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☆ How Wealthy Investors Got Rich Looting America's Needy Hospitals
▼ + stars: | 2024-03-11 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +21 min

That added to the massive debt burdens already placed on the hospitals by their for-profit owners, deepening their financial woes. In January, MPT reported that its biggest tenant, a nationwide chain of 32 hospitals called Steward, could no longer pay its rent. The core idea was simple: to buy hospital real estate, pocket the lease payments, and use the money to reward investors. The more hospital real estate that MPT buys, the more money it makes in rent payments from the hospitals. But that doesn't mean that MPT's leaders didn't get rich off its hospital deals.

Persons: Leonard Green, Sherman Cahal, Rob Simone, Hedgeye, MPT, Steward —, Justin Simon, Jasper Capital, they've, Ed Aldag, Eddie Lampert's, Eileen Appelbaum, Rosemary Batt, MTP, Marc Rowan, Richard Mortell, Leonard Green couldn't, they'd, Stephen Feinberg, Ralph de la Torre, Steward, Simone, Cerberus, Chandan Khanna, That's, de la, de la Torre, la Torre, Amaral, Aldag, Apollo, Eileen O'Grady, Moody's, didn't, Sen, Chuck Grassley Organizations: Northside Regional Medical Center, Ohio Valley Medical, East Ohio Regional Hospital, Luke's Medical, Glenwood Regional Medical Center, Medical Properties Trust, Jasper, Sears, Bain Capital, Affordable, Cornell University, Business, Third Coast Real Estate Capital, Cerberus, Health Care, Boston Globe, Bloomberg, Getty, Easton Hospital, Local, de la Torre, la, MediaNews, Boston Herald, Prospect, Private, Yale New Haven Health, Yale, Apollo, MPT, SEC, Republican, Senate Finance Locations: Youngstown , Ohio, Ohio, Wheeling , West Virginia, Martins Ferry , Ohio, St, Luke's, Phoenix, Massachusetts, West Virginia, California , Pennsylvania, Texas, Pennsylvania, Louisiana, America, Alabama, MPT, Greater Boston, Steward, Easton, Lehigh, Elizabeth's, Boston, Connecticut, it's

☆ The last Sears in the New York area is closing. Just over a dozen remain in America
▼ + stars: | 2024-01-11 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Sears’ last-remaining store in the New York metro area is closing, bringing the number of Sears locations still in existence down to about a dozen. Following the shuttering of the Jersey City location, the closest Sears for the New York metro area shoppers is 227 miles away in Braintree, Massachusetts. Now, there are only just over a dozen Sears remaining in the continental US. Sears is owned by hedge fund operator Eddie Lampert’s company Transformco. Some suggest that Lampert used the Sears acquisition as a play in the real estate market.

Persons: New York CNN — Sears ’, wasn’t, Sears, Eddie Lampert’s, Lampert, Samantha Delouya Organizations: New, New York CNN, Sears, Kmart, CNN Locations: New York, Jersey City, Manhattan, Newport, Mall, New Jersey, Braintree , Massachusetts, Burbank , California, Washington

☆ Stop searching for 'the next Warren Buffett' — The 'Oracle of Omaha' is impossible to copy
▼ + stars: | 2023-08-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Every so often, a hot new investor on the rise is crowned "the next Warren Buffett" by the financial media, followed swiftly by disappointing performance that proves they're no "Oracle of Omaha." "The next Warren Buffett" remains Warren Buffett alone. What makes Buffett so hard to duplicate? That makes Buffett, famously a student of Columbia University's legendary value investing professor Ben Graham, the most venerated investor of his, or succeeding, generations. "Berkshire's economic moat is more than just a sum of its parts," said Greggory Warren, Berkshire analyst at Morningstar.

Persons: Warren Buffett, Sam Bankman, Buffett, Pershing, Bill Ackman, Eddie Lampert, Chamath, Berkshire Hathaway, LBJ, Ben Graham, Greggory Warren Organizations: Berkshire Hathaway, BNSF Railway, Apple, Columbia, Morningstar, Berkshire Locations: Omaha, Berkshire, New England

☆ Mall of America Wins Supreme Court Case Over Sears Lease
▼ + stars: | 2023-04-19 | by ( Akiko Matsuda | ) www.wsj.com time to read: 1 min

The U.S. Supreme Court on Wednesday ordered an appeals court to review Mall of America’s dispute with the former chairman of Sears Holdings Corp. over a $10-a-year store lease, potentially opening the door for landlords or vendors to challenge the sale of bankrupt businesses. The justices unanimously ruled against Transform Holdco LLC, the real-estate company backed by former Sears Chairman Eddie Lampert that purchased some of the best-performing Sears and Kmart stores out of chapter 11 in 2019. Transform had argued that a bankruptcy provision protects asset buyers from such disputes to encourage them to close on sales.

