New Tests for Tenet

"We believe ... that as more details become available about events at Memorial, the nation will again be reminded of the Terri Schiavo tragedy," the group stated on its Web site last month. "That case centered on a single instance of so-called 'mercy killing.' At Memorial, there may be more than a dozen."

San Diego Saga

In the meantime, Tenet continues its long wait for a verdict in a high-stakes case in San Diego.

After hearing months of testimony from both sides, the jury has spent weeks trying to reach decisions on multiple charges against a Tenet subsidiary, Tenet's Alvarado Hospital Medical Center and former Alvarado CEO Barry Weinbaum. All three parties were allegedly involved in a kickback scheme that rewarded physicians for patient referrals. An unfavorable verdict could bar Alvarado from doing business with Medicare -- an essential deathblow -- and send the former hospital executive to jail.

The same case ended in a mistrial last time around. But lengthy deliberations -- and even reports of juror misconduct -- have yet to derail this case. The judge this week simply replaced a juror, who reportedly discussed the case on a subway, with an alternate and told the group to start deliberating again.

Tenet said it respects the judge's decision but declined to comment any further. Meanwhile, Prudential analyst David Shove has chosen to look on the bright side.

"We highly doubt that the new juror can dramatically change the Alvarado jury's mindset," said Shove, who has a neutral-weight rating on Tenet's shares. "Pretty soon, Judge (James) Lorenz could concede the Alvarado jury's befuddled status. Should this occur, Tenet would receive a significant legal victory in its ongoing litigation."

But Caymus Partners analyst Jeff Villwock, who conducts research on behalf of the Tenet Shareholder Committee, sees no evidence of another mistrial yet.