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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide highlights potential misappropriation and conflicts of interest in property transactions.",
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      "text": "We have identified three major property transactions with parties related to Vivion's principal controlling shareholder Amir Dayan. While it is not clear that wrongdoing occurred in these transactions, the facts strongly suggest it did.",
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      "text": "An entity controlled by Amir Dayan sold a project company for a German office property, RW14, to Vivion in July 2018. A company controlled by Amir Dayan sold three relatively run-down Potsdamer Straße properties to a public company, Aroundtown SA. Vivion might have set the all-time record for shell movements around its acquisition and then disposal of an 89.9% interest in the Fürst project.",
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      "text": "Post-separation, as of 2019-2020 the new Hallmark OpCos' combined annual rent of £56.5 million exceeded its properties' 2018 NOI by 12.8%, and exceeded their 2019 pre-rent NOI by 59.6%. The 19 OpCos operating the Ribbon portfolio lost £9.6 million.",
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      "kind": "source-note",
      "text": "55 £9.6 million / £53.889 = 17.9% 56 https://www.bnnbloomberg.ca/aroundtown-agrees-to-buy-tlg-immobilien-in-3-4-billion-deal-1.1349892 57 See https://www.aroundtown.de/fileadmin/user_upload/04_investor_relations/TLGMerger/Aroundtown_Offer_Document_18_December_2019.PDF p. 46.",
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      "kind": "title",
      "text": "Highly Concerning Property Transactions With Controlling Shareholders",
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      "text": "Ribbon Related Parties' Rent Equals the Properties' Prior NOI, Causing Substantial Losses",
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