{
  "docId": "019dd923-622c-750b-8b97-5ab109c5e2f7",
  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 39,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "sparse",
  "nDataPoints": 1,
  "notes": "This is a short-seller research note page focusing on corporate governance and potential fraud.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/3",
  "deckHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Vivion has engaged in highly convoluted shell games whereby its controlling shareholders flip entities in and out of the Vivion structure, sometimes after absurdly short holding periods (e.g., 18 days in the case of the RWI4 transaction).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adbc-ae69885f0b75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.76,
        "x": 0.12,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Almost everything Vivion does utilizes seemingly unnecessarily complex structures and means. Vivion has engaged in highly convoluted shell games whereby its controlling shareholders flip entities in and out of the Vivion structure, sometimes after absurdly short holding periods (e.g., 18 days in the case of the RWI4 transaction). These transactions give rise to concerns about financial leakage.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4859662-4899-4c8e-9562-17c2967f9c91",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 4,
      "from": 1,
      "beatId": "3dac12c9-764a-490d-b332-9f916fab2ec6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Call",
      "beatSlug": "overcoming-monster-the-call",
      "evidence": "The document begins by critiquing Vivion's complex structures",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}