--- title: "Steward Health Care: legal identity, equity classes and control" language: en canonical: https://dossiertwist.com/dossiers/steward-health-care/corporate-structure/ as_of: 2026-10-14 keywords: ["Steward Health Care","Cerberus","Medical Properties Trust","Ralph de la Torre","hospital bankruptcy","hospital transactions","CareMax","TRACO","Malta"] --- # Steward Health Care: legal identity, equity classes and control - Also known as: Steward Health Care - Jurisdiction: US (US) - Company register: 4801236 (Delaware Division of Corporations) - Company register: M17000003154 (Florida Division of Corporations) - Employer identification number stated in the Chapter 11 petition: 27-2473240 **Question.** Which companies and interests make up the Steward ownership chain? **Answer.** The retained filings distinguish System, Holdings, Investors and MPT’s preferred investment. Different layers and dates must not be collapsed into a single current ownership percentage. ## The legal entity and its registrations - Analysis: Steward Health Care System LLC (System) is the Delaware entity identified in the May 2024 bankruptcy petition by EIN 27-2473240. A retained Delaware certificate identifies company number 4801236. Its principal business address was in Dallas. Florida’s foreign-company record identifies registration M17000003154 and records revocation for failure to file an annual report on 25 September 2026. [s-d4] [s-d10] [s-d21] [s-d40] [s-d41] [s-d42] [s-d44] [s-d55] - Qualification: The Florida status concerns registration in that state; it does not by itself establish dissolution in Delaware. An earlier Florida filing uses “Systems” with the same EIN and registration number. The 2025 Florida entry spells the restructuring officer John J. Castellano, whereas the signed bankruptcy declaration says John R. Castellano; this discrepancy is retained rather than silently treated as a different person. A lapsed LEI registration is not evidence that the company ceased to exist. ## Common equity, preferred interests and ownership layers - Analysis: At the May 2024 petition date, Steward Health Care Holdings LLC owned all of System. Non-debtors Steward Health Care Investors LLC and MPT Sycamore Opco LLC were disclosed as holding approximately 90.1% and 9.9% of Holdings respectively. The earlier 2020 financial statements instead describe Holdings’ 100 common units in System and MPT Sycamore’s 10.98779 preferred units. Those preferred units arose from $50 million and $100 million investments in 2016 and 2017. [s-d4] [s-d8] [s-d14] [s-d23] [s-d25] [s-d28] [s-d146] [s-d252] - Qualification: These are different dates, legal levels and classes of interest. The unit count must not be presented as an identical percentage of voting control. The 2024 declaration calls MPT’s interest passive and non-voting. Some subsidiaries had outside minority partners; a group relationship does not imply that every subsidiary was wholly owned. The 2024 Investors loan balance included interest, while its $363.3 million original principal was a separate measurement. ## The transfer to management control - Analysis: The retained 2025 complaint describes a May 2020 management buyout in which Cerberus funds exchanged their interests for a $350 million convertible note. It says RDLT-SHCI Manager LLC became manager of Investors and that de la Torre controlled that manager. A November 2022 securities filing independently traces voting and disposition authority through Santa Clara Holdings, RDLT-SHCI Manager and RDLT-SHCI Investor to Investors and Sparta. It reports de la Torre’s beneficial ownership of 18,066,223 CareMax shares, or 16.3%, at that filing date. [s-d14] [s-d20] [s-d28] [s-d148] [s-d152] - Qualification: The complaint’s allegations of improper control and bad-faith distributions are not judicial findings. Beneficial voting authority over CareMax securities is not a direct ownership percentage in every company in the chain. A separate January 2021 letter concerns Steward Health Care International Investors LLC; its similar name is not grounds to merge it with Steward Health Care Investors LLC. - Response: Cerberus says its note was an obligation of management and MPT affiliates, not the hospital operating company. De la Torre says the 2021 dividend was duly approved and partly offset his personal guarantee. ## Inactive registrations are not proof of dissolution - Analysis: The Florida search records list several Steward hospital and holding registrations as inactive, including Florida Holdings, FMC, HH, Health Care Network, Melbourne, NSMC, PGH, Rockledge, Sebastian River, CGH and Emergency Physicians. The detailed Florida Holdings record gives document M17000001741, Delaware formation, and revocation for failure to file an annual report on 25 September 2026. [s-d136] [s-d137] [s-d176] [s-d178] [s-d179] - Qualification: Inactive foreign-registration status in Florida is not proof that the Delaware company was dissolved, that a successor hospital ceased operating, or that every subsidiary shared the same revocation date. ## Sources - [s-d4] Company statement source · s-d4 - [s-d10] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d21] Corporate registry source · s-d21 - [s-d40] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d41] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d42] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d44] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d55] Other source · s-d55 - [s-d8] Company statement concerning Steward or the identified proceeding, U.S. Securities and Exchange Commission - [s-d14] Company statement source · s-d14 - [s-d23] Company statement source · s-d23 - [s-d25] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d28] Company statement source · s-d28 - [s-d146] Media source · s-d146 - [s-d252] Company statement concerning Steward or the identified proceeding, Commonwealth of Massachusetts - [s-d20] Company statement concerning Steward or the identified proceeding, U.S. Securities and Exchange Commission - [s-d148] Media source · s-d148 - [s-d152] Media source · s-d152 - [s-d136] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d137] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d176] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d178] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations - [s-d179] Corporate registry concerning Steward or the identified proceeding, Florida Division of Corporations