September 19, 2024 –Despite rampant modifications across >70%% of its CLO book, Arbor’s loans remain deeply distressed. Substantially all investments underlying Arbor’s loan book are inherently unprofitable, as DSCR of investments continue to rapidly fall to 0.48x. Federal rate cuts will not revitalize Arbor’s book.
September 18, 2024 – The Steward bankruptcy court has rubber-stamped a deal to allow MPW to appoint interim operators, most of which are as mismanaged, insolvent, and/or fraudulent as Steward. In its releases MPW stated it would provide aggregate loans of up to $80m to
September 9, 2024 – Viceroy has notified Medical Properties Trust of the depositions of their CEO Ed Aldag, CFO Steve Hamner and Head of Investor Relations Drew Babin. They are trying to delay them but they can’t run or hide from the can of worms
September 6, 2024 – On September 4, 2024 the SEC FOIA office responded to a Viceroy-instigated appeal of records withheld under FOIA exemption 7(A). The appeal was denied, and enforcement staff confirmed the existence of responsive records concerning Arbor Realty Trust. A redacted copy of
September 3, 2024 – Arbor is facing a wave of foreclosures as borrowers, unable to pay interest or deliver equity, are walking away and handing Arbor their keys. Arbor has been predictably unsuccessful in flipping these properties. Various parties who have been approached to privately
August 20, 2024 – This surveillance report of Arbor’s CLO for the month of August shows that quality continues to deteriorate. As Arbor continues to effectively wind down this book it will get more toxic: the book is being kept current almost entirely through modifications.
August 12, 2024 – On August 7, 2024, Globe Life published its 10-Q for Q2 2024 which contains several damning admissions about the company’s conduct and unexplained changes in disclosure. Globe Life management misled analysts and shareholders about the existence of an SEC investigation In
August 7, 2024 – Arbor’s Q2 2024 earnings call and subsequent 10-Q is once again littered with disclosure-vomit that Viceroy has come to expect when dealing with suspect companies. Arbor management continue to intentionally mislead investors in relation to the quality of their earnings, the
August 6, 2024 – On July 31, 2024, Viceroy published a report including the name of a former AIL agent who made repeated complaints of sexual harassment and the complete failure of Globe Life to investigate her claims. The same day Globe Life sent an
July 31, 2024 – Globe Life’s Liberty National agents regularly misrepresent themselves as government employees to generate leads. This practice is instructed and mandated from the corporate level, and we believe is illegal. This, together with abundant evidence Viceroy have produced across 12 reports, directly
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