February 17, 2025 – On June 14 2024 we published out letter to US insurance commissioners detailing Globe Life’s data security failures. One of these vulnerabilities remains unresolved nearly 9 months later. Below is a redacted copy of a letter we sent to US insurance
January 21, 2025 – Despite their best efforts of window dressing (and there was a lot of effort), Arbor’s CLO delinquencies are up 33% month-on-month in January 2025 to $1.1b. Substantially all delinquencies have already been modified, many as recently as Q4 2024. Arbor has
December 20, 2024 – Arbor’s December surveillance report fully captures 75bps of rate cuts and how these rate cuts have not improved Arbor’s borrowers’ ability to service loans. Arbor has modified $4.7b of loans and holds $814m of delinquent loans. Modified loans represent ~80% of
EDIT 12/20/2024: We note that our data appears to have corrupted at some point in pulling this table, pulling the same data for 2021-FL4, 2022-FL1, 2022-FL2. This has now been corrected, alongside relevant analysis. There were no material differences in correction. December 16, 2024 –
December 9, 2024 – On January 22, 2024, Globe Life sent a Legal Hold Notice (LHN) to several American Income Life (AIL) agents relating to identical subpoenas sent to Globe Life and AIL from the US Department of Justice (DOJ) though the US Attorney’s Office
December 5, 2024 – Globe Life issued a press release in response to Viceroy’s reporting on apparent agency closures across AIL’s network. Globe Life definitively stated: All businesses named in the report are still in operation: “Every single business named in the report is still
December 4, 2024 – Something is seriously wrong at AIL. The evidence is everywhere. Empty offices, disconnected phones, furniture fire sales, and no word from management. Several major AIL agencies appear to have shuttered their operations in early November 2024. Offices are being put up
October 25, 2024 – Yale New Haven published its proposed amended complaint against the Prospect group on October 22, 2024. The complaint details that Prospect is in equally bad shape, if not worse, than Steward. So dire is the situation that Prospect’s Waterbury Hospital’s neonatal
October 22, 2024 – In Q2 2023, MPW engaged in significant uncommercial round-trip transactions with its European tenants, Median and Priory Group, via sale-leaseback transactions. Both tenants are owned by Waterland Private Equity. MPW’s assertions about the solvency of its tenants are fairytales told to
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
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