Tenet stock fell a little today (fresh from rallying after I’d sold it!) on news that it agreed to a $30.75M settlement for its conduct in Florida seven years ago and some nursing homes shenanigans nationwide. Tenet had put aside somewhere in the range of $50m for this settlement and others, but doesn’t have that much cash left (around $425m) and appears to be burning cash faster than it’s making it. The key question remains, what is the amount that it will have to pay off to settle the rest of its fines? That may be the difference between survival and bankruptcy.