PhillyInc

Health Benefits Direct Corp. (OTC: HDBT), a Radnor-based developer of online insurance marketing systems, has made an unusual, but perhaps refreshingly honest, admission to the SEC: some executives may not quite know what they should be doing as a public company. "Prior to completing the merger transaction that resulted in our current public company structure in November 2005, our management team operated our business as a private company. Certain members of our current management team have little or no experience managing a public company or complying with the increasingly complex laws pertaining to public companies." The filing doesn't say whether the executives, as a result, need some leeway from the SEC. And it doesn't identify the executives in question. But we can imagine they're under: Health Benefits said it had an accumulated deficit of $21.5 million as of March 31 and expects to need "significant" capital resources to operate in the future. - Jonathan Berr