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  "docSlug": "35bed12ed7ef",
  "documentTitle": "Ritchie Bros. Auctioneers (RBA)",
  "authorId": "21_Ancora",
  "authorName": "Ancora",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-02-08 00:00:00",
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  "pageNumber": 23,
  "pageCount": 30,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 14,
  "notes": "The slide uses a combination of a data table and a dual-axis line chart to show the correlation between Luxor's increasing RBA stake and their increasing short position in IAA.",
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      "kind": "callout",
      "text": "Based on the data below, since the deal was first announced on November 7, 2022, we suspect that Luxor and its affiliates, may have been, or may be currently short IAA to benefit from IAA's shares declining upon a failed merger.",
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      "kind": "chart",
      "text": "Line chart showing Luxor Shares and IAA Shares Short over time",
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      "kind": "metric",
      "text": "IAA Shares Short: 60.1%",
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      "kind": "paragraph",
      "text": "We question whether Luxor has chosen to fight the merger because it wants to profit off of a short position in IAA - not protect Ritchie Bros.",
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      "kind": "paragraph",
      "text": "As this was occurring, short interest in IAA was increasing in parallel.",
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      "kind": "paragraph",
      "text": "Based on the data below, since the deal was first announced on November 7, 2022, we suspect that Luxor and its affiliates, may have been, or may be currently short IAA to benefit from IAA's shares declining upon a failed merger.",
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      "kind": "paragraph",
      "text": "After Luxor claimed to be concerned about the merger permanently impairing the value of its investment, the firm took the seemingly counterintuitive step of more than doubling its Ritchie Bros. equity position.",
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      "kind": "source-note",
      "text": "Source: Company filings, CapIQ",
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      "kind": "table",
      "text": "Luxor's Ritchie Bros. Shareholdings vs. IAA Shares Shorted (in millions)",
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      "kind": "title",
      "text": "Luxor's Stated Focus On The \"Best Interest of RBA Shareholders\" Seems Insincere",
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      "name": "Cost Of Inaction",
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