{
  "docId": "019dd923-622c-750b-8b96-66207923d83d",
  "docSlug": "e203d40c628e",
  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-03-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 14,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses forensic linguistic analysis to interpret corporate press releases as defensive posturing rather than substantive rebuttal.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "numbered_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-66207923d83d/11",
  "deckHref": "/decks/019dd923-622c-750b-8b96-66207923d83d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-66207923d83d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-66207923d83d#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The purpose behind attacking behavior is to impeach the credibility of the accuser in the eyes of the public.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8d-1ddf4ef83662",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.81
      },
      "kind": "list",
      "text": "1. Casino Group has solid business dynamics, with its performance driven in particular by the accelerating recovery of its French operations\n2. Commercial Real Estate development and monetization is a structural, value-creating component of Casino Group’s operations\n3. Casino Group’s deleveraging plan is entirely consistent with its long-term strategy",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3d83396-d260-4fc5-a256-d30071200801",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "knowledge of what degree those projects contributed in 2015, it is hard for me to ascertain the significance of these statements. The extent to which he stresses this point, however, given the backdrop of the Muddy Waters papers, indicates his desire to convince the market that improvement in earnings will not be correlated to real estate generated monies. Yet, at the same time, his use of the word “higher” suggests that whatever “contribution” has been made in 2015 will continue. This appears to me to be more convince than convey, and is for that reason likely an indicator of deception.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fef1093-06d3-4424-b981-498a590c1b04",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.47
      },
      "kind": "paragraph",
      "text": "This short response contains multiple examples of Attacking Behavior (1). The purpose behind attacking behavior is to impeach the credibility of the accuser in the eyes of the public. The expeditious involvement of the authorities, while not deceptive in itself, is a form of saber-rattling and posturing designed to exude confidence and ward off the accuser.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2e22068-7e44-4c4e-8772-a1a63e066179",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.74
      },
      "kind": "paragraph",
      "text": "This paragraph contains Attacking Behavior (1) designed to incriminate MWR’s motives. Bringing ones motives into question is a form of impeachment designed to erode the credibility of the source, therefore undercutting the reliability of the accusations. The following constitutes Casino’s “response” to MWC’s report of December 16, 2015. .",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fadc3e5c-dc47-457e-befb-085d6b315f4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.3
      },
      "kind": "quote",
      "text": "“Casino has become aware, through a press agency wire, of a report issued by Muddy Waters Capital on December 16, 2015, with the obvious intent to harm Casino, its employees and its shareholders. This accusatory report contains grossly erroneous allegations that the Group will answer in detail. In light of this dissemination of misleading information, Casino Group has filed a claim with the Autorité des Marchés Financiers and reserves the possibility to exercise its rights before national courts, including criminal courts.”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3724d2f3-f9d8-4dcb-8f1a-b660482d95af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.78,
        "x": 0.11,
        "y": 0.63
      },
      "kind": "quote",
      "text": "“Muddy Waters Capital’s report contains a number of false and misleading allegations, intended to negatively impact the trading prices of Casino’s stock and debt, for the benefit of the report’s author who, in his own words, should be assumed to have “a short position in all stocks (...) and bonds covered [in the report], and therefore stands to realize significant gains in the event that the price of either declines.”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94da2c2f-0604-4a4f-b43d-3bef5fecd9dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Casino has become aware, through a press agency wire, of a report issued by Muddy Waters Capital on December 16, 2015, with the obvious intent to harm Casino, its employees and its shareholders. This accusatory report contains grossly erroneous allegations that the Group will answer in detail.\" — Casino Group; \"Muddy Waters Capital’s report contains a number of false and misleading allegations, intended to negatively impact the trading prices of Casino’s stock and debt, for the benefit of the report’s author who, in his own words, should be assumed to have “a short position in all stocks (...) and bonds covered [in the report], and therefore stands to realize significant gains in the event that the price of either declines.”\" — Casino Group",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8d-234567a217a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.25
      },
      "kind": "title",
      "text": "Reaction of Casino Group to the report of Muddy Waters, December 16, 2015",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11596a8c-f3cf-448f-9fcc-11b34b727918",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.58
      },
      "kind": "title",
      "text": "Casino Group affirms the strength of its business model, strategic plans and financial structure, December 21, 2015",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "569e849e-3ff0-4ad8-8ee1-dd99a23fec5a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a0083549-4774-41f8-9d58-15a4b36f2386",
      "evidence": "Analysis of corporate responses to short-seller reports as indicators of deception.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 11,
      "beatId": "07b320f8-cde5-43e4-b339-4afe8fd431ef",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and summary of findings",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "310a99e5-fe49-45ac-b2b2-bb08c4f953e0",
      "evidence": "Implications of governance problems and aggressive accounting",
      "position": 1,
      "objective": "Highlight consequences of ignoring these issues",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}