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This is just the Hahnemann closure at scale. The end result was inevitable once the MPT deal happened.
Be curious to see where that goes. I imagine Mass is not far behind.Attorney General Mayes Announces Investigation into Steward Health Care’s Bankruptcy
PHOENIX – In response to Steward Health Care’s bankruptcy filing in a Texas bankruptcy court on May 6, 2024, and news of its planned auction of four Arizona hospitals, Attorney General Kris Mayes announced that she is opening an investigation into the circumstances leading up to Steward Health...www.azag.gov
Selling Florida hospitalsSteward Health Care Declares Bankruptcy, to Sell 8 Florida Hospitals - Connect CRE
Steward Health Care System LLC has filed for Chapter 11 bankruptcy protection and will sell off its Florida hospitals. Steward runs eight hospitals in Florida, including Melbourne and Rockledge Regional Hospital, as well as in Sebastian, Coral Gables, Lauderdale Lakes, Miami and two in Hialeah...www.connectcre.com
One of my good friends is the CFO of a PE firm. They have 3 or 4 multibillion dollar portfolios. All they care about is 1. Sucking all the life out of a broken company as they dismantle it. Or 2. Rebuilding and rebranding failing companies to suck profits out of them before selling them for a profit. Or 3. Investing in good companies that are mismanaged so they can suck all the profits out of them as they take them to the next level, and then sell them for a big profit.
At least they’re privately owned, though the investors want their profits. What they did during Covid was pretty cold. And no F’s were given. People fired, no rents ever paid, walking away from some companies all together and dumping them on the bank as a loss, after selling off everything of any value of course. The whole company is a widget to them. Employees aren’t a consideration at all, they’re a line item on a balance sheet.
“A lawyer with a briefcase can steal more than 100 men with guns.”Sounds like organized crime out of a fancy office with fancy letterhead.
And you like this person? This CFO? Because if he has the pull of a CFO and makes some big financial decisions for his company he sounds like a total Sociopath.One of my good friends is the CFO of a PE firm. They have 3 or 4 multibillion dollar portfolios. All they care about is 1. Sucking all the life out of a broken company as they dismantle it. Or 2. Rebuilding and rebranding failing companies to suck profits out of them before selling them for a profit. Or 3. Investing in good companies that are mismanaged so they can suck all the profits out of them as they take them to the next level, and then sell them for a big profit.
At least they’re privately owned, though the investors want their profits. What they did during Covid was pretty cold. And no F’s were given. People fired, no rents ever paid, walking away from some companies all together and dumping them on the bank as a loss, after selling off everything of any value of course. The whole company is a widget to them. Employees aren’t a consideration at all, they’re a line item on a balance sheet.
Sure, in 1. The company is broken and going to the scrap heap/fire sale either way. Sometimes they take chances on companies and try to turn them around but can’t. Then it’s time to change to plan A. Get some money back out and take the L. He doesn’t buy them healthy and break them, like the healthcare examples we know. In 2 and 3 they add value by fixing poor business plans and the wrong leadership. Those companies grow and survive better than ever.And you like this person? This CFO? Because if he has the pull of a CFO and makes some big financial decisions for his company he sounds like a total Sociopath.
Cold like you said.
One of my good friends is the CFO of a PE firm. They have 3 or 4 multibillion dollar portfolios. All they care about is 1. Sucking all the life out of a broken company as they dismantle it. Or 2. Rebuilding and rebranding failing companies to suck profits out of them before selling them for a profit. Or 3. Investing in good companies that are mismanaged so they can suck all the profits out of them as they take them to the next level, and then sell them for a big profit.
At least they’re privately owned, though the investors want their profits. What they did during Covid was pretty cold. And no F’s were given. People fired, no rents ever paid, walking away from some companies all together and dumping them on the bank as a loss, after selling off everything of any value of course. The whole company is a widget to them. Employees aren’t a consideration at all, they’re a line item on a balance sheet.
I hope you gave him two middle fingers. These people.Yep have a friend in PE who was talking about the steps they were taking to suck all the profits out of the healthcare entity they bought and then turned to me and was like so can I buy your group? We can maximize your efficiency and improve things.