It’s important to understand how we got here. Hahnemann is a safety-net hospital, and safety-net hospitals don’t make much money. So why would an out-of-town investor who has never treated a patient buy it in the first place? Mr. Freedman’s bankruptcy filing offers a clue: As the nurses have pointed out, he appears to view Hahnemann as a real estate investment rather than as a hospital. By separating the health-care business from the real estate, Mr. Freedman has positioned himself to sell off the land for a fortune while allowing the hospital itself to wither away. He seems fine trading the lives of Hahnemann’s patients and the people who care for them for luxury condos or a hotel, so long as there’s a profit to collect along the way.