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Joseph Lim :mastodon:<p><a href="https://mastodon.social/tags/UnbridledGreed" class="mention hashtag" rel="tag">#<span>UnbridledGreed</span></a> <a href="https://mastodon.social/tags/enshittification" class="mention hashtag" rel="tag">#<span>enshittification</span></a><br />&quot;those mishaps look . like <a href="https://mastodon.social/tags/selfsabotage" class="mention hashtag" rel="tag">#<span>selfsabotage</span></a>, intended to hollow out the <a href="https://mastodon.social/tags/restaurant" class="mention hashtag" rel="tag">#<span>restaurant</span></a> chain to enrich its prev <a href="https://mastodon.social/tags/privateequity" class="mention hashtag" rel="tag">#<span>privateequity</span></a> owners, Golden Gate Capital. GGC crippled <a href="https://mastodon.social/tags/RedLobster" class="mention hashtag" rel="tag">#<span>RedLobster</span></a> by selling off one of its most valuable assets, e <a href="https://mastodon.social/tags/realestate" class="mention hashtag" rel="tag">#<span>realestate</span></a> it owned, in a <a href="https://mastodon.social/tags/saleleaseback" class="mention hashtag" rel="tag">#<span>saleleaseback</span></a>, for $1.5bil. With tt sale, GGC nearly made back its $2.1b purchase of 🦞, while turning the chain into a permanent leaser, adding a massive additional cost in e form of <a href="https://mastodon.social/tags/rent" class="mention hashtag" rel="tag">#<span>rent</span></a>&quot;<br /><a href="https://prospect.org/economy/2024-05-22-raiding-red-lobster/" target="_blank" rel="nofollow noopener" translate="no"><span class="invisible">https://</span><span class="ellipsis">prospect.org/economy/2024-05-2</span><span class="invisible">2-raiding-red-lobster/</span></a></p>
Kevin Severud<p>"When hospitals sold off their land, investors got rich. Patients paid the price." <a href="https://social.vivaldi.net/tags/SaleLeaseback" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>SaleLeaseback</span></a> <a href="https://social.vivaldi.net/tags/PrivateEquity" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>PrivateEquity</span></a> </p><p>"MPT existed to allow private equity to take money out of our hospital system through uneconomic transactions," says Justin Simon, who runs a successful healthcare-focused hedge fund called Jasper Capital. "Now they've bankrupted the hospitals. The communities are left holding the bag, and no one is going to jail."<br><a href="https://www.businessinsider.com/how-wealthy-investors-got-rich-looting-needy-hospitals-healthcare-system-2024-3?op=1" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">businessinsider.com/how-wealth</span><span class="invisible">y-investors-got-rich-looting-needy-hospitals-healthcare-system-2024-3?op=1</span></a></p>