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  "documentTitle": "Monolithic Power Systems (MPWR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-10-09 00:00:00",
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  "notes": "The slide uses a combination of narrative text, a direct quote from a 10-Q filing, and a news excerpt to build a case of potential financial impropriety.",
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      "text": "\"For the three months ended March 31, 2019, we repatriated $75 million of cash from our Bermuda subsidiary to the U.S. The proceeds are primarily used to fund our cash dividend payments and real estate purchases.\"",
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      "text": "Spruce Point believe it’s an enormous red flag to see Monolithic purchase an even larger 75,000 sqft commercial real estate property for a 35% premium just nine months after a commercial investor purchased the property, and made no improvements.",
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      "text": "Lake Washington Park Building",
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      "text": "Spruce Point believe it's an enormous red flag to see Monolithic purchase an even larger 75,000 sqft commercial real estate property for a 35% premium just nine months after a commercial investor purchased the property, and made no improvements. According to a local broker, Monolithic intends to occupy only a \"small portion\" of the building. In addition, the source of the funds is Bermuda, a notorious haven for murky financial dealings. While it is clear that Microsoft is a material customer to Monolithic, there is some potential business motivation behind the transaction, including tax incentives to the executives for working in a state with no state tax. That being said, the large premium being paid begs the question if an ulterior motive is at work here.",
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      "kind": "paragraph",
      "text": "\"Clarion Partners was in the right place at the right time last fall when it paid $39.25 million for a four-story office building on Lake Washington in Kirkland. Public records show the New York City-headquartered investment manager on Monday sold the 75,000-square-foot for $53 million to Monolithic Power Systems Inc., a global tech company whose Seattle regional office is a mile south of its newly acquired asset, the tiered Lake Washington Park Building at 5808 Lake Washington Blvd. NE. The building increased in value 35 percent in just nine months even though Clarion did not upgrade the property. The building was fully leased when Clarion bought it with leases set to expire. Supposedly, (Monolithic) will occupy small portion of the building,\" the broker said.\"",
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      "text": "\"For the three months ended March 31, 2019, we repatriated $75 million of cash from our Bermuda subsidiary to the U.S. The proceeds are primarily used to fund our cash dividend payments and real estate purchases.\" — MPWR Disclosure 10-Q May 2019",
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      "text": "Source: Puget Sound Journal – March 2019",
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      "kind": "title",
      "text": "\"Insane\" Real Estate Purchase",
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