Medical Properties Trust (MPW) has been implicated in a series of questionable financial practices and misrepresentations, particularly in its dealings with Steward Health Care. According to reports, MPW has been involved in undisclosed financial activities, including a bridge loan obtained on February 21, 2024, which involved pledging certain MPW-owned hospitals leased to Steward to FILO lenders. Additionally, MPW sold a put option to these lenders, none of which was disclosed in their 4Q23 financial results. Concerns have been raised about MPW's transparency, especially regarding the handling of approximately $290 million of unpaid compensation and $1 billion in trade payables, some of which are over 120 days past due. This situation has led to skepticism about the company's financial health and its management's honesty.
Will $MPW stop lying? Remember the new $500M ABL Aug 08, 2023? @Steward BK filing "most of which was used to pay down the company's then-existing ABL credit facility" Lies by MPW (IMG2&3)"new ABL provides significantly more liquidity to Steward than the most recent facility." https://t.co/6tEDvkx4ZB
Its pretty clear $MPW is the "mark" at the table. Theyre getting their clocks cleaned.
- Bridge loan obtained on 2.21.24. - Bridge loan included pledge of certain $MPW-owned hospitals leased to @Steward to FILO lenders. - $MPW also sold a put to the FILO lenders. - $MPW reported 4Q23 results same day. None of this disclosed. All to delay BK, that happened… https://t.co/PNh2vwZ0lb
Hey $MPW, care to comment on this bad boy right here? Would be great call content Thursday! Looks like $MPW sold a put to the FILO Bridge lenders! https://t.co/DJlpg3Ba1T
Oh look, the FILO bridget lenders appear to have a 1L on certain $MPW asset sales. So $MPW already pledged certain assets. Not great, Bob. https://t.co/lcvN2nx2NX
A billion dollar of trade payables @Steward , 70% of which are >120 days past due. That kind of thing doesn't just creep up on you, $MPW. We could have told you that in July 2022. Actually, we did! https://t.co/RkHlEmoYN6
Hey you know what's not great? Telling CMS you are experiencing "extreme financial hardship," and then telling investors "@Steward is improving" at roughly the same time. All while lending to the tenant and booking "rent!" $MPW https://t.co/9S0KH2osUw
Funny! We didn't hear much about these amounts during 2023! Instead we heard "Steward improving" + Rosa Hooper out here talking about EBITDARM coverage three months before @Steward failed. That plus adding back the unpaid amounts to "NFFO" so these guys can pay themselves. I… https://t.co/pN7sx6L14V
The side-by-siding will continue until $MPW / @Steward transparency improves! Also, it is 5.6.24, and $MPW's equity is (still) overvalued by.... whatever the current share price. Mr. Castellano, you should probably get Cerberus on the horn and work this one out, just so that… https://t.co/jylrC1HnJ5
Yowza! Ok where to start? - $363mm (originally $335mm) loan originated by $MPW is consolidated into the debtor entities. Recall this has been classified/reclassified about ~100 times. We recently found out that $MPW bought Cerberus' convert in 2021. - Good thing that ~$85.6… https://t.co/i7HgZeJmmd
This is a lie. @Steward $MPW https://t.co/KQFAIrduS8
Mr. Castellano of Alix Partners, we've never met. But if you would like a little historical background on the situation, please feel free to reach out. "In recent months..." You sure? Because we started writing about this on 7.21.22. @Steward $MPW https://t.co/e2JUN7p1Ft
Btw for anyone keeping score at home, that’s just over a year of unpaid rent + interest that $MPW recorded as “earned” and paid themselves on… So you take that “Good Samaritan” argument and…. Well, you know. https://t.co/cysEnMMEKg
Hey @KeithMcCullough @mablum @Hedgeye this is who gets hosed. This is borderline criminal… $MPW https://t.co/cysEnMMEKg
~$290mm of unpaid compensation @Steward !!! Anyone out there ever seen a number that big for a company of this size? From 1st day motions. $MPW https://t.co/5fQEYxbXEi
Thoughts from this morning. $MPW @Steward @Hedgeye https://t.co/dZ3goRCqxW
Oh no Mark Rich, oh no... @Steward $MPW Liar liar, pants on fire! https://t.co/uXr3tuI37z
$MPW's @Steward. Resonating the Baghdad Bob era. Here's a letter from Ralph De La Torre. https://t.co/IbdqmGioSr
$MPW's @Steward. Resonating the Bhagdad Bob era. Here's a letter from Ralph De La Torre. https://t.co/ZmeNPHu67N
Will this @Steward "lease" be rejected? $MPW https://t.co/f41q1ZJMGX
$MPW - it appears @Steward's CEO put his yacht up for sale. All internet links have been deleted. I wonder what the $$$ is? What could have changed in terms of liquidity? Is it moored in Fort Lauderdale for a pre-sale assessment? CC. @RobertAbela_MT H/T a savvy-eyed follower. https://t.co/PyGZ5yR8Or
$gpro if mgmt is smart they will stop giving guidance- and start a ceo search + strategic alternatives review (sale) https://t.co/hFRmG7yd6G
I will never let you live this down @jpmorgan $MPW https://t.co/5Nm4Ls7t6g
$MPW - listen to this partial admission by #Alabama's Edward Aldag. Hell bent on going down with the ship rather than admit #fraud. https://t.co/KpB8MJLcsz
Fuck that, Brad. $MPW https://t.co/MhZvuSOdgb
You know what, $MPW? Don't even bother putting out a PR. No one wants to hear from you. And why should they believe anything you say?
Sooo…. If $MPW isn’t a creditor? Then where’s all the money? https://t.co/Wku0uEh7Cw
Transformation committee related to @Steward Ch. 11 first formed on 12.19.23. What has $MPW said between then and now re: Ch. 11 to investors? https://t.co/XWkwXwmQ3H
Take note bondholders of $MPW. You have been promoted to stakeholders. What's the next shoe to drop for this fraud? MPT = Maximum Prison Time https://t.co/NMLHXJ1Yuz
Curious if Herb Holtz could possibly add some color here? Kthx! @Steward $MPW https://t.co/scoc9G00sn
This is a MASSIVE lie. Massive. @Steward $MPW https://t.co/X5k6mdhPAo
Now is a good time to remind all of the $MPW long bond holders that not a dollar, not one, of this ~$1.059 billion went to you. It went to the banks via the AUD TL repayment, the coming GBP TL repayment in December, the RCF principal reduction, the shareholders via a ~$90 million… https://t.co/AtBdh7GN6x
Wonder what this @Steward subsidiary does? TNC Transition LP? Are we sure we caught all MY GRIPERS? Is the subco & related parties list entirely complete? $MPW https://t.co/Woq0auKk93
I'm reminded of this bizarre interview with Bag. About ~6 months after we said @Steward was insolvent, about ~3 months after we started tracking unpaid vendor bills in the hundreds of millions of dollars. And right before $MPW would begin to lend hundreds of millions of… https://t.co/NSWeNA13FQ https://t.co/iCT9lpTkPA
$MPW on the tape y’all https://t.co/6TJtltfkiB