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@PFoSF2

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@PFoSF2

Research

9 months

@AureliusValue @FriendlyBearSA @AlderLaneEggs - I did a primary research today on $FRG owned Vitamin Shoppe. I checked google to go busiest time of day (Sat at 11 am). Strip mall parking was packed. Vitamin Shoppe empty. 2 paid employees and only 1 customer. GNC type BK coming

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@PFoSF2

Research

9 months

$RILY Fire sale of Badcock today. Bryant just posted last week they thought Badcock was worth $390m. Today, they sold the business for $70m in non-cash $CONN paper WHOOPS!!! … They paid $580m …

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@PFoSF2

Research

10 months

1) more accounting fraud @ $RILY )signed off by @ marcumllp). @ 3Q $RILY carries their loan book at $515m or only a 2% discount to $527m principal. $RILY 10Q cites $41.7m of loans on nonaccrual, which ties out exactly to the $41.7m owed by bankrupt $CORZ

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@PFoSF2

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9 months

$RILY shareholders - this is what you actually own - this is an $FRG location (haven’t even changed the sign from Sears Warehouse) Bryant today said will be worth over $5B in the future. Is this dilapidated crap store going to look better in a few years?

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@PFoSF2

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8 months

@FriendlyBearSA @FriendlyBearSA @AlderLaneEggs - you realize Stairway Capital is a fake company? Look at the screen shots below for how Stairway presents its world headquarters and where they actually are located - its a fraudulent representation

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@PFoSF2

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10 months

More problem loans @ $RILY (accounting fraud @marcumllp ). $rily is owed $103m by distressed $AREN w/ Going Concern clause in latest (delayed) Q. $RILY marks at 'fair value' with no loss reserve & 10% yield. $RILY debt YTM is 19%! So distressed $AREN is safer credit than $RILY?

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@PFoSF2

Research

10 months

Question for $RILY wealth managers with clients stuffed with $FRG equity. Do you get $FRG financials? How does $RILY still mark your clients account at $30/share of $frg

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@PFoSF2

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10 months

@WolfpackReports @SECGov more accounting fraud @ $RILY. $RILY proxy specifically states no covered person (such as CEO of securities unit) can margin $RILY stock. Bryant had to get specific board approval for his margin loan. Fraudulent Proxy signed off by @MarcumLLP

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@PFoSF2

Research

6 months

Now that $rily is more than 10 business days late on their 10k, it is highly likely that @FINRA has sent $rily a pre-suspension notice or will very soon. Will $RILY hide this from investors or disclose it?

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@PFoSF2

Research

9 months

@tspencer322 The $RILY dividend is 100% over! The Nomura restrictive covenants start in 2024. I trust @AlderLaneEggs research and if Nomura is asking for more collateral now, then $rily can’t be in compliance with the 2024 Nomura covenants and can’t pay a dividend

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@PFoSF2

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7 months

Suggested weekend reading for $rily employees - Finra Rule 9552 Failure to Provide Information or Keep Information Current

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@PFoSF2

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7 months

$RILY doesn’t even have a San Francisco office. head of sales works from home. in ‘21 they used my conference room for group meetings because they don’t have an office (I obliged). Now I’m getting threatening calls from them on blocked numbers @FriendlyBearSA @AlderLaneEggs

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@PFoSF2

Research

10 months

3) the loan book has glaring problems $RILY has not identified as non-accrual. $XELA owes $RILY $44m. $XELA missed a mandatory payment to $RILY in 1Q. $XELA had their auditor resign in May and hasn't filed financials since. $XELA has $20m market cap on $1B of debt. @MarcumLLP ???

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@PFoSF2

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7 months

@FriendlyBearSA @AlderLaneEggs why did $RILY feel compelled to add ‘unaudited’ to their 4Q release title this year but not last year? Lawyers warning us a restatement is coming?

