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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-01-25 00:00:00",
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  "notes": "Uses forensic accounting to question the integrity of reported transaction figures.",
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      "text": "We question whether this discrepancy indicates a cash hole in CPI PG's accounts?",
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      "text": "The three Collina Muratella entities still show loan payables of €104.1 million as of December 31, 2022, indicating that CPI PG expects to pay loan principal and accrued interest to somebody.",
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      "text": "CPI Italy 130 SPV's accounts show that it bought only €25.3 million gross book value loan receivables. It was supposed to have bought gross book value loan receivables totaling €103.9 million.",
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      "text": "CPI Italy 130 SPV's accounts show that it only paid €8.54 million. It was supposed to have paid €28.5 million. We question whether this discrepancy indicates a cash hole in CPI PG's accounts?",
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      "text": "In a series of transactions in 2021, CPI PG reported buying a landbank complex (\"Collina Muratella\") for €35.3 million. The purported consideration included CPI PG paying €28.5 million to purchase bank loan receivables due from the Collina Muratella holding companies totaling €103.9 million.",
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      "text": "CPI Italy 130 SPV’s “exclusive purpose is to carry out one or more credit securitization operations… including disbursement of loans, converting receivables into shares, and other security and equity instruments.” — CPI Italy 130 SPV Financial Statements 2021, Pg. 5",
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      "kind": "source-note",
      "text": "1-4: Citations from CPI PG Annual Management Report 2021, CPI Italy 130 SPV Financial Statements 2021/2022, and Millenium S.r.l. financial statements.",
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      "kind": "title",
      "text": "Collina Muratella Overview",
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