Greg Lindberg is an American business owner and founder of the Global Growth^[1] Family of Companies. More about Greg Lindberg at https://www.greglindberg.com^[2]

Education and Early Life

Greg was born in San Mateo, CA in 1970, the youngest of five children. His father was an airline pilot and his mother was a homemaker. He started a high school newspaper the Gryphon’s Tale at Crystal Springs Uplands School in Hillsborough CA and later graduated cum laude. While a freshman at Yale University Greg founded Eli Magazine, a political satire magazine. Later at Yale, Greg started the company that would become the Global Growth group of companies. In 1991 he launched Home Care Week^[3], a reimbursement newsletter for home health agencies that one Global Growth company still publishes today. Greg graduated from Yale magna cum laude and Phi Beta Kappa with an honors economics degree in 1993^[4].[1]^[5] Source ^[6]

The founding theme of the high school newspaper, the undergraduate college magazine, and Home Care Week newsletter was Greg’s love of the written word. His earliest inspirations were publishers like William Randolph Hearst. He got the idea to start a newsletter company from Howard Ruff who published the Ruff Times, a newsletter that his mother subscribed to.

From Greg’s roots as a publisher, he is a strong believer in the freedom of the press and the freedom of the people in the jurisdictions where Global Growth operate.

Career

^[7]Greg has “been in the arena” for over 28 years building the companies that make up what is known today as the Global Growth family of companies. He started a small health insurance compliance and reimbursement newsletter business with $5,000 in 1991 that became the predecessor company to Global Growth.

Greg has completed over 125 acquisitions across the services and knowledge-based sectors of the global economy generating a 35 percent compound annual growth rate on equity capital.

Greg has made investments in Europe, the United States, the United Kingdom, Central America, Hong Kong, Australia and the Middle East. In all of these global endeavors he has followed the advice of Teddy Roosevelt, and has been one who is “actually in the arena, whose face is marred by dust and sweat and blood.”

Greg has overcome and survived a brain tumor, and, is currently fighting unjust charges stemming from a political opponent, fighting false and defamatory media reports, and fighting for a sound future for his insurance businesses despite rapid and unforeseen changes in insurance regulation.

Greg is also an active philanthropist who donates to food banks, created a multi-million dollar scholarship program for HBCUs (Historically Black Colleges & Universities), and funded research for and UNC project focused on vaccine issues. Other philanthropic activities can be found here.

The Global Growth Model

"Global Growth is a group of companies with operations in over a dozen countries. We have more than 8,500 employees and 100 business units worldwide. Global Growth serves customers worldwide in the areas of healthcare technology, electronic medical records, unified communications products and services, accounts receivable management services, B2B software and more. Global Growth focuses on high barrier-to-entry, high recurring-revenue businesses with strong underlying market growth potential in global niche markets." -- Global Growth website^[8]

Since its beginnings, Global Growth has embraced a contrarian, decentralized business model. “We partner with great leaders and step out of their way,” says Lindberg. Global Growth companies are autonomous and independent. Global Growth sets high expectations for leaders, and they meet them. Global Growth corporate headquarters, under Greg Lindberg’s leadership, is small and will stay that way. “We don’t want our businesses looking to ‘HQ’ for leadership,” says Greg Lindberg. “We want to empower leadership and ownership thinking at all levels: sales person as leader, telemarketer as leader, customer service rep as leader.”

Global Growth invests for the long term and invests capital in growth industries around the world with the proprietary investment origination capacity that Global Growth builds “in house.”

Global Growth uses a buy and hold, permanent capital model to invest a significant percentage of its’ capital in companies that add to the greater good with an emphasis in health care, technology, and financial services worldwide.

Global Growth’s main holding company, Academy Association, Inc., maintains strong levels of equity. On a tax basis, Academy Association, Inc. has over $4 billion of book equity, as of December 31, 2018, and had over $77 million in net income on a tax basis in 2018. Full information here^[9].

Global Growth’s businesses are forecasting close to $300 million in EBITDA for 2020. Global Growth’s investments in healthcare technology, healthcare services, B2B software, and unified communications as a service (UCaaS), and other high barrier to entry, high-recurring revenue businesses are performing well. Full information here^[10].

Philanthropy

In June 2018, Greg gave $50,000 donation to UNC School of Medicine support research that may help determine the best time to inform parents about the value of vaccinating children. Greg provided the necessary resources to advance current knowledge on this critical issue.“Investing in this important research at UNC School of Medicine is in keeping with Eli Global’s commitment to support initiatives that improve health and well-being across the age spectrum^[11],” said Lindberg. The gift from Mr. Lindberg expanded this research to a nationwide population. The donation enabled pediatricians to have a much deeper understanding of how people make their decisions when they need the facts, and if there are other points to consider such as location, age, ethnicity, and so on.

