{
  "docId": "019dd923-622c-750b-8b9a-55ccdd3343a8",
  "docSlug": "ec769c379ffd",
  "documentTitle": "B. Riley Financial, Inc. (RILY)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 11,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a narrative structure to link specific dates, stock purchases, and regulatory filings to imply coordinated action.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-55ccdd3343a8/5",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "callout",
      "text": "As the President of Oakmont and the 50% owner of Equitec, Mr. Asher may be deemed to beneficially own the (i) 1,298,032 shares of Common Stock owned by Sphinx and (ii) 1,358,418 shares of Common Stock owned by Equitec. Percentage: Approximately 19.55%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f2df0a0-6fbb-4bbd-9267-7ebc8bd96ea3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "As the President of Oakmont and the 50% owner of Equitec, Mr. Asher may be deemed to beneficially own the (i) 1,298,032 shares of Common Stock owned by Sphinx and (ii) 1,358,418 shares of Common Stock owned by Equitec.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9eda-aab39a275bf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "On September 15th, before his SC 13D was made public, Mr. Asher apparently wrote the board of National a letter, that called for, amongst other things, changes to management’s compensation that would likely destroy the poison pill, improving RILY's negotiating position.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b7b3e13-19df-4e16-a0c1-60368011c5d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.78,
        "x": 0.11,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "By late 2020, RILY had engaged in numerous attempts to purchase NHLD... Mr. Asher began buying NHLD stock in large quantities the same day.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e63127d9-0645-49a3-b233-196b5fc3b669",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.11,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Footnotes 8-11 detailing legal filings and statements of fact.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "426bf8ba-afc2-4fc4-8261-4216466930ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.12,
        "y": 0.56
      },
      "kind": "table",
      "text": "Equitec Proprietary Markets, LLC transaction history showing purchases from 08/27/2020 to 09/04/2020.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f55519b-c778-4b75-9855-d0ae57246f60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.11,
        "y": 0.11
      },
      "kind": "title",
      "text": "Did Bryant Riley and Daniel Asher Collude to Help RILY Acquire National Holdings?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "361a2e80-dc69-4485-997f-60b92115056f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "aa12d9b9-6042-47c6-a998-c73aed7d94ba",
      "evidence": "The slide explicitly questions collusion and presents a timeline of events to support a narrative of illicit coordination.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 11,
      "from": 1,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "6ddb2bbc-6ac3-4a49-8ca1-d501ec6b4bf8",
      "evidence": "The document presents a series of connected arguments and evidence to support its claims.",
      "position": 0,
      "objective": "To build a logical chain of evidence suggesting RILY's breach of covenant",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}