Manuel Asensio, P.I.

Just when it seemed that the Asensio story could not get any more bizarre, it did.  The latest twist began on February 6, with a post to a Yahoo message board.  It claimed that Asensio had posed as a private investigator in an effort to interview employees of a company he and his clients have been shorting. 

The company is PolyMedica (PLMD).  Its Liberty Medical Supply (LMS) division is located in Port St. Lucie, Florida, within traveling distance of Asensio's Miami condominium.  

It wasn't long before someone was able to obtain a company memo about the incident.  One that seemed to confirm the rumor.

DATE: February 6, 2003
TO: All Liberty Employees
FROM: Keith Trowbridge
RE: Investigation

I want you to be aware of a recent incident in which an individual identified by the Port St.Lucie Police Department as Manuel P. Asensio was claiming to be a private investigator and was attempting to interview Liberty employees in the parking lot outside the LMS building.

Manuel P. Asensio is a well-known short seller and has a financial interest in depressing the price of PolyMedica stock.

Of course, you are free to talk with anyone you want, but I suggest that before speaking with anyone who claims to be an investigator that you first ask for their official identification. I also want to remind you that the federal investigators authorized by Liberty to interview Liberty employees will first contact you only by phone, and if you agree to be interviewed, they will first show you their official identification as a federal agent.

Naturally, the posting of the memo has provoked a lively discussion online.  As well as efforts to learn more.  These can be followed on the PLMD Yahoo board starting with Post 48127.

Incidentally, PLMD's price has almost doubled since Asensio issued his short-sell recommendation in October, 2001, and a dividend has been declared that must be paid by those who shorted shares.  Needless to say, a graph of the stock price since Asensio's recommendation is nowhere to be found on his website. 


Page Created 2/11/03