So you wanna see how you can make a few hundred million quick? Wanna see thousands of careers tortured to bleed some filthy lucre into your blood bank to fund your afterlife? Wanna see last-resort hospitals striped of their viability, leaving communities wondering "WTF"? Carlyle Group, you know, BushCo hedge fund of choice, Bain Capital template, is putting on a clinic in sucking the system dry this morning as one of their minions LifeCare Holdings Inc has filed bankruptcy. Funny how these smart investors always seem to leave their "wholly owned subsidiaries" in BK, dumb luck I quess.
LifeCare Holdings Inc., an operator of acute-care hospitals owned by Carlyle Group LP (CG), filed for Chapter 11 bankruptcy protection in Delaware.
Plano, Texas-based LifeCare listed assets of $422 million, as of Sept. 30, and liabilities of $576 million in its filing in U.S. bankruptcy court in Delaware.
... from Marketwatch
Wow! With $422M in assetts versus $576M in debt, no wonder this beast fell under it's own weight. But hey, this is a network of acute care private hospitals, where did that debt come from. Heck, how could a biznet in the super-duper profitable healthcare sector, in the even more super-duper state of Texas loose soooooo much money? Were they giving too much Obamacare to teet sucking wellfare queens?
Yep:
LifeCare, which took on about $400 million of debt to help Carlyle fund its 2005 buyout, spent $57.7 million on interest last year, double its total for 2010.
Double WOW!! So corporate grifter Carlyle buys LifeCare, paying for the transaction with $400M of money borrowed by.... LifeCare! So that 's like someone coming up to you and saying, "Can I buy your house, on a handshake. Then I'll take out a big lien on the house in your name, and pay you the cash." If that sentence didn't make any sense, you've passed the test brainiac.
Yes, this shit should be criminal. Instead it's how the Republican Party funds it's political dynasties.