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  "notes": "The slide uses a direct quote from Millennium S.r.l. financial statements to support the thesis.",
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      "text": "CPI Italy 130 SPV acquired the loan receivable for each entity. Each Collina Muratella entity's financials report the acquisition of the loan receivables by CPI Italy 130 SPV, which occurred prior to the acquisition of the holdcos' equity by CPI PG.",
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      "text": "CPI Italy 130 SPV acquired the loan receivable for each entity. Each Collina Muratella entity's financials report the acquisition of the loan receivables by CPI Italy 130 SPV, which occurred prior to the acquisition of the holdcos' equity by CPI PG. These disclosures are substantially similar to one another. The disclosure below is from Millennium S.r.l. (Google translation, emphasis added):",
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      "text": "\"As at 31 December 2019, the Company had an overdue debt towards the banks... On 29 December 2020, this debt... was purchased without recourse by CPI Italy 130 SPV Srl...\"",
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      "text": "\"As at 31 December 2019, the Company had an overdue debt towards the banks BNP Paribas SA, Banca IFIS SpA, Unione di Banche Italiane SpA, AMCO – Asset Management Company SpA, Banca Monte dei Paschi di Siena SpA and Banca Carige SpA for an amount equal to Euro 22,196. On 29 December 2020, this debt, within the broader process of acquiring the shares of the Companies by the CPI group, was purchased without recourse by CPI Italy 130 SPV Srl, a vehicle controlled by the parent company CPI PG, and, therefore, it was reclassified among “Payables to companies subject to the control of the parent companies.” The formalization of the debt renegotiation beyond the 2022 financial year is underway.\" — Millennium S.r.l. Financial Statements 2021",
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      "text": "1 Millenium SRL Financial Statements 2021, Pg. 5.",
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      "text": "Collina Muratella Entities' Disclosures Agree that CPI Italy 130 SPV Bought the Loan Receivables",
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