“The decision to vaccinate your children may be the most important health decision a parent can make,” said Dr. Jacob Lohr, Professor of Pediatrics at UNC School of Medicine and leader of the study. “We are learning that timing plays a key role in this decision. So we are particularly grateful to Mr. Lindberg and Eli Global because this gift couldn’t come at a better time.”

In April 2018, Greg donated $50,000 to The Community Food Bank of Eastern Oklahoma. The donation enabled the Food Bank to purchase an additional 250,000 pounds of fresh produce. The donation supported the overall Produce Project and the Food Bank’s Free Family Farmers’ Markets at area Community Action Project (CAP) and Educare sites that offer early learning opportunities to low-income families. “Mr. Lindberg and Eli Global recognize that a community that meets the needs of citizens in maintaining good health and vigor will benefit everyone,” stated Eileen Bradshaw,^[12] executive director of the Food Bank. “Mr. Lindberg has partnered with another food bank in North Carolina, and now eastern Oklahoma is fortunate to have a new business willing to invest in the health of our community.^[13]”

Greg has also funded clinical studies related to human longevity and to the treatment of advanced Parkinson’s disease.

In the News

Greg Lindberg has made numerous, non-partisan political donations to both Republican and Democrats but overall has become one of the largest donors to North Carolina Republicans.

In April, 2019, Lindberg his two business partners, John Gray and John Palermo Jr., along with chair of the NC Republican Party, Robin Hayes, were indicted for alleged financial crimes to include wire fraud and bribery Lindberg's attorney, Anne Tompkins, told s via email he "is innocent of the charges in the indictment and we look forward to demonstrating this when we get our day in court."^[14] Full article here.

Since the indictment, the Wall Street Journal, specifically journalist, Mark Maremont , has targeted Lindberg in numerous defamatory articles; Lindberg released several rebuttals to these stories on his website, www.greglindberg.com.

On July 20, 2018, WRAL published an article about Lindberg and his donation of $1 million to a scholarship program for business students at North Carolina HBCUs, organizers said Friday. Full article can be found here.^[15]

In February 2019, the Wall Street Journal published an article about how Lindberg ,with full approval from regulators, replicated the successful Berkshire Hathaway model of investing funds from insurance companies into non-insurance companies where he maintained an economic interest. According to the Journal, "The Yale-educated executive lent at least $2 billion from those insurers to scores of entities he controlled, using much of it to expand his private holdings, according to interviews, regulatory filings and more than 4,500 internal documents from Mr. Lindberg’s companies."^[16] Full article here.

On March 1, 2019, Aaron Tobin, counsel to Greg E. Lindberg, issued the following statement in response to media and other inquiries regarding the February 28, Wall Street Journal article[2]^[17]:

“The Wall Street Journal (WSJ) article contains numerous inaccuracies and errors in fact”.  As Mr. Tobin wrote to the assistant general counsel of the WSJ last night: Lindberg did not "divert" $2 billion into his alleged private empire, No money was ever invested in "insolvent" affiliates, and Mr. Tobin also noted that the WSJ was given the information below over a week ago however chose to omit these important facts when publishing their story.  See full article here.^[18]

March 3, 2019. Mr. Lindberg’s colleagues and representatives spent weeks answering detailed questions in response to a Wall Street Journal article . Unfortunately, key facts were omitted from the story. See full article here. ^[19]

In September, 2019, Mr. Lindberg’s attorneys filed a motion to dismiss the indictment. In this filing, Mr. Lindberg states that he told the NC Insurance Commissioner: “We are not asking you for anything special. In fact, we are willing to submit ourselves to tighter standards than the law allows.” ^[20]Mr. Lindberg sought fairness, not favoritism. He is not averse to tough regulation, and he told the Commissioner as much; he takes issue only with the unfair and retaliatory use of regulatory oversight. See full court document here.

Mr. Lindberg’s filing also stated that, “The evidence at trial will show that Mr. Lindberg was concerned with ensuring that any donation was compliant with the laws and regulations governing campaign contributions, and that Mr. Lindberg in fact rejected Mr. Causey’s request that funds be deposited into Mr. Causey’s personal account.^[21]” See full court document here.

On Oct. 3, 2019, Robert Gaddy, President of Apex International, LLC, issued a statement as a rebuttal for a Wall Street Journal article ^[22]piece that sought to vilify Lindberg and shed Lindberg’s personal life in a negative light.  Gaddy stated: "The Wall Street Journal story published today appears to be based on Jeffrey Serber, a disgruntled ex-employee of the firm who was terminated and was sued for breach of contract, theft, misappropriation, fraud and for making representations that falsified his military record. What he has apparently told reporters at the Wall Street Journal is no more credible than the resume he gave us and subsequent claims he made about his experience. The result is an unfair story containing numerous inaccuracies from a source who has demonstrated that he lacks credibility." There is currently a lawsuit against Serber for theft of company property, fraud, and Stolen Valor.  See full article here.^[23][24]