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@PFoSF2

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7 months

@FriendlyBearSA @AlderLaneEggs It’s also the volume of information that was withheld from auditors. Andy Moore’s margin loans were withheld from auditors. $bebe being controlled by $RILY but not colsolidated. The known financial demise of Targus when it was purchased from a board member, it goes on and on

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@PFoSF2

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9 months

@AlderLaneEggs @AureliusValue @FriendlyBearSA Think about this - most private equity firms brag that their exit price is usually a big premium to their carrying value. Usually 30% plus. $RILY sold Badcock for a 80% discount and $AREN debt for 30% discount. Where are the auditors? @MarcumLLP

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@PFoSF2

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9 months

@FriendlyBearSA @AlderLaneEggs @Deloitte Question for @Deloitte - can investors still rely on your audit work of $FRG when we can visibly see critical errors in your work?

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@PFoSF2

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10 months

$rily borrower $xela looking like an accounting fraud. 8k (below) promised both delinquent 10Qs by end of day yesterday. 24 hours later, no Qs, no updates, just silence. According to Bryant these are 'money good'

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@PFoSF2

Research

9 months

@FriendlyBearSA @FriendlyBearSA - you have now documented Vintage and $RILY have shared offices, shared employees and shared ownership (recall investor day slide). Vintage is a subsidiary of $rily. Now it makes sense why the break fee was a shared liability. Both will go down

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@PFoSF2

Research

9 months

@AlderLaneEggs $RILY meeting with Nomura to discuss more collateral (Bryant and Kahn even look the parts of Lloyd and Harry)

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@PFoSF2

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9 months

Why is $FRG's CFO based in Portugal? The accounting at $RILY owned $FRG is highly suspect, is it easier for the CFO to evade the authorities if he is outside the US?

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@PFoSF2

Research

11 months

Vintage paid the breakup fee that $RILY owed Rent A Center and now we have learned Vintage paid the break up fee with stolen money. $RILY was a beneficiary of Vintage fraud and probably a participant

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B. Riley, Vintage Capital Settle with Rent-A-Center

B. Riley off the hook in Rent-A-Center settlement.

labusinessjournal.com

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@PFoSF2

Research

9 months

$RILY who will resign first? Board needs to resign or do an internal investigation

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@PFoSF2

Research

10 months

2) seems low to carry loans at only a 2% discount or $12m ($527 less $515) when $41.7m is owed by a bridge loan in a bankrupt company ($CORZ) and that assumes the rest of the loan book has zero credit risk

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@PFoSF2

Research

9 months

I need to correct/update my own $rily post. Scotch & Soda Is down to 3 stores! YES 3 STORES FROM 39 STORES. TOTAL BUST

All Scotch & Soda Locations in United States | clothing, fashion, Amsterdam couture

Browse all Scotch & Soda locations in United States to discover the latest trends in fashion, clothing and accessories. Shop the best outfits for this season.

stores.scotch-soda.com

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@PFoSF2

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7 months

This is how real companies deal with serious allegations. $RILY where is your independent review? @FriendlyBearSA @WolfpackReports @AlderLaneEggs

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@PFoSF2

Research

9 months

@rtclark @FriendlyBearSA @AlderLaneEggs how will $RILY collect on their $200m loan to Kahn if he is in jail? Kahn in jail means a $200m write off. It also indicates the payment for breakup fee probably stolen and $RILY likely knew

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@PFoSF2

Research

9 months

@hcrubin2009 So if Kahn used stolen money to buy his $FRG shares and $RILY has loaned against those stolen shares, isn't it safe to say, $RILY can't collect on stolen assets?

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@PFoSF2

Research

6 months

@JrAbbate $RILY couldn’t file financial on time a year ago. Randy Paulson had a year to get ahead of this and instead, the problems got worse and now $RILY can’t even file on a 2 week delayed basis nor even give us a timeframe. Paulson has miserably failed in his duties

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@PFoSF2

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10 months

Actual #s $RILY taking in capital vs payout out to investors (since 12/31/18): Out to investors: $711m dvds paid: $658m buybacks $53m Sucked in from investors: $2,067m $1,823 debt increase $180m equity raised $114m preferred debt That's 3x more. Ponzi anyone?

