East Philly, The New Hip Area in Philly.
I continue with excerpts from my journal on Aqua America, The Good Years. Memo from January 23, 1998; The Acquisition of the West Chester Water Authority. With this addition brings the total of the 94th acquisition of Aqua America to date. In a short 6 year history, also Market capitalization was $100 million dollars. Rather small compared to today’s 4.75 Billion. Wow in 17 years Market Cap. at Aqua America grew by…………..Four Thousand Seven Hundred and Fifty percent! That is 4,750 % folks! Wow! Funny though it took a nose dive in 2009, down to 2.3 Billion dollars down from 3.5 Billion dollars in 2005, the year right before I blew the whistle on Aqua America.
Nick was always big on Market Cap.although he could never quite explain why it dropped so much between 2005 and 2009. One of his biggest fans Jim Cramer of “Mad Money” had him on his show to explain. After Nick left the interview, Mr. Cramer looked like he was hit by a bus! He promptly removed Aqua America from his Charitable Trust Portfolio.
Reading from a March 19, 2004 memo from Nick DeBenedictis, he starts,”Dear Shareholder”. He was always the hustler, talking to the shareholders, never to the employees. I know I was an employee, did not hold any stock. He was announcing the name change of Philadelphia Suburban Water Co. to Aqua America. He said, “After over 100 years of growth it was time to have a name that better reflected our new national footprint and our position as the largest “Investor” owned water company in America”. He was out to conquer America. His growth through acquisition had gone viral! He stated that in 2003 we added more than 20% to our customer base. Also he announced that in 2003 Aqua America Shareholders experienced a 34% stock price appreciation. and a 37% return on their dividends. There was also a 5 for 4 stock split in 2003. Full revenues grew by 14% to 367.2 million over 2002 revenues of 322 million dollars. Wow, sky’s the limit. 2003 growth could be compared to as the equivalent of five years of normal growth in a single year. That’s pretty BIG!
I am a journalist and a scientist. Yes. a scientist, a term not used nuch these days. If you happen to teach at MIT or work for a major pharmacutical you could be a scientist. I like the old days like 500 years ago when a scientist was simply someone who observed things and wrote them down. That be me, the old school scientist. The one sad part for Aqua America is that most of my oberservations are ones involving the Pa. PUC and Aqua America and their conspiracy coverup against me.
Another observation I had during this time period was the hiring of a Ms. Theresa (Tracy) Ryan as Secretary in the Corporate and Public Affairs department. Ryan joined Aqua America after five years as Grants Administrator and Executive assistant for the Foundation for New Era Philanthropy.
This is the same organization founded by a Mr. John G. Bennett in 1989 which turned out to be a ponzi scheme orchestrated by Bennett. In 1995 after years of taking donations for his charitable organization and promising huge profits to its donors Bennett filed for bankruptcy. Turns out his was working a check kiting operation to cover the hustling he was doing in defrauding donors. Bennett had raised over $354 million dollars from 1,400 donors. In Sept. 27, 1996 Bennett was charged in an 82 count indictment with mail fraud, wire fraud, bank fraud, false statements to the government,filing false tax returns and money laundering by the FBI. Mr. Bennett pleaded no contest and was sentenced to 12 years behind bars.He was released from prison in 2008.
Now I’m only noting that I observed that Ms. Ryan (McGonigle) was Mr. Bennett’s assistant. I can surmise that in the five years she worked for Mr.Bennett that she had nothing to do with his criminal activity, but she was in fact his assistant.
Well I’ll leave this new posting for now and allow my followers time to digest all that I have written.
Until next time, Peace to all!
Its been 4 months folks since my last entry. Been working on a few details, I’m back and wont let a broken ankle slow me down. Turning 60 has not been kind to me, but I still can not complain. As I mentioned I broke my ankle back in October 2014. Going through rehab right now and on the mend.
Enough already Duff, onto Aqua America and the “Good Years”. I have compiled a 400 page journal on Aqua America. This entry explains some of the militaristic ideas old Nicky boy was up to back then in the early years of 1997. Back then Aqua America was The Philadelphia Suburban Water Co.
Each year PSC would hold a Communications Forum. These meetings were set up to promote Nick’s strategy of growth through acquisition. All attendees were expected to engage in this strategy. To give you an idea of how sick these people were, VP Corporate Development Rick Hugus was dressed up in a mock military uniform, complete with medals and helmet. The idea was to promote the company’s acquisition strategy to that of a well-planned military strategy. I have to laugh, these guys in military uniforms? Why they were the ones you would least expect to do battle, none I assure you was never in a good old fashion Kensington rumble. Like I said before, these guys are hustlers!
