Viceroy
@viceroyresearch
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A group of individuals that see the world differently. Read our disclaimer on each report.
Joined December 2016
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Arbor – With Regards to Fraudcasting
Syndicates are unsuccessfully capital-calling investors for urgent restructuring funds. Restructuring plans are littered with fraudulent misrepresentations which will lead to enormous Arbor impairments.
$ABR 1/
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Capitec: A wolf in sheep’s clothing. Viceroy’s latest report is now live. $CPI
#JSE
@SAReserveBank
@CapitecBankSA
Fraser Perring of Viceroy Research will appear on Bloomberg
@business
at 8:30am GMT to discuss the report.
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Arbor Realty Trust – FRAUD.
Arbor has financed purchases of assets from its own foreclosures, with Arbor loans, via off-balance sheet entities run by former Arbor associates, and entirely financed with Arbor equity capital. $ABR 1/
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Samhällsbyggnadsbolaget – Hard to pronounce, harder to justify value
Viceroy's latest report is now live. We are short $SBB & its debt instruments.
Rampant insider dealing, textbook governance problems & a multitude of financial shenanigans
#thread
1/
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Arbor Realty Trust – Slumlord Millionaires
Report now live:
Arbor’s high-risk multifamily residential bridge loans, which comprise substantially all of its asset book, are going bad fast. They cannot be refinanced. The end is near. $ABR 1/
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Happy Wirecard collapse day, to those who celebrate. $WDI
Cheers to the many whistleblowers who faced persecution from German regulators and Wirecard henchmen to bring the baddies to justice.
cc.
@AIMhonesty
@Gabe_Bernarde
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Viceroy Research is short Truecaller. Our report is now live:
Truecaller is a Swedish adware & spyware app which feeds a public phonebook aimed at preventing spam (not a joke).
$TRUE $TRUEB
#truecaller
#thread
1/
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The Adler Group – Bond Villains.
Viceroy’s report is now live:
Adler Group is a stitched together and overly indebted dumpster fire, operated for the sole benefit of a secretive, kleptocratic cabal. $ADJ $ADL
#thread
1/
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Viceroy is publishing our latest report tomorrow morning (UK time). We have notified the regulators of all the discrepancies many weeks before taking a short position. This report shows undisclosed investigations by various agencies and a high level of fraud and non-disclosure.
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Globe Life – The Main Course. Report now live:
Viceroy’s research pushes the envelope on pervasive fraud at AIL, disgusting misconduct allegations, and their financial consequences. Globe Life is rotten from top to bottom. $GL
#thread
1/
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Medical Properties (dis)Trust – Viceroy’s report is now live:
MPW is an aggressive healthcare property roll-up which caters almost exclusively to distressed tenants. Rent is round-tripped via “fake” purchases of massively inflated assets. $MPW 1/
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Does any management team want to self report undisclosed related party transactions today?
Or would you rather we report them for you tomorrow?
Watch this space.
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$MPW appoint restructuring specialists, A&M to recover unimpaired rent from its largest tenant & 10% subsidiary.
The writing is on the wall.
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Hexagon – Six Sides to Every Story.
Management front-run $HEXAB investments through fraudulent investment vehicle. Organic growth is egregiously overstated. Intentionally opaque disclosures mask aggressive accounting & underperforming acquisitions. 1/
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Viceroy’s report on AMD, The Obituary, is now live. $AMD
In light of CTS discoveries, the meteoric rise of AMD’s stock sppears to be totally unjustified. We believe AMD is worth $0.00.
@business
@cnbc
@zerohedge
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We are short $ABR. It's a zero.
Short Sellers See Distress Emerging in Apartments as Borrowing Costs Surge.
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We are short $SBB & $ABR.
The writing was on the wall at SBB despite the torrent of hatemail and denials from delusional shareholders. The outcome didn't change.
Arbor will follow suit. Watch this space.
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Breaking - German Prosecutors Raid Offices of Adler Real Estate. - the devil is in the detail
#Adler
.
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Svenska Cellulosa - Fudging Your Lumbers
$SCA valuation methodology has relied on short-term price fluctuations, interest rate fluctuations, & mark-to-market assumptions for numerous unrealistic inputs to massively inflate SCA’s forestry assets. 1/
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Viceroy is preparing a response to Capitec's recent statement. A starting point will be how management claim we under-represent repayments in our estimates, yet do not clarify if they have extended new loans to repay old debt (effectively over-representing repayments).
