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
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
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.