March 17, 2023 – On March 1, 2023 MPW released its annual report for 2022. Viceroy’s analysis shows similar red flags to those raised in our Q4 2022 analysis. This report will go through those issues as well as further developments. We reiterate our belief
March 10, 2023 – On March 16, 2022 MPW completed a partnership with Macquarie Asset Management (MAM). MPW contributed assets worth $1.1b to the joint venture in exchange for an undisclosed cash payment. The joint venture would then raise secured nonrecourse debt with the proceeds
Viceroy Research has obtained Swiss bank statements which show numerous receipts from SHCS, which appear to be immediately laundered to politicians, con men, and VGH fraudsters. We thank Tacet Global’s Greg Gillespie for allowing us to access to his investigation into Accutor AG. Mr. Gillespie
March 1, 2023 – On February 23, 2023, MPW released their Q4 2022 results and held their earnings call, both of which raised several issues and confirmed Viceroy’s continued belief in the weakness of their tenant base. By our calculations, Commonspirit’s annual rent on the
February 22, 2023 – In 2022 Steward sued Tenet for payments from the Florida Detected Payments Program (DPP) it believed it was owed given the back-dated periods these receipts relate to. Particulars of amounts are heavily redacted. This lawsuit appears to have spectacularly backfired on
Steward International will die on this hill. February 17, 2023 – On February 14, 2023, Steward Healthcare International (“SHCI”) threatened legal action against independent Maltese journalists and Viceroy Research in a “right of reply” essay submitted to MaltaToday. This was in response to Viceroy Research’s
February 16, 2023 – On February 15, 2023, Steward Health Care Systems (“SHCS”) announced that it had entered into an agreement to sell its Utah operations to Commonspirit. This is an objectively bad deal for MPW, who have taken a 20% haircut on their Utah
February 15, 2023 – MPW’s purchase of 5 Florida Hospitals in 2021 was another Steward subsidy at MPW shareholder’s expense. This report investigates the uncommercial nature of this transaction. The acquisition of the Florida Hospitals forms part of Steward’s greater $1.1b acquisition of Tenet Healthcare’s
On February 11, 2023, Steward International doubled down, and stated to MaltaToday journalists that “MPW does not in any way own or control Steward Health Care International”. It has also previously categorically denied any commercial relationship with MPW, and any legal relationship with Steward Health
February 7, 2023 – In Q2 2022, MPW committed $34.6m in funding for a new facility in McKinney, Texas, which would be leased to Springstone LLC. MPW did not disclose that the site was also purchased from Springstone, who already lease 18 facilities from MPW.
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