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SARB response appears to validate Capitec based on information obtained from Capitec. Our research suggests that Capitec data is flawed, and we believe accounts cannot be relied upon. We believe an investigation, at a minimum, is warranted. $CPI
#JSE
The SARB notes a report by a US based fund manager. According to all the information available, Capitec is solvent, well capitalised and has adequate liquidity. The bank meets all prudential requirements.
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An Arbor spokesperson has commented to Bloomberg that Arbor will disclose this fraudulent transaction in detail... in a few months. What a joke $ABR
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Viceroy’s report on Tyro is now live.
Over the last week, our research suggests $TYR has “bricked” (verb: to turn into a brick) ~50% of its terminals across the country, far more than numbers suggested by the company. $TYR
#thread
1/n
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The best part about being being sued by $MPW is we get to ask for all the fun stuff in discovery. Here is our latest request for document production following yesterday's press release.
We're not stuck here with you, Ed. You're stuck here with us.
$MPW appoint restructuring specialists, A&M to recover unimpaired rent from its largest tenant & 10% subsidiary.
The writing is on the wall.
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CRE players informed us that 2 properties underlying Arbor loans are on the market. They have been transferred out of the CLO into an Arbor holding company.
- 250 Uvalde Rd, Houston
- 13100 Stonefield Dr, Houston
Let’s dive into Arbor’s recoverability. Luckily, we’ve got access
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We welcome any lawful investigations into impropriety in our report, which is publicly sourced. In the USA, Viceroy have & continue to work with regulators on numerous matters where we have identified corporate impropriety. We welcome the opportunity to similarly assist the FSB.
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Abalance – Turning Japanese? We really don’t think so.
VSUN circumvents US duties and will be restricted for sale from 2024 in the USA. Chinese components currently sourced from forced labor trade partners.
Viceroy report now live
#abalance
$3856 1/
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BREAKING - Globe Life confirms it is under SEC investigation in relation to "short seller reports".
We do not take credit for the hole GL management and agents have dug themselves. $GL 1/
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ReconAfrica – No Oil? Pump Stock. Viceroy's latest report is now live
@viceroyresearch
is short Reconnaissance Energy, a oil junior specializing in stock promotion & insider enrichment. $RECO is a bad operator, on the ground & in the markets.
#thread
1/
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Breaking: Ralph De La Torre’s, Konrad Mizzi’s and Joseph Muscat’s assets are to be seized as they will be arraigned over money laundering. $MPW
It's been fun.
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BREAKING $ABR - Arbor collapsed a CLO and are trying to get ahead of horrible news. Investors scrambling to uncover why Arbor would collapse its "best-performing" CLO (~1/3 delinquent/modified, 0.59x DSCR).
Viceroy will update next week. Have a good weekend.
h/t
@CMAlert
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Today we are publishing a report on a North American company. The company is highly pumped with misleading promotional campaigns. Investors globally have likely been misled. We have notified regulators in 4 countries about this company, inc BaFin. Avoid speculation.
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Viceroy will be flying out the gates in 2018, and we won't be slowing down.
We are working on European, South African, and US names for Q1 2018, while continuing to expose $MDXG lies.
#staywoke
@how_to_trade_sa
You have no idea how to research if you think you can huddle a report together without fact checking, extensive DD inc, backtesting all areas. Wait for our next 3 reports, 1 is a South African name.
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4 hours after Viceroy's
@aimhonesty
initiated legal proceedings against
#BaFin
we claim the 1st scalp in
#Hufeld
's resignation. They covered up & protected
@Wirecard
. We are proud of our stance & will continue to support Fraser until we have justice for those harmed. $WDI
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11
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The
@OCCRP
obtain footage of private intelligence firms illegally surveilling members of Viceroy Research.
Below is video footage of Fraser Perring in his own home. $MPW
This is outrageous, and disgusting. We will pursue these criminals to the full extent permitted by law.
🇲🇹NEW: A U.S. healthcare firm at the center of Malta’s biggest-ever corruption scandal used spies to target its critics. The fees were billed to the company’s Malta subsidiary, which was largely funded with Maltese taxpayer money.
