@HedgeyeREITs @Steward They might “choose” to lower the capacity again $MPW
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Neal McConnell
111 posts
Neal McConnell
@NealMcConnell
“What can be asserted without proof can be dismissed without proof” - Christopher Hitchens
Katılım Haziran 2012
1.5K Takip Edilen1.1K Takipçiler
Pro forma for the gains *engineered* in the CommonSpirit and Prime sales, we estimate that $MPW has about ~$530-550mm of cushion above the TNW covenant under the RCF.
$MPW has not impaired any of the @Steward real estate yet, and the MAM JV equity is being carried at ~$406mm.
$MPW has not received a waiver of that covenant yet from their bank group. They WILL need one. What will that cost? The last amendment cost them ~$400 million of RCF capacity.... liquidity they cannot afford to lose.
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@HedgeyeREITs @Steward Does "more" qualify as an answer? $MPW
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How much funding has $MPW sent @Steward YTD, beyond the ~97.5mm announced?
Asking for some friends.
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Many people who don't like the media, and are not the media (me for example) hate Trump for his lack of values, his pathological lying, his selfishness, and being everything I don't want my kids to be. He appeals to the least appealing parts of American society who have no empathy or caring
David Sacks@DavidSacks
As soon as you realize how dishonest the media is, you realize the importance of going direct. This is what makes Trump the indispensable figure. Just look at the massive crowds he draws. He goes over the heads of the media, which just adds to their pathological hatred of him.
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@ReigningCoins Narrator: She doesn’t realize there is no more dividend.
@HedgeyeREITs @viceroyresearch
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Neal McConnell retweetledi
$MPW CLOSED AT $4.17 - I’m up $1.06 per share
Yellow lines indicate stock trying to close gap up to $5.00
Happy to collect the dividend while waiting for price recovery
🤑
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@FriendlyBearSA I'm old enough to remember when Pete told me that Terry Dewberry would "shoot him in the head" if he was doing anything wrong @AlderLaneEggs @AureliusValue
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Randall Paulson is frontrunner for this year's Terry Dewberry Award $RILY
GIF
AV@AureliusValue
Quite the pump and dump following yesterday's cartoonish $RILY press release -- clear and obvious case of "allowing senior management to investigate itself"..."many audit firms require the audit committee to retain independent counsel".
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Is 12% PIK interest considered market for a personal loan to an unindicted co-conspirator with double pledged collateral?
I haven’t priced this kind of dreck in a while and was just trying to keep up with current underwriting standards.
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Neal McConnell retweetledi
Reason #278 to trust $TRUP mgmt at your own peril...
When you constantly try to spin, tell people what you think they want to hear, and otherwise lie, you wind up with this contradiction from $TRUP mgmt within a short 24 hour period. Yday, Margi told investors that getting to 1MM pets was solely from North America. Today's press release clearly states its North America AND Europe.
Why does that matter? Well it looks like they've added a whopping 9K pets sequentially 7 weeks into the quarter. January is a HUGE month historically for new pet enrollment. This does not bode well for growth in the core product in 1Q24.
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@OtherSide_AM @HedgeyeREITs You need to remove the word "arguably". Otherwise, great post
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$MPW has been a flaming dumpster fire for nearly 2 years. They have outright lied, misled & attempted to bully those analysts who called their bullsh*t. Yesterday's release further exposed what could arguably be considered #fraud. Well done @HedgeyeREITs well done!
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@FriendlyBearSA Zoom out here. Assume this is all true. Then why was the Vintage loan not disclosed 1) at the time of the deal in Aug 2) in the 3q 10q 3) buried in a slide after Prophecy was exposed? $210mm is HIGHLY material to this co. @FriendlyBearSA @AureliusValue @AlderLaneEggs
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$RILY this is very, very bad news. The "sham" investigation stage. Didn't even bother to hire an outside law firm (used deal counsel Sullivan & Cromwell). And Chair of the Audit Committee isn't quoted once in press release. Why didn't they do earnings today if everything is OK?
