Ensign beats the average on the numbers it self-reports with no documentation procedures imposed by CMS — and falls below it on many of the numbers the government verifies.

Not staffing sufficiently saved Ensign about $386M (annualized) in 2024 — more than its entire reported net income that year of $298M.

Experts say Ensign’s conduct is illegal. Federal law requires "sufficient" staffing. Four states set hard minimums. Ensign fell below those floors on 18,000+ days from 2020–2025.

NEW: Ensign ($ENSG) is a $10 billion skilled nursing facility roll-up that markets 5-star ratings and "industry-leading" outcomes. The numbers are a mirage. Behind them is understaffing, which experts told Hunterbrook may be illegal under both federal and state law.

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On Republikorp's archived website, Bin Omar describes his role as helping European companies with "solutions to the administration processes" in Indonesia.

Another Bin Omar company in the Singapore registry: "CSG (Asia) Pte. Ltd.," since struck off.

RDBSG has no website and an address that matches a Singapore coworking space.

Three years later, CSG bought those same shares back — for an apparent 18 million euros in cash. If this money went to RDBSG, it would be a 4,000%+ return for a counterparty that only paid 410,000 euros up front.

An Indonesian outlet alleged the deal included a $55 million kickback to then-defense minister, now-president, Prabowo Subianto. His campaign denied it. Indonesia eventually scrapped the deal, citing "budget limitations."

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In 2018, Strnad named Joesoef CEO of "Czechoslovak Group Indonesia." That entity has since vanished from public materials. Republikorp took its place.

CSG won't say who the customer is. But local reporting, social media chatter, and CSG's own prior disclosures point to one main buyer: Indonesia.

Then, there are the Russia ties, despite CSG’s biggest customer being Ukraine. In 2024, then-senator JD Vance wrote to the Treasury Department urging it to block $CSG's acquisition of Vista Outdoor's ammunition business. Vance called $CSG "Kremlin-linked" and cited ties to Putin's inner circle.

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The political winds in Prague have also shifted. New, pro-Russian Czech PM Babiš has used the uncertainty to argue for halting state funding for the Czech ammunition initiative. His claim was that he was uncomfortable with individuals profiting excessively from the war.

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But across the three different ways we tried to estimate CSG’s production, none of the numbers added up to anything remotely close to CSG’s claims about its in-house capacity.

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$CSG makes this hard to figure out. The company’s disclosures are inconsistent. And their emails to Hunterbrook last week complicated the analysis further. So our numbers are estimates.

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Hunterbrook Media @truth.bsky.social · 27/04/2026

NEW: Europe’s biggest military IPO is combusting. Our months-long dive into the Czechoslovak Group — and the question of just how much ammunition it really produces.

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New from Hunterbrook and Bethany McLean: While private credit fills headlines, the risks of private equity have flown under the radar. Today, we dive into one of its giants: Hamilton Lane.

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Hunterbrook Media @truth.bsky.social · 04/04/2026

The U.S. minesweepers are closer to the war between Geno’s and Pat’s than the Strait of Hormuz.

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So Lennar is stuck on a treadmill. Build to avoid compounding fees. Slash prices to sell. Cut corners on construction to save costs. Watch margins shrink. Repeat. Meanwhile, cash flow has gone negative and the stock has been cut in half.

“There is absolutely no flexibility,” TPG Angelo Gordon, Lennar’s biggest Land Banker, told their investors. “If they fall behind, we then have the right to instantly terminate, take their deposit, sell it to one of their competitors.”

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The TLDR: The fees will eventually hit earnings — either when Lennar buys the land or walks away from it. And they're already starting to show up. Lennar's gross margin has fallen to 15.2%, the lowest of any major homebuilder. Five points below its closest competitor.

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At Lennar, it has disconnected. In the past year, Lennar's land pipeline shrank by 47,000 homesites. Theoretically the deposit line might have gone DOWN by ~$600 million. Instead it went UP by $1.6 billion.

But here's the twist: Most of those fees aren't showing up in Lennar's reported earnings. Instead, Lennar appears to be recording them as assets on its balance sheet — as if the fees were an investment, not an expense.

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Anyway: Over the past 5 years, Lennar went from owning 75% of its land to just 2%. It sold or transferred the land to financial firms setting up “land banks” and now pays them fees to hold it — essentially renting back what it used to own. The promise: this would cost just 1% of margins.

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We sent Lennar detailed questions on our reporting last week. They ghosted. Then yesterday — the day after we followed up — Lennar put out an unusual midday press release assuring investors its accounting is "carefully vetted." Evercore's initial reaction: "If you're explaining, you're losing."

