this post was submitted on 29 Dec 2024
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Art sometimes can't imitate life (files.catbox.moe)
submitted 6 days ago by [email protected] to c/microblogmemes
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[–] [email protected] 72 points 6 days ago (1 children)

That makes no sense. How can an entity own the hospital, sell the land and then charge the hospital it owns rent?

Here’s what really happened. https://www.axios.com/2024/03/06/hospital-debacle-private-equity-cerberus-steward

Still shit? Abso-fucking-lutely! But it’s actually real and makes sense.

[–] Serinus 64 points 6 days ago (1 children)

But that says the same thing, just in more detail.

In 2016 it signed a $1.25 billion sale-leaseback agreement for its Mass. properties with a publicly traded firm called Medical Properties Trust.

For example, it's stopped paying vendors and owes at least $50 million in back-rent to MPT.

[–] [email protected] -2 points 6 days ago (1 children)

No it’s different. The sold them, agreed to lease them back, failed to pay the lease and then left someone else holding the bag.

[–] [email protected] 40 points 6 days ago

I think you're getting hung up on a small detail. Yeah, the original post does imply it's Cerberus charging rent, but nuances like this are hard to convey in the format and I don't think it matters to the overall point. Cerberus still sold the real estate, made huge amount of money and left the physicians to foot the bill (never mind making the physicians take out a huge load to buy back control).