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  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "The slide highlights specific red-boxed areas showing the disparity between voting power and economic interest.",
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      "text": "CVNA FY 2017 10-K",
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      "text": "We are concerned that insiders – the Garcias in particular – designed this structure to benefit themselves over public shareholders.",
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      "text": "A bizarrely complex organizational structure gives Earnest Garcia II significant economic and voting control over Carvana. Meanwhile, the public float (fully diluted for all share classes) is limited by Garcia's 70% stake, together with the large stakes of other sizable early investors. We are concerned that insiders – the Garcias in particular – designed this structure to benefit themselves over public shareholders.",
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      "text": "Convoluted Shareholder Structure Favoring Insiders",
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