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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-08 00:00:00",
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  "notes": "Includes a specific table analyzing the purchase price allocation for magicJack.",
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      "kind": "callout",
      "text": "Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:",
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      "kind": "list",
      "text": "30 out of 31 operating companies... 28 out of 31 recorded FCF losses... 12 out of 31 discussed going concern issues... RILY also has 19 SPACs...",
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      "text": "Goodwill and intangibles % of total consideration: 108%",
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      "text": "RILY has two large portfolios of equity investments... RILY took on its public equity investments last year.",
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      "kind": "paragraph",
      "text": "RILY has spread its tentacles... RILY spent approximately ~$169 million to acquire UOL. It also spent $143 million purchasing magicJack.",
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      "kind": "table",
      "text": "magicJack Purchase Price Allocation (USD, Thousands)",
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      "text": "Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:",
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      "kind": "title",
      "text": "Our Analysis of RILY’s Equity Portfolio Indicates That It Is Unlikely to Recover in 2023:",
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      "evidence": "The document provides a solution, or rather, a reason for shorting the company, citing its systemic weakness in equity portfolio and telecom rollup based on obsolete assets.",
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