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      "text": "The crux of our short thesis has been that Vivion’s property valuations (and financials) are untrustworthy.",
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      "text": "valuation: €72.9 million",
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      "text": "A judge in the high court has ordered the Home Office to move a torture and trafficking victim out of a “prison-like” hotel surrounded by an 8ft wall.",
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      "text": "With respect to this property, Vivion might respond that the €94.6 million valuation for its Crowne Plaza Heathrow, Stockley Road was performed by the ever-reputable Savills. However, a CBRE valuation released in Q3 2022 shows that hotel valued at only €72.9 million.",
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      "text": "What’s our point here? The crux of our short thesis has been that Vivion’s property valuations (and financials) are untrustworthy. This hotel misrepresentation is just one of many reasons why we see Vivion bondholders taking haircuts.",
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      "text": "The Crowne Plaza hotel 'fails to meet the client's recovery needs', said his lawyer. Photograph: Chris J Ratcliffe/Getty Images",
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      "text": "4 The valuation was performed in GBP (£62.6 million), which we convert to Euro at 1.16:1. 5 https://www.cbre.co.uk/-/media/project/cbre/dotcom/ceuk/united-kingdom-emerald/home/services/invest-finance-and-value/loan-services/investor-reporting/ribbon-finance-2018-plc/quaterly-reports/q3-2022-v2.pdf 6 See appendix",
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      "text": "High court judge says Crowne Plaza near Heathrow airport is not suitable for trafficked asylum seeker",
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