PSC’s esteemed Counselor Mark Kropilak recounted the exploits of “General” Rick Hugus. Nick DeBenedicitis CEO, was found to be sitting on his renowned four-legged stool. He was there to ‘Charge” everyone into a new concept, to re-examine and change the format of the company.
Presentations were made and new employees were introduced. They boasted about how many acquisitions were made since 1992. Twenty in all, highlighting the 1997 ones. Mind you, try to picture this circle jerk going on with “The Charge of the Light Brigade” playing in the background. Bob Deddy a Nick lackey, twice broke into song as if Sinatra had morphed into his soul singing, “We Did It Nick’s Way”, too funny. Also, lets not forget a rendition of “To Dream The Impossible Dream”. This one really affected me, it was my 9th grade graduation song from June 1969. The Temptations, Motown! We were just 14 years old, but understood what it meant for world peace. Going to a public school back then meant that we were taught about love and peace, you know, future Hippies! I can attest that the spirit I had in those days are alive and well today. I plan on helping to bring those days back over my next 60 years!
As for the forum it continued with old Nicky Boy telling everybody how great the company was doing and to follow him into battle! Wow too bad, could of used him in Nam.
I could go on, but I think you get the picture I am painting here. Nick DeBenedicitis was and still is a narcissist, having zero empathy for his fellow man. It is my job in this blog to expose the hustler for who he is along with all his cronies state wide.
My journal consists of four volumes, Volume 1″The Good Years”, Volume 2 “I WAS A WHISTLE-BLOWER BUT DIDN’T KNOW IT”, Volume 3 ” The Bad Years”, and finally Volume 4 “The Res-erection-Out Of Nowhere”.
As I weave through the “Good Years” you might wonder, what the hell are “The Bad Years”? That my friend is where the ship almost sunk! Aqua America stock had dropped to $12 dollars a share,in 2009. All because I was a whistle-blower. Details coming up in my future postings.
Hey folks, didnt realize it was since mid July since I last posted to my blog. Time flies when you are having fun. Spent parts of August getting my grandchildren around from camp drop off to home, driving has not gotten any better but seeing my grandchildren growing I have hope in the future. They have so much energy, our family is truly blessed with their health and vitility. My sons and daughters in law are also a big part of our world, staying connected keeps you young and strong.We would all be lost if not for my wife their MomMom, she is the anchor that keeps sanity in check.
Sitting here listening to Richie Havens singing about the Klan, wow brings tears to my eyes. Also just saw the news on Joan Rivers, so sad. She was such a talent, humor keeps all the world balanced. We will all miss her,but we still have You Tube!
Listening to Richie Havens as I mentioned, he is singing “What About Me” in it one verse goes, “If you stand up for what you believe in, be prepared to be shot down”. Man, so inspired by Richie, sad day when he died last year. Brings to mind the Abraham Lincoln Brigade, they were Americans who fought against Franco in Spain’s civil war in 1936. Brave men and women, fighting for freedom, can’t go wrong there.
As I mentioned in my last entry, I will continue to publish my book on Aqua America and its evil sister the Pennsylvania Public Utility Commission.
VOLUME I – 1994 TO 2005 – “THE GOOD YEARS”
Today’s entry is the crowning of Nick DeBenedictis by ‘The Wall Street Transcript”, dated December 30, 1996. WST crowned Nicky the Gold award winner in the water utility industry. Its test of a great CEO is “To what extent he or she has taken in enhancing the overall value of the enterprise for the benefit of the STOCKHOLDERS!
I was an employee of Aqua America, looks like I was on the inside ah…. outside looking in. Man it must have been great being a shareholder of Aqua America stock, several insider people were very much interested in Aqua America stock.
Some quotes from their article:
The CEO made the tough calls, states a specialist, “Certainly DeBenedictis at Philadelphia Suburban (Aqua America) should be cited”.
DeBenedictis’ experience and expertise have had a dramatic impact on Philadelphia Suburban’s performance and potential.
He has done magic with Philadelphia Suburban.He’s focused the company on growth through acquisition.
That last quote is the real kicker, growth through acquisition, why in the last 4 years old nicky boy has sold three major water companies. It might be because he is cashing out for his July 2015 retirement. Hustlers usually lie about little things such as this. Only I was fortunate enough to keep a book on Nick. The very essence of his strategy to grow Aqua America was TO BUY water companies, NOT SELL THEM! Oh well the little details can get in the way of a hustler.
Good Night All,
In my previous blogs I explained the role Mr. Wendell Holland, Chairman of the Pa. PUC in 2006,
Wendell Holland was Mr. Clista’s boss and proded him for more information on the fraudulent documents I provided. The decision was made by Mr. Holland to contact Nick DeBenedicitis and inform him about my whistleblowing.
Funny thing happened in 2011, Mr. Wendell Holland was elected to the Board of Directors at Aqua America and remains there to this day.