Interesting breakdown.

Facts about the world can be good or bad. It is good, for instance, when people are happy and healthy, and bad when they are not.

My interpretation is that facts about the world are interpreted as good or bad by a brain capable of feeling pain, the usual indicator that a world-state is 'bad', and pleasure, the indicator that it is 'good'. Outside of the subjective, there are facts but not values. In the subjective, there are values of good and bad.

If I understand correctly what you're saying, it's that a fact having positive or negative value assigned to it by a brain (i.e. Alice falling and hitting her head) does not necessarily imply that this fact has a moral flavour attached to it by the same brain. It's not wrong that Alice fell, it's just bad...but it is wrong that Carol hit Fred. Am I reading your argument correctly?