LTACH hospitals are dead in the water. They have been for years. CMS shut down the growth in this sector long ago. This company has very little growth prospects. Goldman asked favors from many of their institutional clients to get this deal done and then shoved the rest down the throats of the retail accounts. For some reason this deal had to get done now, and Welsh Carson took any valuation it could get. Be very careful of this one. The underwriters have struggled to keep this one above issue price, and it looks like it may soon crack.