October 18, 2024 –Arbor’s systematic can-kicking exercise continues to fail, as Arbor is forced to purchase bad loans from its CLOs and modified loans become delinquent once more. Federal rate cuts have not provided any respite for Arbor’s almost exclusively distressed borrowers, as DSCR of
October 16, 2024 –Viceroy Research has obtained copies of Arbor’s CLO prospectuses, which shows that Arbor is deficient in the servicing of these deals. A correction and completion of Arbor’s servicing deficiencies would result in a Mandatory Redemption event. Under the terms of the CLO,
October 15, 2024 – Late on October 14, 2024, Medical Properties Trust (“MPW”) issued a press release[1], signed only by the independent members of MPW’s Board. It states that the findings of an independent investigation conducted by Wachtell, Lipton, Rosen & Katz (“Wachtell”) completed in
October 11, 2024 – On October 8, 2024, Viceroy’s counsel received a letter from Trumbull County Commissioner, Niki Frenchko, requesting the release of Medical Properties Trust (MPT/MPW)’s discovery information in the public interest of their community. We have attached the letter to this report. The
October 1, 2024 – MPW’s lawyers have submitted a heavily redacted, hilarious brief to the court ahead of a status conference to be held today. In this brief, MPW have taken completely irrelevant and out of context messages from Viceroy’s communications, redact them, and claim
September 25, 2024 – Below is Viceroy’s brief on status conference issues. Steward’s bankruptcy filings have more than exonerated our thesis, from the round-tripping of payments to the inflated values of MPW’s real estate. Viceroy intends to file a summary judgement motion to dismiss MPW’s
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
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