{
  "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": 4,
  "pageCount": 39,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "table_of_contents",
  "function": "front_matter",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The document structure suggests a forensic accounting or short-seller research report.",
  "elementsJson": [
    "numbered_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/4",
  "deckHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.725,
        "w": 0.764,
        "x": 0.118,
        "y": 0.131
      },
      "kind": "list",
      "text": "Do the Shareholder Loans Really Exist? ... 4\nMissing Accounting Evidence for Purported Shareholder Loans ... 4\nMuch of the Purported Shareholder Loans Were Attached to Real Estate Acquired from the Controlling Shareholders, Indicating that Vivion's Asset Values Could be Significantly Overstated ... 8\nWe Estimate that Vivion's Controlling Shareholders Have Taken Shareholder Loan Repayments of at least €360.1 Million ... 8\nVivion Appears to Artificially Inflate its Germany Occupancy Rate, and Presumably its Rental Income Too ... 10\nOnline Research Indicates Significant Occupancy Rate Overstatements ... 11\nSite Visits Confirm Low Occupancy Rates ... 13\nrent24: Undisclosed Apparent Related Party that Materially Boosts the Occupancy Rate ... 17\nVivion Inflates its Asset Base through Fair Value Gains ... 23\nVivion Appears to Artificially Inflate the Values of its UK Hotels ... 24\nPlaying the Gains Game ... 25\nHallmark Portfolio Fair Value Gains ... 25\nRibbon Portfolio Fair Value Gains ... 27\nRelated Parties' Rents are Artificially High and Non-Economic ... 27\nHallmark Related Parties' Rent is Double the Properties' Prior NOI, Causing Substantial Losses ... 27\nRibbon Related Parties' Rent Equals the Properties' Prior NOI, Causing Substantial Losses ... 28\nHighly Concerning Property Transactions With Controlling Shareholders ... 28\nRWI4 Flip from Dayan Deliberately Shrouded in Secrecy ... 29\nSeeming Use of Vivion to Entice AroundTown to Acquire Dayan-Controlled TLG Immobilien ... 30\n€200 Million+ Fürst Project Subject to Extreme Shell Game ... 36\nAppendix ... 37\nHallmark Portfolio's Carrying Values by Property as of December 31, 2019 ... 37\nHallmark Portfolio Hotel 2019 Revenue and Operating Company P&L by Property ... 37\nRibbon Portfolio Hotel 2019 Revenue and Operating Company P&L by Property ... 38",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "615e33b6-ace4-499c-91db-7ab96bdb9bf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.021,
        "w": 0.185,
        "x": 0.118,
        "y": 0.096
      },
      "kind": "title",
      "text": "Table of Contents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8710f820-ac4f-422d-bf5d-44505364beb6",
      "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
}