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NEW: Lennar appears to have locked itself into paying billions in fees to Wall Street firms just to hold land it used to own. Those fees are recorded as assets — not expenses — on Lennar's balance sheet. But the bill is coming due. And it may rival $LEN’s profits.

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Residents near both plants describe chronic odors, flaring, respiratory illness, and cancer diagnoses—alongside a deep reluctance to speak out in communities where petrochemical jobs underpin the local economy.

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Health data adds context. Jefferson County, where the Indorama facility is located, has the highest breast cancer mortality rate among women under 50 in Texas. Long-term ethylene oxide exposure is associated with elevated cancer risk.

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One incident in September 2023 illustrates the scale: a defective tube leaked roughly 1,880 pounds of ethylene oxide in just three minutes—an amount comparable to what some U.S. medical sterilization facilities emit in an entire year.

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According to Texas Commission on Environmental Quality records, Indorama emitted several thousand pounds of ethylene oxide and other hazardous pollutants without authorization, following a pattern of leaks and equipment failures.

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The facility, located in Port Neches, produces ethylene oxide—an industrial chemical used in plastics and medical sterilization that the EPA classifies as a carcinogen linked to blood and breast cancers.

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Missing the deadline may have serious fundraising consequences. To use Form S-3 — which enables shelf offerings and ATM programs — companies need 12 months of timely filings. Richtech's $1 billion shelf registration filed in September may now be frozen until January 2027.

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That's … not exactly how Richtech framed it. CEO Wayne Huang touted a "close collaboration" in which "our teams were able to jointly develop and deploy intelligent capabilities." The stock surged more than 40% in a single day.

You can apply here! The application is very quick! aiotlabs.microsoft.com/en

Hunterbrook Media @truth.bsky.social · 30/12/2025

BREAKING: Microsoft denies "commercial" relationship with Richtech Robotics — after $RR added $370 million in market cap after announcing a "close collaboration." Microsoft told us the engagement was a "standard" customer program.

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Millions try to quit smoking. Most fail. Can a medicine from a poisonous tree help? Achieve Life Sciences $ACHV is near FDA approval for a therapy that doctors, scientists, and health program directors told Hunterbrook is likely the best option to quit smoking and vaping.

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Hunterbrook Media @truth.bsky.social · 29/12/2025

According to the complaint, New Era’s sole revenue source is producing gas wells in New Mexico, including wells allegedly transferred out of bankrupt entities for nominal consideration, leaving hundreds of inactive wells behind.

Hunterbrook Media @truth.bsky.social · 29/12/2025

The Attorney General alleges New Era and CEO Everett Willard Gray II orchestrated a scheme to extract revenue from gas wells while dumping environmental cleanup liabilities onto the state — via affiliated entities and strategic bankruptcies.

Hunterbrook Media @truth.bsky.social · 29/12/2025

BREAKING: New Mexico sues New Era and its CEO — seeking to bar the company from doing business in the state. Here’s what the lawsuit alleges about $NUAI.

Meanwhile, RadNet's financial statements disclose the company pays $180,000/year to rent an apartment in New York — from a trust owned by CEO Howard Berger's family. The company's headquarters is in California.

FINDING #6: Insiders are cashing out Over the past two years, RadNet insiders have sold more than 750,000 shares—worth $50.9M. CFO Mark Stolper just sold 35,000 shares of $RDNT — roughly a third of what he owned (excluding options). There have been zero open market insider purchases since 2021.

For a company pitching itself as an AI pioneer, treating R&D as an "ignorable charge" is a bold choice. When you account for stock compensation and R&D, which we call “Corrected EBITDA”, margins are actually shrinking.

Even the online "center locator" shows 7-8 fewer locations than the headline count. $RDNT also reports three different revenue figures in its 2024 10-K for the same Imaging Center business: $1.83B, $1.763B, and $1.792B.

Strip out the consolidation effect, and organic growth drops from the reported 6-10% to a stagnant 2-3% — no longer a story of AI-driven efficiency. That's exactly what RadNet's CFO described back in 2019, before the AI rebranding began: "kind of a 1% to 3% same-center growth."

Another example: Kern Radiology listed two centers at the same address in Bakersfield—different suite numbers. One "closed." The surviving one offers all but one of the same services. Were these truly closed? Or just merged?

Example: Valley Metabolic Imaging in Fresno disappeared in 2023. It's a 3-minute walk from Fresno Imaging Center, which offers nearly identical services.