[jchallis]

Classic PE healthcare playbook hitting a wall: governance red flags (board resignations over antitrust violations), Medicaid exposure nobody’s buying their hedge on, and 5x leverage on a home health rollup that can’t get financing done at any price. Market’s saying no for good reason.

When Goldman can’t get your $2.5B home healthcare deal done in this market, and you need to come back with audited financials hoping for better conditions… the market’s already told you everything you need to know.