May 9, 2024 – Viceroy Research today bestows the F-word upon Arbor and its management team: “fraud”. Viceroy’s investigations have discovered an elaborate and intentional con, where Arbor has financed purchases of assets from its own foreclosures, with Arbor loans, via off-balance sheet entities run
May 3, 2024 – Below is Yale New Haven Health’s complaint against Prospect Medical Holdings in relation to the (now dubious) purchase of the Connecticut hospitals. No doubt this is not the news Medical Properties Trust was hoping for given their expectation of a ~$350m
May 1, 2024 – In 1980 the Select Committee on Aging conducted an investigation into “Dread Disease Insurance” and the questionable practices in the sale of health insurance to the elderly, which began in 1978. The committee found that “policies were sold with the rationale
April 30, 2024 – Viceroy Research is short Globe Life (NYSE:GL) following an extensive investigation of the company and its subsidiary American Income Life (AIL). We tip our hat to Fuzzy Panda, who produced a solid report outlining the extent of fraud at Globe Life.
April 17, 2024 – Arbor’s underlying CLO performance data for April is now live. 37 of Arbor’s CLO loans are nlow delinquent, representing 11% of its CLO book.To superficially achieve this remarkable “rehabilitation” feat: Arbor has modified 56 loans in the past month. These modifications
April 16, 2024 – Below is the letter sent by US Senators Elizabeth Warren and Edward J. Markey to MPW and Macquarie. In their words (emphasis ours): “According to MPT disclosures, these loans “help safeguard the value of MPT’s real estate.” Meanwhile, these investments have
April 2, 2024 – Below is Cerberus Capital Management’s letter to the US Congress regarding its role in the ongoing collapse of MPW’s largest tenant Steward Health Care. It includes an admission of Steward’s involvement in 3 hospitals in Malta that was later found to
March 26, 2024 – We think it’s time for a change of pace: this report will highlight the best of the worst properties on Arbor’s CLO books. Viceroy have selected a sample of recently constructed properties in Arbor’s CLO portfolio, of which there are about
March 22, 2024 – SCA’s AGM gives investors the rare opportunity to press management for more clarity on their gravity defying forestry assets. SCA have significantly brought forward the timing of two FTAX surveys, the most recent in 2019. SCA then acquires standing timber (m3fo)
March 21, 2024 – Citi analysts have triple counted biological asset valuations in their financial model. A correction brings the price target from SEK 156 to SEK 95. On 15 March 2024 we wrote to Citi analyst, Ephrem Ravi, to inform him of a material
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