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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2023-02-14 00:00:00",
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  "notes": "Includes a table of RILY's identifiable loans with risk metrics; highlights specific companies in red/yellow text.",
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      "text": "We think this is a textbook case of how unscrupulous actors like RILY can exploit retail investors.",
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      "text": "1-Yr Default Risk (BBG): $527,210,753",
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      "kind": "paragraph",
      "text": "Insiders Are Not Likely to Make Dividend Cuts Until the Music Stops",
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      "kind": "paragraph",
      "text": "Sorrento Therapeutics (SRNE) filed for chapter 11 bankruptcy on Monday, February 13. On September 30, 2022, SRNE took out a $41 million bridge loan, due January 31, 2023.",
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      "kind": "paragraph",
      "text": "That dubious honor is held by Exela Technologies (XELA) which owes RILY $75 million. XELA has until next week to make up for a late interest payment on January 19th.",
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      "kind": "source-note",
      "text": "2 XELA, 424B5, S-2, 5/23/2022",
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      "text": "Table 1 - RILY Identifiable Loans Outstanding",
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      "kind": "title",
      "text": "One of RILY’s Borrowers, Sorrento Therapeutics, Surprises Investors with a Bankruptcy Announcement",
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      "position": 0,
      "objective": "To build a logical chain of evidence suggesting RILY's breach of covenant",
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