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  "documentTitle": "Digital World Acquisition Corp (DWAC)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-01 00:00:00",
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      "text": "The many distinct but overlapping positions that Orlando holds at DWAC, BCAC and related investment groups are a pivotal factor in assessing the regulatory risk surrounding the circumstances of the proposed DWAC-TMTG merger.",
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      "text": "In addition to serving as the Chairman and CEO of the two SPACs discussed above, Orlando is also the CEO of an entity named Benessere Capital LLC; the director and/or \"Special Advisor\" to at least three other blank check companies; and the managing member of Benessere Investment Group LLC, a company which focuses on creating and managing SPACs, including both BCAC and DWAC.",
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      "text": "Orlando is also Chairman and CEO of another SPAC, Benessere Capital Acquisition Corp. (BCAC). ARC Global Investments, LLC, again with Orlando acting as its Managing Member, acts as BCAC's Sponsor in all respects.",
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      "text": "Orlando is the Chairman and CEO of DWAC. Orlando also serves as Managing Member of DWAC's Sponsor, ARC Global Investments II, LLC.",
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      "text": "At the center of the \"robust mélange of dubious entities\" involved in the DWAC-TMTG proposed merger is Patrick Orlando. Among multiple job titles:",
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      "text": "The many distinct but overlapping positions that Orlando holds at DWAC, BCAC and related investment groups are a pivotal factor in assessing the regulatory risk surrounding the circumstances of the proposed DWAC-TMTG merger (See: Appendix I for a diagram of Orlando related entities).",
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      "text": "ARC Capital was a Chinese investment bank and financial services firm founded in 2015 by CEO Abraham Cinta, a Mexican national, with help from colleagues and current ARC Managing Partners, Carlos Lopez and Jesus Emilio Hoyos Quintero. In 2015 and 2016, ARC Capital tried to orchestrate IPOs in the U.S. for at least three companies. Cinta's approach to bringing companies public in the U.S. is captured in a Washington Post interview. According to former ARC employees, \"Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public.\" It was therefore likely to ARC's dismay that the SEC concluded that the three companies egregiously lacked even basic indicia of credibility or legitimacy, and in 2017, the agency obtained stop orders suspending their registration statements; in short, the SEC killed the three companies.",
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      "text": "ARC Group-related entities are sponsors for both DWAC and BCAC. That is not mere coincidence. ARC-related individuals and entities pervade a variety of facets of the relevant blank check companies, their management, their financial advisor, their sponsor, the merger transaction, the underwriter, and so on. Reliable information about ARC and its affiliates is not easily located; however, piecing together bits of information from sometimes obscure sources (as the SEC is in its ongoing investigation) reveals a fairly clear picture of a multi-tentacled entity with elements of control over the companies and transactions involved with DWAC.",
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      "text": "Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public. — Washington Post interview",
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      "text": "Key Players in the Proposed DWAC-TMTG Merger",
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