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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "Uses a direct excerpt from a financial report with red boxes highlighting the relevant transaction dates and amounts.",
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      "kind": "callout",
      "text": "On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027 (the \"Tranche 3 debentures\").",
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      "kind": "paragraph",
      "text": "We can see from the Fairfax Q2 2020 Interim report that Fairfax back to backed Atlas's all stock acquisition of APR Energy with Fairfax's $100m investment in unsecured debentures. At the time of the investment Fairfax had already invested close to $1.5 billion into Seaspan.",
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      "text": "(5) On February 27, 2020 Seaspan Corporation (\"Seaspan\") completed a reorganization pursuant to which Atlas Corp. (\"Atlas\"), a newly created holding company, became its parent. Shareholders of Seaspan, including the company, exchanged their Seaspan shares for Atlas shares with no change in ownership percentage. On February 28, 2020 Atlas acquired all issued and outstanding shares of APR Energy plc (\"APR Energy\") from the company and other APR Energy shareholders in an all-stock transaction at a deemed value of $405.8 (including certain Atlas shares reserved for holdback). Accordingly, the company derecognized its investment in APR Energy, recorded a pre-tax gain of $2.4, increased its equity accounted carrying value of Atlas by the fair value of the newly issued Atlas common shares received of $188.1 (which excludes the Atlas shares received by European Run-off of $48.6), and will continue to apply the equity method of accounting to its investment in Atlas. On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027 (the \"Tranche 3 debentures\").",
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      "kind": "quote",
      "text": "On February 28, 2020 Atlas acquired all issued and outstanding shares of APR Energy plc (\"APR Energy\") from the company and other APR Energy shareholders in an all-stock transaction at a deemed value of $405.8 (including certain Atlas shares reserved for holdback). — Apple Bidco Limited Financial Statements 2020",
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      "text": "1 Apple Bidco Limited Financial Statements 2020, Pg. 11.",
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      "kind": "title",
      "text": "Fairfax Sold APR Energy to Seaspan at the Same Time Fairfax Puts $100m More Into Seaspan",
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