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  "docId": "019dd923-622c-750b-8b97-7ded5e578fea",
  "docSlug": "631c22c05486",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 11,
  "pageCount": 35,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a rhetorical question to imply potential hidden assets or misallocation of debt.",
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  "components": [
    {
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      "kind": "callout",
      "text": "Does Vitek (or a proxy) hold these missing loan receivables?",
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      "kind": "metric",
      "text": "loan payables: €104.1M",
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      "kind": "paragraph",
      "text": "The Collina Muratella subsidiary filings show that as of December 31, 2021 and 2022, the entities still owed over €100 million in loan payables, which is significantly greater than the €25.8 million GBV receivables that CPI Italy 130 SPV owns.",
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      "kind": "paragraph",
      "text": "CPI Italy 130 SPV's business purpose is securitization. Does Vitek (or a proxy) hold these missing loan receivables?",
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      "kind": "source-note",
      "text": "1 Payables to companies subject to the control of parent companies, \"I Debiti verso imprese sottoposte al controllo delle controllanti\"",
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      "kind": "table",
      "text": "Collina Muratella Property Holding Companies Debt Transfer to CPI Italy 130 SPV",
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      "kind": "title",
      "text": "To Whom do the Collina Muratella Entities Owe the Additional €78.6 Million?",
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      "arcSlug": "overcoming-monster",
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      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The presentation of evidence supporting the concerns about CPI Property Group S.A.'s financial transactions and governance.",
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      "confidence": 0.8,
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      "objective": "What happened to the other ~€20 Million?",
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