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Arbor (fraud) is rehabilitating distressed loans by funding off balance sheet, undisclosed related parties to buy foreclosed properties with Arbor loans. $ABR
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Ebix files for Chapter 11 bankruptcy protection in Northern Texas: Report. To the many on this congrats
@SafkhetCapital
&
@HindenburgRes
We certainly enjoyed the $EBIX short. Raina finally got carried out.
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#Abalance
IR are on a live youtube analyst & bagholder chat, stating that they cannot release the construction permit because it is secret * private.
This is a lie. Permits are easily searchable public documents. That is the entire reason they exist.
We reiterate that a site visit conducted on the week ending May 12, 2023, no copies of the construction certificates were on display as required.
If management offer to provide a copy of this certificate, we will retract this concern.
#abalance
7/
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私たちは日本の法律顧問に対し、
#Abalance
とその経営者に対して刑事告訴するよう指示しています。 これまでの訴訟で取締役による不正行為や不正行為の証拠が明らかになった。 この不正行為は今日まで続いています。 3856 1/2
Phoenix or a Roast Chook?
Facta investigations show that Ryu Jyunsei’s corporate raid on
#Abalance
was conceived as a fraud, and continues to be a fraud to this day.
Investor expecting a phoenix will receive a roast chook. 1/
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South African Finance committee will shortly have names & evidence of
@CapitecBankSA
practices inc questions it refuses to answer. Viceroy look forward to presenting to Parliament on $CPI inc, debt counsellors data. Analysts would be wise to deep dive before dismissing research.
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Police move to freeze bank accounts overnight.
CEO of $MPW's largest tenant implicated & a few others under the spotlight.
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MPW Case Study - MANOLETE!
Viceroy detail structure of $MPW's JV with Ralph De La Torre including fake transactions, backdated statements, outright lies, and MPW implications in criminal probe. Report now live. 1/
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#Adler
does not get an audit opinion from
@KPMG_DE
- share price in free fall!
@Gabe_Bernarde
@AIMhonesty
$ADJ. Thank you to all our sources, we are proud of you!
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We are proud our 5 report campaign on Parateum $TEUM is being prosecuted & defined as a "massive accounting fraud" by
@TheJusticeDept
.
@SDNYnews
is also prosecuting.
DOJ:
SEC enforcement
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Capitec clients in cyclical debt & former employees have reached out to Viceroy en-masse corroborating our report $CPI
#JSE
If
@SAReserveBank
is willing to grant protection to whistleblowers, we would (with permission) forward emails to regulators. $CPI
#JSE
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$SBB DOWNGRADED BY GOLDMAN SACHS-TARGET PRICE SEK13.
Goldman were not fooled & validly point out
#SBB
's disposals are dilutive to earnings as the yields were above the average. $GS posit credit downgrades are coming even after further disposals & we concur.
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Well folks, the writing is on the wall.
Yesterday's after-market update heavily implies
@Steward
will soon be filing Chapter 11.
It’s a far cry from MPW’s glowing assessment in their Q3 2023 earnings call. Below is Viceroy’s summary and analysis of the announcement. $MPW 1/
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Legal documents obtained by Viceroy show Capitec advising & approving loans to delinquent customers in order to repay existing loans. Documents show Capitec engaging in reckless lending practices as defined by South Africa’s National Credit Act $CPI
#JSE
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Drumroll please:
The underlying cap rate for Arbor ~80% LTV multifanily CLO portfolio is ~3.8%!
The underlying vacancy rate of Arbor's CLOs is 15%!
Arbor is a 🍩. $ABR
I guess if Arbor is buying properties from itself, its not so weird they are also publishing short reports on themselves.
What is $ABR's underlying vacancy rate?
What is $ABR's underlying cap rate?
Any takers? Answers out tomorrow.
#watchthisspace
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Viceroy’s report on Steinhoff $SNH is now live. Viceroy believe off-balance sheet related party entities inflate earnings & obscure losses.
We believe it is important we release our findings given concerns have been raised at the regulator level.
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Viceroy's latest on Grenke is now live, evidencing middlemen of Viewble fraud were spouses of Grenke employees. Grenke refer to this as "enhanced due diligence", & shows disregard for insiders profiteering at every level $GLJ
#grenke
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Did you think there would never be another
@Wirecard
? Viceroy will surprise you. It's worse.
