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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "notes": "The slide contains a highlighted block quote from an 8-K filing. The narrative suggests a conflict of interest regarding Daniel Asher's share purchase.",
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      "text": "The Offer expired at 12:00 midnight, New York City time, on February 25, 2021... Computershare Trust Company, N.A., in its capacity as depositary for the Offer, advised Merger Sub that, as of the Expiration Date, 4,934,502 Shares...",
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      "text": "On December 10, 2020, NHLD's CEO announced in a board meeting, for which Bryant Riley was apparently present, that National held shares in Palantir and Airbnb...",
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      "text": "RILY clearly denied any coordination between Mr. Asher and any members of management, but we are skeptical. It appears to us that Daniel Asher received inside information...",
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      "text": "One of the main difficulties that RILY has had with the wealth management business has been that they have let go a substantial number of the brokers who used to work at National...",
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      "text": "Shares already owned by RILY or NHLD's officers were excluded from the tender offer, which required 70% of non-excluded shares to be tendered to approve the merger...",
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      "text": "One of the main reasons RILY wanted to purchase National was that it came with a large set of wealth management clients who could be offered RILY's proprietary wealth products.",
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      "kind": "source-note",
      "text": "15 Richard Frank v. National Holdings, Statement of Facts\n16 NHLD 8-K filed February 25, 2021\n17 Q3 2022 Earnings Call, Transcript via Bloomberg L.P.",
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      "kind": "title",
      "text": "In the Aftermath of National, RILY Pushed Its Baby Bonds for Its Financing",
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