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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2023-02-08 00:00:00",
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      "text": "RILY’s total cash and investments, net of debt, fell by $950 million to -$350 million during 2022.",
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      "text": "As of Q3 2022, XELA had $75 million in outstanding loans from RILY. XELA trades at $0.06 cents and has a delisting hearing on March 2. RILY has an $11 million loan with Greenidge Generation Holdings (GREE) that it restructured.",
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      "text": "investment losses: ~$700 million",
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      "kind": "paragraph",
      "text": "We are short B. Riley Financial, Inc. (Nasdaq: RILY) because our research shows it 1) overleveraged to buy speculative assets during the financial mania of 2020-2021 and 2) lent money to companies that have degenerated into zombies.",
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      "kind": "source-note",
      "text": "Citations are located in Appendix B as endnotes. Double-click on endnote to jump to note. Appendix A contains our discussion and analysis of CORZQ’s proposed budget for its DIP financing.",
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      "kind": "title",
      "text": "RILY: A Bottom-Feeder Investment Bank That Is Crumbling Before Our Eyes",
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