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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "presentationDate": "2023-02-14 00:00:00",
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  "notes": "The slide highlights a potential regulatory evasion strategy involving 'handshake deals' to keep ownership stakes below the 10% reporting threshold.",
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      "text": "Mr. Asher’s control over DJ Fund Investments, LLC through what we would characterize as a handshake deal is very unusual.",
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      "text": "Bloomberg terminal shareholder data",
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      "text": "In our opinion, RILY would have already cut its dividend if it was not for Bryant Riley’s ownership of 20% of the stock. But he is not the only major player at RILY, one of the biggest players at RILY appears to be a mysterious man named Dan Asher.",
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      "text": "Mr. Asher’s control over DJ Fund Investments, LLC through what we would characterize as a handshake deal is very unusual. Our analysis, in which we searched all EDGAR 13D filings over the last ten years for a combination of “informal” and “unwritten” resulted in no similar cases.",
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      "text": "holds shared investment and voting power over the [shares], pursuant to an informal, unwritten agreement — DJ Fund Investments LLC.",
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      "text": "Footnotes 3-6 referencing SEC filings",
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      "kind": "title",
      "text": "Who is Daniel Asher?",
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