I’ve thought about lenders being owners but most debt lenders experience is in lending not in operating hospitals. Sort of goes against their business models. An equity partner so long as it’s a minority stake could work provided that growth plans are sufficient enough to go big board possibly reformed as a REIT but that seems so unlike their normal business patterns.
I do agree market cap is currently out of line but that’s really more a function of its current share structure and warrants. Nothing that could not be quickly resolved by an equity investor which could be who is buying shares in the open market. I’ve seen it before.
Still a question to me is timing on a spinoff. I too have been following the new stand alone website but logically the size of the next reverse split leaves questions in my mind as to utilizing the full 10 billion authorized shares. As you very correctly pointed out retail shareholders is not the buyer. With so many authorized shares still available I suspect we will see those authorized shares quietly used up and purchased just as quietly. That way the market makers get their spreads, RNVA gets another hospital and an equity investor accumulates a very cheap position with announcements happening after everything is done.
It would not make any sense to allow PPS to increase or news to get out while this happens. The bad side is that shareholders equity still gets wiped out by the 1/10,000 reverse split since no real jump in share price is likely to occur until the spinoff.
News 
Market Data 
Discover 