In a 9-0 ruling written by Justice Ketanji Brown Jackson, the Supreme Court overturned a lower court's decision against MOAC Mall Holdings LLC, the parent company of the mega-mall located in Bloomington, Minnesota. The lease provided Sears with a three-story, 120,000-square foot (11,000 square meters) location at the mall for a rent of just $10 a year. Mall of America went to court to try to stop the lease transfer during the Sears bankruptcy process. Circuit Court of Appeals found in 2021 that bankruptcy law does not allow for appeals of court-approved bankruptcy sales. While bankruptcy law limits the ability of courts to unwind a sale after appeal, it does not prevent appeals entirely, the Supreme Court ruled.

☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.

☆ Is this the last Christmas for Sears?
▼ + stars: | 2022-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

Easterling was at the Sears in her hometown of Jersey City, New Jersey, one of only 15 full-line Sears stores still open. The two started a catalog business selling watches and jewelry in 1888, incorporating under the Sears Roebuck name in 1893. The Sears catalog was the way many Americans first started to buy mass-produced goods. File photo/AP People shop inside a Sears store in Morton Grove, Illinois, in 1961. AP Soldiers guard a Sears store in Baltimore after riots broke out following the assassination of Martin Luther King Jr. in 1968.

☆ The 'next Warren Buffett' curse: Sam Bankman-Fried is the latest market icon to fall after being compared to the legendary investor
▼ + stars: | 2022-11-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The Warren Buffett curse is alive and well following the collapse of Sam Bankman-Fried and his crypto exchange FTX. Fortune magazine asked if Bankman-Fried was the next Warren Buffett in an August profile. Fortune put Bankman-Fried on the front page of its August issue, asking readers if he was in fact the next Warren Buffett? Several of Palihapitiya's SPAC companies soared in value amid the SPAC boom of 2020 and the early months of 2021. Palihapitiya was often compared to Buffett by market participants, and Brown called the investor "the new Buffett" on a podcast in January 2021.

☆ Witter Family Office bets big on crypto, 'still believes' in blockchain technology
▼ + stars: | 2022-07-11 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Sherry Pryor Witter, CEO of the Witter Family Office, said crypto and blockchain accounted for about 40% of the office's assets at their peak. "I think this is a great time to get into the better projects of crypto," said Witter, who started buying crypto tokens in 2018. A recent survey of family offices in a BNY Mellon Wealth Management and Harris poll found that 77% of family offices were exploring or investing in crypto. Family innovation Witter said innovation has always been at the heart of the Witter family. Witter admits, however, that her broader strategy of becoming a "crypto and blockchain" family office has had to shift.

Persons: Witter, Sherry Pryor Witter, Harris, Dean Witter, Dean, Michael D, Dean Witter's, Eddie Lampert, Michael, I'm Organizations: Witter Family Office, Witter Family, Mellon Wealth Management, Dean Witter & Co, Flare Network Locations: Wall, U.S, Flushing

☆ In pictures: The rise and fall of Sears
▼ + stars: | 2020-05-19 | by ( ) edition.cnn.com time to read: +1 min

Black Friday shoppers line up outside a Sears store in King of Prussia, Pennsylvania, in 2007. Sears was both the Walmart and Amazon of its time. But Sears, like many department stores, has fallen on hard times. The decision kept 425 stores open and saved the jobs of about 45,000 employees. But its downward spiral has continued, leaving the company with only 15 full-line Sears stores still open, and only 7 Kmarts, with three of those in the US Virgin Islands, one in Guam and only three in US mainland.

☆ Sears is reportedly slashing life insurance policies for some of its 90,000 retirees as the retailer continues to scramble
▼ + stars: | 2019-04-01 | by ( Áine Cain | ) www.businessinsider.com time to read: +4 min

Insurance expert David Paige told Business Insider that, as a result of their age and pre-existing conditions, many retirees will not be able to replace their life insurance. AdvertisementSears survived liquidation, but the same can't be said for its retirees' life insurance coverage. Insurance expert David Paige told Business Insider that the news isn't good for retirees. Unlike health insurance, life insurance has no rule stipulating that insurers can't reject applicants for pre-existing conditions like illness. AdvertisementThis isn't the first rumble of trouble regarding life insurance coverage for Sears retirees.

Persons: Sears, David Paige, —, Paige, Eddie Lampert, Ron Olbrysh, Olbrysh didn't, Read, Sen, Bernie Sanders, Olbrysh, NARSE Organizations: National Association of Retired Sears Employees, CBS, Service, Sears, Chicago Tribune, Tribune

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