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  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-03-08 00:00:00",
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  "notes": "Includes references to Haaretz reporting and a credibility analysis conducted by a former CIA polygrapher.",
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      "text": "The factors leading to the failure of Israel's second largest supermarket chain, Mega, have striking parallels to Casino's current circumstances.",
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      "kind": "list",
      "text": "Unsustainable Debt; Unsustainable Dividends; Handcuffed by Real Estate Spinoff; Overvalued Real Estate Assets",
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      "kind": "paragraph",
      "text": "Investors should juxtapose this apparent behavior against management's insistence that there was a recovery in France retail in H2 2015. We're not sure a company completely comfortable with its liquidity would stretch its payables to this extent.",
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      "kind": "paragraph",
      "text": "We engaged a firm to do a credibility analysis of four of Casino's public communications... The following analysis, prepared by a former Central Intelligence Agency polygrapher, indicates deception in several key areas...",
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      "kind": "paragraph",
      "text": "The factors leading to the failure of Israel's second largest supermarket chain, Mega, have striking parallels to Casino's current circumstances. David Weissman, former CEO of Alon Holdings... sought to create a retail business empire...",
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      "kind": "paragraph",
      "text": "At the end, Mega found itself with a negative net worth, was forced to strike a debt agreement with its creditors, had to close 20% of its stores, lay off 1,000 employees and provide a third of Mega's equity to its remaining employees.",
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      "text": "“The Man Behind the Mess at Israel’s Mega Supermarkets,” Haaretz, 8 July 2015 — Haaretz",
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      "kind": "source-note",
      "text": "10 “The Man Behind the Mess at Israel’s Mega Supermarkets,” Haaretz, 8 July 2015; 11 For readers interested in learning more about this type of analysis, we recommend the books Spy the Lie...",
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      "text": "Mega: an Analog to Casino",
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