On Oct. 10, 2019, Lindberg said that contrary to media reports, the bankruptcy filing of Agera Energy, LLC is not a sign of nor will it cause financial stress at companies owned by Greg Lindberg's main holding company Academy Association, Inc. Agera was not an acquisition that Mr. Lindberg's investment team sought out. The investment stake in Agera was inherited as part of an acquisition of a Bermuda insurance company. Mr. Lindberg and his affiliates invested over $100 million in Agera and the decision to no longer support the investment was made with full approval of insurance regulators. See full article here^[25]:

On, Oct. 23, 2019, Greg E. Lindberg announced that he retained Louis Freeh, former Federal Judge and FBI Director, and his firm Freeh, Sporkin & Sullivan to examine and render advice regarding financial aspects of Mr. Lindberg’s business entities, with respect to, among other things, assertions made by the North Carolina Insurance Department, as well as those made in recent press accounts, pending litigation, and regulatory matters relating to his insurance companies that are currently in rehabilitation. “Mr. Lindberg has asserted from the outset that the allegations about his insurance companies and him are false and is pleased that Mr. Freeh and his team to have agreed to take on this assignment,” a spokesperson for Mr. Lindberg stated. Full article here^[26].

In November of 2019, Lindberg’s attorneys made an additional filing which stated that: “An obvious potential defense at trial will be that any actions undertaken by Mr. Lindberg were motivated by his desire to mitigate NCDOI’s unfair handling of his business—affected by the seemingly malicious efforts of Mr. Causey, Ms. Obusek, and Deputy Commissioner Michelle Osborne—and that any alleged exchange was a part of a scheme originated and designed by Mr. Causey and his associates. That scheme ultimately was used to improperly induce the government to investigate the defendant in order to remove the defendant as a political opponent of Mr. Causey’s, and to improperly induce the defendants’ actions.^[27]" See full filing here.

Lindberg’s attorneys also wrote in the filing that “It’s perfectly reasonable for Mr. Lindberg to receive evidence that may indicate Mr. Causey directed Ms. Obusek and others to undermine Mr. Lindberg and his businesses. And it’s vital that defense counsel know if Mr. Causey’s motivation in undermining Mr. Lindberg was the fact that, as Mr. Causey has said publicly, Mr. Lindberg “was a man that was not on my team when I was running,” and “[h]e was a major fundraiser for my opponent.”2 The defense should know if Mr. Causey’s political vendetta against Mr. Lindberg was Mr. Causey’s primary motive in inducing the Government to investigate Lindberg. Evidence of a political vendetta supports the defense that any alleged exchange was part of a plan originated and designed by Mr. Causey to remove Lindberg as a political opponent.”^[28] See full filing here.

On Nov 11, 2019, WRAL released an article detailing Lindberg's demeanor and courtroom behavior during several lawsuit depositions. WRAL reported Lindberg's behavior as "evasive" and displayed a "pattern of delay" on several lawsuits including: lawsuit with Tisha Lindberg, Ajay Gupta, and several other businesses. Full article here^[29].

On Nov. 15, 2019, WRAL reported that "Three days after this article posted, a spokesman for Greg Lindberg reached out with the following statement:

"Any accusation that Greg Lindberg has failed to comply with any court order to turn over documents is not accurate – as are any complaints that Mr. Lindberg has provided misleading information. The allegations likely come from disgruntled opponents.

"The Dunhill order referenced is on appeal and Mr. Lindberg is confident that the appeal will be successful. In the Ehmann case, the presiding judge severed the case four years ago. The plaintiff’s discovery efforts were off base in that they related to issues that were not part of the severed issue.  Therefore, the court has not ruled on them. So, while the plaintiff complains that Mr. Lindberg has not turned over any evidence it isn’t because Mr. Lindberg is being evasive – it’s because the judge hasn’t yet ruled on the requests.

"The same issue is affecting the Gupta case. While certain participants are complaining, to the media and otherwise, that Mr. Lindberg is needlessly delaying depositions, the truth is that Mr. Gupta’s legal team has filed several discovery motions – but have yet to have anything granted."^[30]

"The CapLOC case is even more clear cut. CapLOC has filed a number of motions to compel their opposition to turn over documents – and the judge has ruled in its favor. Defendants’ legal team has similarly filed several motions but had the judge deny all but one of its requests – and even then, they didn’t get everything they wanted.

"We can go on and on. While Mr. Lindberg’s court opponents have taken to making ad hominin attacks, both in legal papers and in whispers to the media, Mr. Lindberg will continue to fight his battles in court."

On Nov 18, 2019, attorneys for John Gray also filed a motion to dismiss, which stated that “The indictment does not allege that any of the defendants asked Mr. Causey to direct any outcome on any examination or regulatory function. Nor does it allege any lack of cooperation with the examination process or any effort to weaken, suspend, or terminate any examination. And there is no allegation that any defendant had any contact with Division Head 1 regarding an examination or otherwise^[31].” See full court document here.

References