"Project Easter" was a fraud. Round-tripping, Manolete & Malta. “Project Picasso” also a fraud.
Joined March 2025
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This is how Aldag operates. Pretend tenant is fine. Behind scenes extreme distress and inability to afford rent. $MPT finds way to recap tenant without changing rent. Tenant sends cash back for “rent.” Aldag touts tenant “current” on rent and everything fine! It’s the playbook.
Get a load of the deterioration in touts. $MPT
Yes, there is indeed round-tripping. It's "at the very heart" of the fraudulent model.
It continues to this today on largely the same collection of assets.
And btw even this is generous, bc former surgery partners closed end of sep. so rent there needs to be removed as well! $MPT
This is actually one of the easiest $MPT quarters to analyze. Keep it simple. Can be told in one graphic:
MPT generates ~$605 million of consolidated annual cash EBITDA with no growth, adjusting for:
- HSA / NOR rent that is round-tripped by MPT, and
- The 18% Priory cash rent cut.
Compare this to now contractual annual cash interest of ~$640 million!
MPT does not generate sufficient cash flow to cover its consolidated debt service. And this is before add'l tenant loans and "capex."
$MPT is now borrowing to service its existing debt = ☠️.
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So when they tell you the dividend is "covered," they are actively lying to you. And they know it. $MPT
What kind of board allows such a charade? A fraudulent one that is facilitating theft of bondholder collateral.
This is actually one of the easiest $MPT quarters to analyze. Keep it simple. Can be told in one graphic:
MPT generates ~$605 million of consolidated annual cash EBITDA with no growth, adjusting for:
- HSA / NOR rent that is round-tripped by MPT, and
- The 18% Priory cash rent cut.
Compare this to now contractual annual cash interest of ~$640 million!
MPT does not generate sufficient cash flow to cover its consolidated debt service. And this is before add'l tenant loans and "capex."
$MPT is now borrowing to service its existing debt = ☠️.
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This is actually one of the easiest $MPT quarters to analyze. Keep it simple. Can be told in one graphic:
MPT generates ~$605 million of consolidated annual cash EBITDA with no growth, adjusting for:
- HSA / NOR rent that is round-tripped by MPT, and
- The 18% Priory cash rent cut.
Compare this to now contractual annual cash interest of ~$640 million!
MPT does not generate sufficient cash flow to cover its consolidated debt service. And this is before add'l tenant loans and "capex."
$MPT is now borrowing to service its existing debt = ☠️.
AMARAL Capital retweeted
Why hasn’t $MPT disclosed the $INFRAC shareholder agreement limiting timing and amounts able to be sold, and therefore $MPT liquidity from the stake?
Seems material? Do the secured bondholders know?
Ask $MPT management about the shareholder agreement, whereby they have agreed to retain at least ~25% of Infracore one year out, ~20% two years out, ~15% three years out, and ~10% four years out.
So whatever this circular arrangement is worth, as they continue to "own" and "invest" in the money-losing SMN opco tenant, they can't monetize it all even after the 180 days.
Let management deny it. That way they can add to the ever-growing pile of fraudulent statements they have made.
So how can that be a solution to the October bond maturity? Answer: it cannot.
Why hasn’t $MPT disclosed the $INFRAC shareholder agreement limiting timing and amounts able to be sold, and therefore $MPT liquidity from the stake?
Seems material? Do the secured bondholders know?
Ask $MPT management about the shareholder agreement, whereby they have agreed to retain at least ~25% of Infracore one year out, ~20% two years out, ~15% three years out, and ~10% four years out.
So whatever this circular arrangement is worth, as they continue to "own" and "invest" in the money-losing SMN opco tenant, they can't monetize it all even after the 180 days.
Let management deny it. That way they can add to the ever-growing pile of fraudulent statements they have made.
So how can that be a solution to the October bond maturity? Answer: it cannot.
AMARAL Capital retweeted
Put the dividend on the side for a second. $MPT
Sitting here today $MPT is actually (not effectively) borrowing to service its consolidated debt. Consolidated cash flow is below all consolidated cash interest cost = game over. Consolidated cash flow is largely contractual.
Forget covering the dividend. There’s no value below the debt.
Put the dividend on the side for a second. $MPT
Sitting here today $MPT is actually (not effectively) borrowing to service its consolidated debt. Consolidated cash flow is below all consolidated cash interest cost = game over. Consolidated cash flow is largely contractual.
Forget covering the dividend. There’s no value below the debt.
AMARAL Capital retweeted
Get a load of the deterioration in touts. $MPT
Yes, there is indeed round-tripping. It's "at the very heart" of the fraudulent model.
It continues to this today on largely the same collection of assets.
So interesting to see $MPT move “down market” on the paid touts.
Can barely afford daily posting anymore! Quality really falling off.
Sad.
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lol these clowns bought back ~10mm shares of stock. How do the bondholders feel about that? $MPT
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AMARAL Capital retweeted
In many cases, when HSA actually shows up after exhausting delay tactics, it has refused to provide court-ordered discovery on its financial condition. Trade secret! Just like Steward & TRACO. So why is HSA unable to produce audited financial statements? Recurring theme for $MPT.
More HSA defaults in real time. $MPT
HSA bad faith evident as it defaults upon one settlement agreement after another "ghosting" counter-parties which held off on pursuing legal remedies. The AHS/HSA/NOR enterprise clearly unable to pay its debts as they become due. Never adequately capitalized. Alter ego = $MPT.
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AMARAL Capital retweeted
Game over. You’re done. $MPT
All that’s left playing for is prison or no prison.
Game over. You’re done. $MPT
All that’s left playing for is prison or no prison.
It was, indeed, “game over.” Steward was fatal. $MPT
A real-time (Sep. 2026) look at "Nero" (Aldag) fiddling as Rome ($MPT) burns. Touting the new HQ as MPT crashes. At least ~$150 million to build! Lien'd up, and about to become recovery for the creditors?
"... growing again... ~$100 million of acquisitions in 2025..." - Aldag (!!!); roughly half was to settle the EPDA pledge, the other half was to recap existing tenants (round-trip)! Growing again?!
“This was our one big opportunity to really build something that will save the planet, if you will,” Aldag said.
A perfect caricature of $MPT, and its leader.
vestaviavoice.com/news/medic…
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How much are “Daniel Yet” and “John He” down on their scam? $300 million between the two of them? $MPT
Yikes!
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