Yee
501
No
287
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Viceroy’s extensive due diligence suggests Capitec is a loan shark with understated defaults masquerading as a community microfinance provider. We believe
@SAReserveBank
& Minister of Finance should immediately place Capitec into curatorship. $CPI # JSE
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$MPW's Steward funded smear campaign against Viceroy Research.
This included illegal surveillance of our team, and unauhtorized access to our personal data, including bank accounts.
Viceroy will make a statement shortly.
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If $MPW agree to pay
@viceroyresearch
damages, apologise & drop the case, they might save something. Our lawyers will be in touch with the fraudsters in the morning. MPW are out their depth with Viceroy. We will sue for malicious prosecution when we win!
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10
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For posterity: you can now find the infamous Zatarra Research & Investigations'
@wirecard
report on our website.
This report was written in 2016 by Viceroy's
@AIMhonesty
, and remains relevant today.
#wirecard
$WDI
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The 10-year, 2-year, and 1-year Tbill is higher now than when we published our report on $ABR (Nov 2023).
There is no rate cut that will save equity holders.
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Best Wishes for 2021🎆. Viceroy's fraud outlook is a market pumped with cheap cash, analysts repeating company rhetoric & (fr)auditors looking the other way to help management screw investors.
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Handelsbanken just sent their clients a note saying they find nothing alarming in the fact that $HEXAB management are front running Hexagon investments.
Here's a few reasons to unsubscribe from their garbage analysis:
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Arbor – January CLO Update now live:
Delinquencies continue to compound at ~50% month/month. Over a quarter of CLO deals are now delinquent. $ABR 1/
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$ABR - Distress in CRE CLO Loans Surged 480% in Last Year, Report Says. Arbor is in significant distress. Here's data from
@cred_iq
. Multifamily stats included. Viceroy are working on a way for investors to verify our data. Stay tuned...
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$SBB has made a SEK 3b fuck-up on its Q2 report, whereby it incorrectly profiled current debt as "non-current". It appears to have just re-uploaded a new pdf on it's website, without any announcements, and has not updated its filing with NASDAQ.
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Arbor – December CLO Update. Report is now live.
Sixty-nine of Arbor’s CLO loans are now delinquent: a 50% growth in the number of delinquencies month-on-month. Over $1.25b in Arbor deal balance in its CLOs alone now delinquent. $ABR 1/
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Update - 7 hours after Viceroy's Fraser Perring initiated legal proceedings against
#BaFin
, we claim a 2nd scalp - Executive director responsible for securities supervision Elisabeth Roegele! We are pleased to see these developments & justice will hopefully be served.
@Wirecard
4 hours after Viceroy's
@aimhonesty
initiated legal proceedings against
#BaFin
we claim the 1st scalp in
#Hufeld
's resignation. They covered up & protected
@Wirecard
. We are proud of our stance & will continue to support Fraser until we have justice for those harmed. $WDI
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Viceroy would like to thank all those that sent evidence in with an overwhelming amount of documents. We are still happy to be a piggyback to regulators if needed. I'm sure the prison party will be enjoyed. Thank you for the support. $MDXG
@AlderLaneeggs
@AureliusValue
@MiMedx
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BREAKING: DOJ objects to $MPW's DIP financing of
@Steward
in bankruptcy. The milestones interfere with antitrust rules concerning the sale of Steward’s physician network claiming MPT “undercut the United States’ regulatory rights”.
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Huge win for the
#Whistleblowers
,
@AureliusValue
@AlderLaneeggs
@MUNDASPORTS
&
@viceroyresearch
: Parker Petit
@PetePetitGroup
ex-CEO
@MiMedx
, found guilty of securities fraud. Thanks to everyone that made this happen.
#PrisonParty
$MDXG
#staywoke
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Infra(ud)core – our latest $MPW report is live.
Infracore, a 70% MPW owned, unconsolidated JV, has round tripped substantially all revenues tenant & related party, Swiss Medical Network (SMN), for over two years.
SMN is $MPW's 4th largest tenant. 1/
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In today's $MPW video, Ed Aldag states that extending working capital loans to tenants is preferable to "permanently cutting rent".
This is revenue round tripping.
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$ABR announces a ~$350m atm offering after market on Friday. Did not think to mention it in its conference call or earnings hours earlier.
$ABR management did brag about making 5% on large cash balances though (paying ~8% on larger debt balances though).
