Feb 14, 2017

Activist hedge fund bails on Community Health Systems

Laredo Medical Center in Texas, owned by Community Health Systems. (Wikimedia Commons)

North Tide Capital has sold off its entire stake in the struggling for-profit hospital chain Community Health Systems, new regulatory filings show.

North Tide, a Boston-based hedge fund with $2.3 billion of assets and founded by Conan Laughlin, had owned 5.5 million shares but divested the entire lot. North Tide ramped up its ownership in Community Health Systems last year, at one pointing owning 13% of the company. Laughlin did not respond to interview requests.

Why this matters: This is the second big investor to give up on Community Health Systems in a year. In early 2016, Larry Robbins of Glenview Capital Management ditched the company, which has posted heavy losses over the past two years. Community Health Systems has had to sell a lot of its hospitals after the disastrous 2014 acquisition of Health Management Associates, and its stock has plummeted by almost 90% since June 2015. Community Health Systems mostly owns rural hospitals, many of which are located in southern states that did not expand Medicaid under Obamacare.

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U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

House Democrats asked Agriculture Secretary Sonny Perdue for more information Thursday on how the agency chose which companies to award $1.2 billion in food assistance contracts.

By the numbers: More than 98,400 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 379,100 Americans have recovered and more than 14.6 million tests have been conducted.

Pentagon watchdog sidelined by Trump resigns

Fine testiying before the Senate Judiciary Committee in 2017. Photo: Drew Angerer/Getty Images

Glenn Fine, the Pentagon's principal deputy inspector general, submitted his resignation on Tuesday.

Why it matters: President Trump removed Fine as the Pentagon's acting inspector general in April 7 after a group of independent federal watchdogs selected him to lead the Pandemic Response Accountability Committee, which was set up to oversee the rollout of the $2 trillion coronavirus relief bill.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 5,547,523 — Total deaths: 348,040 — Total recoveries — 2,269,422Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 1,671,728 — Total deaths: 98,493 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. Trump administration: Mike Pence's press secretary returns to work.
  4. States: New York reports lowest number of new coronavirus deaths since March.
  5. Public health: The final data for remdesivir is in, and its benefits are rather limited.
  6. Space: How to virtually watch SpaceX's historic crewed launch.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 20 mins ago - Politics & Policy