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$MPW is telling you they don't have the cash flow to pay a dividend.
Any dividend will be the product of a de facto liquidation process.
HedgeyeREITs@HedgeyeREITs
Ok this one takes the cake. Fast Eddie just said, and I quote: "The dividend does not depend on Steward's rent, but on liquidity from closed transactions." So shrinking to pay the dividend. Got it. This will end well. $MPW
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$MPW = surreal. The Governor of MA is demanding financials from Steward while Ed says the "weekly cf runs r better than expected". 111 vendors suing Steward for non-payment. And the 8.8% cap rate is somehow a 7.4% "net". Another $20mm loan. FFS @HedgeyeREITs @viceroyresearch
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@HedgeyeREITs So Stewards weekly cash flow runs are “better than expected” according to Ed meanwhile Boars Head is reposessing ham from its hospitals
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@AlderLaneEggs @ActAccordingly When you go to a sell-side conference while you have material weakness that aren't resolved, can't file your K, and your core business has hit the wall, what did you expect??
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$TRUP is cancelling one on ones today.. @ActAccordingly @NealMcConnell
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@FriendlyBearSA Let's go with "Brokerage Firms whose Executives are about to be Margin Called" for $800 Alex
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Anyone want to guess what distressed financial is liquidating $SNCR today 🤔
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@WWPkapital @AlderLaneEggs @SECGov @ActAccordingly @daviddorr Sure. the "other" biz is actually disproportionately profitable for $TRUP, not the other way around. And the TAMster longs in this stock and the sellside have always given them credit for the gross revenue and applied a p/s multiple as part of the "subscription" nonsense.
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@NealMcConnell @AlderLaneEggs @SECGov @ActAccordingly @daviddorr Incredible insight - you should do a spaces on this critical nuance, or better yet should charge a fee for this like PAA in the mid-qtr sub count (ha!) Answer re: other biz, pal! $trup
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A Restatement, and @SECGov Investigation is at hand
Neal McConnell@NealMcConnell
@R5Crosby @davidorr_31 Yep, she'll be in damage control mode, talking about made-up IRR guardrails and value-proposition nonsense while they can't even file their K. We might just be at the point where they can't "narrative" their way out of this... @ActAccordingly @AlderLaneEggs
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@WWPkapital @AlderLaneEggs @SECGov @ActAccordingly @daviddorr No, pal, that's what I meant. Daryl only spoke to it when asked about it. There was no proactive discussion. If he simply stopped selling bc the stock was lower, you can bet your children that he would have proactively talked about it.
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@NealMcConnell @AlderLaneEggs @SECGov @ActAccordingly @daviddorr “It stopped w/no explanation in May of 23” WRONG. I’m sure you meant something completely different. 🤡
what’s the likely potential scope of restatement for other segment? Does it matter? how much profit $ comes from the other segment? What does its runoff mean to $trup?
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@WWPkapital @AlderLaneEggs @SECGov @ActAccordingly @daviddorr Sure, take his comments at face value. Just like how he said he couldn't buy stock bc of the short swing rule. Well, we're WELL past that window. Don't see too many Form 4s piling up. And I'm sure the exec changes in April were due to "decentralizing" the management team.
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@NealMcConnell @AlderLaneEggs @SECGov @ActAccordingly @daviddorr Killer observation: He addressed this at the annual meeting. Bravo!
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@R5Crosby @davidorr_31 Yep, she'll be in damage control mode, talking about made-up IRR guardrails and value-proposition nonsense while they can't even file their K. We might just be at the point where they can't "narrative" their way out of this... @ActAccordingly @AlderLaneEggs
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@davidorr_31 $TRUP Margi will undoubtedly use the meetings with investors throughout the day to engage in selective disclosure just like she did with the rate increase "approval" fiasco.
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Not a normal sequence of events.
First, $TRUP should never have released full financials (don’t care if they say unaudited). Second, how are you at an investor conf before you can complete an audit?
A segment that makes up 1/3 of revenue may need to be restated back 5+ yrs.
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