{
  "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": 12,
  "pageCount": 14,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide critiques specific corporate communication patterns, labeling them as 'Failure to Answer', 'Non-Specific Denial', and 'Convincing Statements'.",
  "elementsJson": [
    "paragraph",
    "numbered_list",
    "quote_block"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-66207923d83d/12",
  "deckHref": "/decks/019dd923-622c-750b-8b96-66207923d83d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-66207923d83d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-66207923d83d#slide-12",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "These highly generalized responses also constitute a Non-Specific Denial (2) and Convincing Statements (3). The reader is to assume that these eight points are declarations of innocence, but in fact do not contain any direct denial of any wrongdoing.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8c-f2dcca6330be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "4. Casino's liquidity is strong and comfortably covers all its upcoming debt repayments beyond 2017...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32ce687c-e420-4f48-a95e-9efdeb7071af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.1,
        "y": 0.76
      },
      "kind": "paragraph",
      "text": "\"Lastly and before I move to your questions, I would like to mention that a list of questions concerning Casino has been brought to our knowledge yesterday...\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e3f9124-126c-4341-b2f2-b1e073fb7b1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "As a group these items share a few noteworthy characteristics. First, they are an extremely broad and wide response to very specific allegations...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "607747dc-e7f7-4213-8989-70ef601eabc2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "Casino Guichard-Perrachon SA Corporate Sales Call, Q4 2015. Date: January 14, 2016/7:30am GMT",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d625481d-6342-48c7-aa49-13e25d965ff9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Lastly and before I move to your questions, I would like to mention that a list of questions concerning Casino has been brought to our knowledge yesterday. Most of them are a reiteration of subjects raised in December, to which we already answered. We note that the real concern in yesterday's letter is whether there is a true recovery in our French retail operations. As illustrated by the trading we've just published for Q4, 2015, we are very confident that it has taken place and that our commercial strategies will continue to deliver strong results in 2016.” — Giscard d'Estaing",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8c-f5f74aace1bd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "2f38532a-1b30-45d8-a623-254ab724a789",
      "evidence": "The slide explicitly identifies and categorizes deceptive communication behaviors used by the company to deflect allegations.",
      "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
}