Eric Gorham

@Mike_Taylor1972 Should be an interesting weekend for you. This is from a press release last year "Barber Motorsports Park has a new title sponsor, Medical Properties Trust".

Many have asked “when did you know Max had the chops to drive like that?” Below is 2 yrs ago - in one of his first National Karting races (NOLA). First time he ever raced in the rain…to our shock…oodles of raw talent. This was THE moment. Enjoy- (I did)

@PureCycleTech When was this picture taken?

It never gets old seeing these pellets produced by our flagship facility in Ironton, Ohio!

@mablum Todd and I covered G & L at the same time and made many management visits together, this is a great loss.

I will be on The Macro Show tomorrow. Looking forward to sharing some stories of my travels with Todd Jordan to the far ends of the world. He was The Guy to do this with!

@Mike_Taylor1972 @NonTargetTerry Management can force conversion if the stock is over $18. I bought warrants if the break even on a forced conversion was under $19. Liquidity was not important because if the tech didn't work I was F'ed anyway, if it did work I am holding long past a forced conversion anyway.

@NonTargetTerry Warrants are v illiquid.

$PCT: It was right there in plain sight. The fluidic math around the PP5 refiner (bc it is a refiner) showed it should produce “at scale” quickly (few have done the math). What is “at scale”? I would encourage them to do the work to find out I am Not here for JUST a 10x return

@timboutillier This is a better documentary to look at. You can annualize December revenue for full year numbers. #document-592-0001830033-23-000015-3" target="_blank" rel="nofollow noopener">ir.purecycle.com/sec-filings-re…

Are these $PCT projections for a month?

@HedgeyeREITs @Steward I have always believed that the most likely outcome is BK, wipe out the $330M+$200M in margin loans from MPW, massive rent cut & Steward continues to operate. If Utah closes, RDLT takes one more large dividend then BK when ABL needs extension in December. RDLT blames ABL for BK.

What is @Steward ‘s fate in the end? $MPW

@AIMhonesty In Stew. BK, Steward equity=$0, MPW gets the Stew Equity ($0) as collateral for $550M in loans, RDLT gets a new pay package in BK. W/O Utah this should have happened in Dec. IMO, Utah sale gave RDLT the $$ to pay 1 more dividend, then this scenario when ABL needs to be extended.

@AIMhonesty @HedgeyREITs makes these loans sound much BETTER than they actually are. There appears to be no guarantee from Steward, just a margin loan to RDLT. As CEO, RDLT gets to decide if Steward files for BK and Steward has no fiduciary duty to the $550M in loan in a BK filing.

#WatchThisSpace $MPW

@msstockguy5 @private_dataguy @scottyballs5 @Mike_Taylor1972 I have been on the other side, as a bondholder, but that was only with operating businesses, what makes this unique is PCT just has to hold them off for a couple of months. It is ether an easy refinancing or a zero with not much in between.

@Mike_Taylor1972 if you wanted another chance to buy capitulation I think you’re gonna get it today and tomorrow… $PCT ir.purecycle.com/sec-filings-re…

@viceroyresearch Let's not forget that, in the middle of all this, Steward passed shares received in the CareMax transaction right through Steward, the majority of which went to RDLT's personal LLC, see the 13D here: ir.caremax.com/financials/sec…

If, as MPW claim, Steward is not insolvent or in any sort of “extreme financial hardship”, then Steward may have defrauded the Government. If Steward is under extreme financial hardship, then may have defrauded MPW and its investors. $MPW 13/13

$MPW – Steward “extreme financial hardship”. viceroyresearch.org/2023/02/22/mpw… Steward has received demand letters from CMS, claims it has applied for relief under “extreme financial hardship”. Report now #live. 1/

@AIMhonesty @viceroyresearch @SEC_Enforcement Have you looked into Prospect Medical Holdings (MPW's 2nd largest tenant) ABL? The last audited financials (pestakeholder.org/wp-content/upl…) show it maturing 2/22/23. The June 2001 RI report did not mention an extension and doubt it got done in last 2 years.

One of our @viceroyresearch most indepth pieces on $MPW. How & why are investors not changing management & launching a #Fraud investigation?! @SEC_Enforcement This will end badly for equity & bondholders with an eye-watering #LTV at 85%.

@surftheyieldcrv @HedgeyeREITs @BigRiverCapita1 I think I found the master lease attached as Exhibit B here document.epiq11.com/document/getdo…

@HedgeyeREITs @Hedgeye Did you see MPW is sponsoring a basketball tournament this weekend? Make sure you hashtag medicalpropertiestrust

Just going to leave this here and pin from our 11.1.22 deck on Wadley Texarkana $MPW. We thought it might be useful to brush up on once more over the weekend. Have a good one, everyone! Back in the saddle Monday! @Hedgeye

@HedgeyeREITs @ailliwre @Mike_Taylor1972 I might be the last to realize, but I was reading the CareMax 13D that was file for RDLT. Steward received CMAX shares in the deal. The 13D shows that most of the shares went straight through Steward to RDLT's personal Llc. Any chance he didn't want that value stuck in BK?

@ericsgorham @ailliwre @Mike_Taylor1972 I think what you described better for RDLT and way worse for MPW as new equity, as may trip reit rules and unwind structure. But then again, RDLT has all leverage here so maybe you’re correct.

$MPW got to love the 11th hour stuff. Note to self: PWC doesnt sign off on stuff in default.

@HedgeyeREITs @Mike_Taylor1972 @ailliwre "Imminent" is a relative term so could be 1 day, 1 month, 1 year. "Presumably", why not just find out for sure? because they want deniability. On projections, why not use MPW internal? So they can say we didn't realize what assumptions Steward was using.

@Mike_Taylor1972 @ailliwre One thing is for certain imho, what $MPW has been telling investors in meetings (that it’s a technical non issue that would be resolved well before the 15th), clearly wasn’t true. As we expected.

@HedgeyeREITs @Mike_Taylor1972 @ailliwre Only thing we, slightly, disagree on this. I think MPW is masterful at conveying their message w/o technically lying. Using relative terms like "imminent" in meetings and both "presumably extend" & "Steward is also forecasting ...$350 million for ... 2023" from the call.