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  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
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  "notes": "This is a page from a shareholder letter, likely an activist investor report, focusing on governance and accounting transparency.",
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      "text": "Given that the Fitch Group’s chairman has sat on Casino’s board since 2003, and that Mr. Naouri is on the board of the controlling shareholder of Fitch, how is it appropriate that Fitch rates Casino?",
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      "kind": "paragraph",
      "text": "9. If the store leases with fewer than 2.5 years remaining were not renewed, by how much would proportional EBITDA decrease? We stated that S&P's operating lease adjustment methodology greatly understated the proportional debt...",
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      "text": "10. Given that the Fitch Group's chairman has sat on Casino's board since 2003, and that Mr. Naouri is on the board of the controlling shareholder of Fitch, how is it appropriate that Fitch rates Casino?",
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      "text": "We continue to hold a 20% stake in this very successful business and to play a significant role in its governance. — The Fimalac Group 2014 AR, p. 5",
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