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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "Uses a Jim Chanos quote to frame the company as a potential Ponzi-like scheme dependent on continuous capital raising.",
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      "text": "XPO has bridged the gap between $6.1bn of acquisition costs and $5bn of capital raising with $817m of asset sales, and $364m of factoring receivables through XPO Logistics Europe created in Oct 2017.",
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      "text": "Total Debt Flows: $1,719.8",
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      "text": "Classic corporate financial schemes that collapsed were exposed for their dependency on external financing and an inability to generate sustained cash flow. Not surprisingly, we find that XPO is a capital raising machine...",
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      "text": "\"A lot of frauds are in effect Ponzi schemes. And so when they can't raise more and more capital, they collapse\" -- Jim Chanos, II Magazine, Sept 2018",
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      "text": "\"A lot of frauds are in effect Ponzi schemes. And so when they can't raise more and more capital, they collapse\" — Jim Chanos, II Magazine, Sept 2018",
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      "text": "Source: SEC Filings",
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      "text": "XPO Entirely Dependent On External Financing table showing debt and equity flows from 2012-2018",
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      "text": "XPO Collapses Absent Capital Support",
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