{
  "docId": "019dd923-622c-750b-8b97-7ded5e578fea",
  "docSlug": "631c22c05486",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-25 00:00:00",
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  "pageNumber": 10,
  "pageCount": 35,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a simple table to demonstrate a financial gap, framing it as a 'cash hole' in the company's accounts.",
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      "kind": "callout",
      "text": "Given the pattern of behavior we detail throughout, it seems possible—if not probable—that this discrepancy signals a cash hole in CPI PG’s 2021 accounts.",
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      "text": "unexplained cash discrepancy: €20.0 million",
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      "kind": "paragraph",
      "text": "The payments for the Collina Muratella debt acquisition display a ~€20.0 million discrepancy.",
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      "text": "Given the pattern of behavior we detail throughout, it seems possible—if not probable—that this discrepancy signals a cash hole in CPI PG’s 2021 accounts.",
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      "kind": "table",
      "text": "CPI Italy 130 SPV Purchase Price for Collina Muratella Loans vs. CPI PG Claimed Payment Consideration. CPI reported consideration paid: 28.5. CPI reported net cash outflow: 28.5. CPI 130 SPV reported consideration: 8.5. Difference: 20.0",
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      "kind": "title",
      "text": "If CPI Italy 130 SPV Only Paid €8.5 million, What Happened to the Other ~€20 Million?",
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      "evidence": "The presentation of evidence supporting the concerns about CPI Property Group S.A.'s financial transactions and governance.",
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      "objective": "What happened to the other ~€20 Million?",
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