Steward Health Care System

You know, private equity firms are having such a bad year earlier this year.

they were all in the news we talked about this here on the channel about freezing investors redemption so if you had money in these companies you couldn't even take it out if you wanted to which was a huge red flag because they're worried about the funds collapsing well now we just got a report showing how vulnerable these private equity funds really are some of the biggest bankruptcies we saw happen over the past year were companies like saxe fifth avenue eddie bauer Joann Fabrics, Kmart, and Stewart Healthcare, all of those companies were owned by big private equity firms.

That's something that they all had in common.

And the reason why that's important is because those private equity firms are on the brink of collapse right now.

Brian, yeah.

So, um, the Globe is, and including yourself, uh, it done great reporting on Steward Health Care.

People may recall, uh, this hospital was, uh, doing very lousy patient care in many instances while the owner, Ralph de la Torre, had one, I think, 150-foot b- b- boat and another 90-foot boat, and was flying all the- around the world, spending, uh, profits gleaned from that hospital.

You have new reporting, uh, following up on the woman who died at St. Elizabeth's because, uh, a crucial medical tool had been repossessed to help her stop bleeding, uh, after childbirth.

Malta.

Malta

... uh, uh, uh, uh, Steward Health Care had tried expanding in some form to the island nation of Malta, and things went sideways really, really quickly, and, um, there was legal action taken there that, um, uh, you know, honestly, um, i- it's complex.

I wouldn't be able to give you a full rundown of where that is now.

Oh, yeah, of course they do.

Steward Healthcare.

Cere- Cerberus, Cereberus, Cerberus, Cerbe- I always screw this name up.

Cerberus-

Look at all these companies that have gone bankrupt.

You know, why did Stewart Healthcare, you know, a 31 hospital, 36, 37 hospital chain go bankrupt? which they did.

And who did it? It was Cerberus Capital.

And who runs Cerberus Capital? Steven Feinberg.

Looking at the $25 billion in assertable claim, the waterfall shows the FBG debtors need about $2 billion, approximately 8% to recover to satisfy the estimate of outstanding admin expense and priority claims.

And they look to this court's ruling, among other things, in Stewart Healthcare, for example, where the court confirmed the Chapter 11 plan and found the plan was feasible.

The FBG debtors also correctly note that this isn't time for a mini trial and this isn't an assessment of the measure of a guarantee of success.

This is a confirmation hearing, not an evidentiary trial on the merits of litigation.

Medical Properties Trust on notice.

The hospital has been vacant since it flooded in 2020, and then came the bankruptcy of Steward Healthcare.

Ever since, hundreds of thousands of people have been left without a local hospital and first responders without a close option to bring patients in an emergency.

Another key player in the effort to restore Norwood Hospital is the town's general manager, Tony Mazzucco.