{
  "docId": "019dd923-622c-750b-8b97-7ded5e578fea",
  "docSlug": "631c22c05486",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 22,
  "pageCount": 35,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses investigative narrative to highlight potential self-dealing or financial obfuscation.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-7ded5e578fea/22",
  "deckHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Perhaps to obscure the transaction, CPI PG misleadingly reported a nominal purchase price of €1 for Pietroni.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7a7-46c482a11244",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "paragraph",
      "text": "CPI PG purchased the home after Vitek was unsuccessful in selling it.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4439cb93-effd-4c2d-ae48-a87c6769ddf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Perhaps to obscure the transaction, CPI PG misleadingly reported a nominal purchase price of €1 for Pietroni. At the time of transfer, Les Mas du Figuier (the entity) was owned by Pietroni. Pietroni owned two other assets: A problematic entity called SCP Reflets (Monaco), discussed infra; 67 million shares of CPI PG, which is also problematic and discussed infra",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7aafad62-6b58-4ea1-bc93-358417c9af12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "CPI PG bought Vitek's splendid St. Tropez vacation villa from him in 2019 through the Pietroni acquisition. The estate, named Villa Mas du Figuier, fittingly is owned by an entity called Les Mas du Figuier SAS (France). When CPI PG bought the vacation villa from him, CPI PG paid Vitek €10.1 million cash and seemingly assumed tens of millions of Euro of debt on the property. (It's unclear the exact amount of debt outstanding at the time because Vitek, as he frequently does, bundled the home with other entities and assets.)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cddf5af-e243-4a20-b0d7-f1f82ad85521",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "The home is now available for rent for ~€150,000 per week. (We are unsure whether bondholders would get a discount.) A well-placed source said the owner's children occasionally still use the home. We assume that refers to Vitek's children.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f563e7b-2e9d-4723-b0c6-e7f1ad817856",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1 CPI FIM 2022 Management Report, Pg. 23; 2 CPI PG Annual Management Report 2019, Pg. 138; 3 CPI FIM SA 2019 Financials, Pg. 23, Note 3.2...; 4 Web archive link; 5 CPI PG Annual Management Report 2019, Pg. 117.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "176da540-afd0-497d-96ee-d97e54a9b69c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Pietroni - A Unique \"Cash Out Refi\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "002ba0f7-2e4f-45f9-979d-50073e712d35",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 35,
      "from": 21,
      "beatId": "267dc7f5-468a-40fb-8a8b-ffb6144f5222",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The conclusion and call to action, highlighting the implications of the findings for investors and regulators.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}