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7
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Sources quoted by
@Business
state
@Grenke_AG
internal auditing aren’t investigating allegations. Worse, $GLJ is restricting auditors access to classified company information & failed to document related party transactions. Viceroy is filing a criminal complaint. Where is
#BaFin
?
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9
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$MPW's filings are missing something today. There is no Consent Of Independent Registered Public Accounting Firm by
@PwCUS
.
Is this an oversight or something more sinister, given that it is MPW. Every other company we checked, even Tingo, has one $TIO
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Viceroy do not comment on any of our reports prior to publication. As stated, we are working on European, South African & US names for Q1 2018. We will not disclose any further details until publication.
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Brace yourselves, we have Arbor's December CLO data. As expected, Arbor’s portfolio has continued tor rapidly deteriorate, with $1.25b in deal value of its CLOs alone now delinquent.
We will publish these figures & explanatory note @ 9am EST. $ABR 1/
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3
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Capitec’s main service is microlending to a majority low-income demographic, yet CPI out-earn major commercial banks & high-risk lenders globally. Viceroy believes this is indicative of predatory finance which we have corroborated with on-the-ground research $CPI
#JSE
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Arbor - April CLO update is now live:
Arbor has modified 56 loans in the last month in an attempt to window-dress its distressed CLO book. $ABR 1/
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Arbor – The MF Recap. Report now live:
Arbor refuses to address fraudulent undisclosed related party transactions, almost 50% of CLO loans are now delinquent and/or modified. Commercial relationships are under investigation by agency lenders. $ABR 1/
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To be abundandly clear: Adler DO NOT have an audited report, in accordance with IFRS.
Bond covenants, accordingly, have NOT been respected.
Adler's management will lie to the very end. We will keep exposing these lies. $ADJ
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4
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Letter to Citizens Financial Group now live $ABR
Viceroy Research has reported extensively on the corporate malfeasance, fraud, and accounting gimmicks at Arbor Realty Trust (henceforth, Arbor). This includes the misreported quality of loans and
1
9
40
$MPW have sneakily bolted on the risk of regulatory proceedings to its forward looking statements disclaimer this quarter.
Question for the call: is $MPW a subject of regulatory investigations?
If so, by whom?
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6
39
Arbor – Jacksonville Case Study. Report now live:
Viceroy dive into a syndicated Jacksonville portfolio which highlights Arbor’s pain. $ABR 1/
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5
40
After refusing to provide any documents in discovery, MiMedx has now withdrawn its suit against Viceroy Research & its founders
@AIMhonesty
&
@Gabe_Bernarde
. Viceroy complied with all of MiMedx's document discovery requests. How's that for transparency?
#staywoke
$MDXG 2/2
3
5
38
Arbor earnings: the lipstick on the pig.
Arbor announced a $150m stock buyback in December 2023, and a $50m buyback in March 2023
Arbor has issued ~$20m shares in Q4 alone, and about $170m in 2023. Congratulations on your dividends (sarcasm). $ABR 1/
5
3
40
We have not had a
#DDoS
attack for some time.
We publish a report on
#Abalance
& all of a sudden, Viceroy's website is under a
#DDoS
attack. We thank
@Cloudflare
for their service. Stock scams & frauds just don't like being exposed. 3856
3
4
37
$MPW - As predicted by us & a few critics inc.
@HedgeyeREITs
. It's our view that MPW is 'attempting' to keep control of
@Steward
to obfuscate the reality of the situation: round-tripping via massive undisclosed tenant support & highly questionable CAPEX.
9
6
38
Abalance - Manufacturing Nonsense
#Abalance
issued two unsatisfactory responses to concerns raised in our report.
Mgmt’s rebuttal does not deserve a response, however shareholders do. We will address every management denial, point-by-point, below. 1/
11
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36
Arbor foreclose 41 Marietta St. The LTV of the property against its most recent appraised value is >100%.
There is no income being generated from this building because its conversion from office to MF was never completed.
Good luck $ABR
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37
Medical Properties Cut to Underweight at JPMorgan; PT $7 $MPW. Previously $9, we think $7 is very generous.
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4
39
Arbor will be leading the pack of delinquencies soon. Trapp data showing just how bad it is, and the worst is $ABR.
From January to November 2023, the amount of
#CRE
#CLO
#delinquent
loans has increased 218% from $836 million to $2.66 billion, according to the
#TreppInsights
#CREDistress
Dashboard.
See more via
#Trepp
:
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