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  "documentTitle": "Vivion Investments S.à.r.l.",
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      "text": "In our view, it is fair to conclude that this chain of events a) is unnecessarily complex for an above-board transaction, and b) creates ample opportunity for wrongdoing.",
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      "text": "At an unknown date between October 11, 2019 and January 23, 2020, Ionview was transferred back to the Vivion structure, becoming a subsidiary of an entity called Sycueta Ltd.",
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      "text": "One fair question to ask, of course, is “WTF?” Another fair question to ask is when these machinations were contrived. Rent24 announced in February 2019 that it would lease 9,500 sqm of space in Fürst.",
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      "text": "At the end of 2019, the balance sheet for the PropCo showed tangible fixed assets valued at €198.0 million.",
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      "text": "The machinations involving the changing ownership of holding companies for the Fürst project are so extreme that we – even with our ample experience with financial fuckery – have no theories as to why these moves were made.",
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      "text": "On June 11, 2019, Ionview was transferred into the Vivion structure, being owned by an entity called Ortanio Ltd. However, Ortanio was then transferred outside the Vivion structure to an entity called Folifof Ltd.",
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      "text": "Vivion held 89.9% of Fürst through an intermediate holding company called Ionview Holdings S.a.r.l. Ionview acquired its interests in Fürst in October 2019. Ionview was formed in September 2018.",
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      "text": "On October 9th and 10th, 2019, while Ionview was within Holdings, it acquired 89.9% of Fürst. The acquisition was structured as 50% direct ownership and 100% ownership of an intermediate holding company.",
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      "text": "Shortly after Ionview was formed, in October 2018, Ionview was transferred to a seemingly Dayan-controlled entity that was outside of the (future) Vivion structure. That entity was called Trederox Ltd.",
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      "text": "One fair question to ask, of course, is “WTF?” — Muddy Waters",
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      "kind": "source-note",
      "text": "79 H1 2020 Report to Note Holders, p. 16. 80 Trederox was initially owned by Goodforito / Mpizanor... 81 https://www.rent24.com/press-center/press-releases/rent24-opens-berlin-city-west/",
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      "text": "€200 Million+ Fürst Project Subject to Extreme Shell Game",
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