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@PFoSF2

Research

9 months

@FriendlyBearSA @AlderLaneEggs Adding to the $FRG accounting fraud now owned by $rily. The $FRG 2023 proxy specifically said executives were not allowed to pledge FRG stock for loan collateral. Kahn violated this policy and @Deloitte signed off on false disclosure

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@PFoSF2

Research

10 months

Hey $RILY according to Bloomberg there was a massive pet buying bubble in Covid. $FRG bought Pet Supplies Plus January '21 - peak price on peak bubble earnings. Bryant 'money good' Riley - you need to impair $FRG

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@PFoSF2

Research

7 months

$RILY will state in writing why they are late. If an auditor dispute they will need to state the dispute. Finra may not approve further 10 day extensions. There are no examples of a B/D getting more than 30 days total without getting a pre-suspension letter @FriendlyBearSA

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@PFoSF2

Research

10 months

1) Questionable marks at $rily. They have 4 companies where they own more than 20% but less than 50% and rather than standard equity method, they has opted into the lightly used Fair Value Method. These are $BW, $FRG, and two other not identified but appear to be their Brands.

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@PFoSF2

Research

9 months

@AlderLaneEggs @AureliusValue @FriendlyBearSA @WolfpackReports @MarcumLLP @Deloitte I'd like to add to the list: $RILY had/has a loan out to Kahn when they bought out $FRG. The loan was secured by Kahn's $FRG stake. 1) did $RILY disclose this conflict to clients when syndicating the $FRG equity? 2) why wasn't this conflict disclosed to $RILY shareholders?

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@PFoSF2

Research

9 months

@rtclark @FriendlyBearSA Quick $FRG history. Management always argued that the receivables and ABL shouldn’t be viewed as theirs because the receivables were sold to the ABL. Mgt claimed the accountants forced the consolidation because $FRG did the servicing. Explain why $FRG management is wrong? $rily

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@PFoSF2

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7 months

@FriendlyBearSA There was also no mark down on $FRG. $FRG results were so bad that S&P downgraded their debt, Badcock was sold far below carrying value - and yet no mark down to FRG equity. $RILY is a joke

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@PFoSF2

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11 months

@FriendlyBearSA $FRG Brian Kahn was concealing losses from his auditor. Was he defrauding his $FRG auditors as well and now is $RILY holding the bag?

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@PFoSF2

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10 months

$rily - so many things wrong with this @MarcumLLP wine locker in Manhattan. 1) invest more in audit staff, less in entertainment and 2) who pays for an exclusive wine locker to hold a $50 bottle of Sterling CA Cab? @AlderLaneEggs @FriendlyBearSA

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@PFoSF2

Research

9 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue @WolfpackReports lies, damn lies and adj EBITDA. Presentation last week said this business made $101m of adj EBITDA. Why would they sell a business for 0.7x adj EBITDA unless they knew the adj EBITDA was a lie?

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@PFoSF2

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8 months

@FriendlyBearSA don't forget that $rily paid a $1 dividend in November. So any cash possibly generated from operations in 4Q was likely more than consumed by the $45m of interest paid and $30m of dividends.

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@PFoSF2

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10 months

@binanceriskmgmt Give some credit / the $RILY guys are so smart, they leveraged their insider information to dump their $APLD stock before this bad news got out

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@PFoSF2

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9 months

@FriendlyBearSA @AureliusValue What is this document from? Am I reading this correctly? A $RILY employees was an affiliate of the Vintage vehicle that used stolen money to pay the break fee?

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@PFoSF2

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9 months

Why does @VitaminShoppe exist? $rily

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@PFoSF2

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6 months

@DonPalermo5 @FINRA Additionally, the problem assets (Kahn loan) are held at the brokerage company. So if the Kahn loan is holding up the $RILY audit it’s also holding up the B Riley broker audit (meaning the FINRA FOCUS annual report)

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@PFoSF2

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8 months

@Going2Disappear I was short $RILY long before I was short $FRG. They are both shorts. Not hiding anything from anyone - that's why my screen name is the 5 letters from the firm I founded and worked when I set up this account. Signed - Justin Hughes (proudly short B. Riley)!!!!

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@PFoSF2

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8 months

@LaziestofDans @MotherCabriniNY @FriendlyBearSA @AlderLaneEggs His thesis that $RILY can ‘win by doing nothing’ shows a lack of understanding the balance sheet. If the principal investments all run off and IF, I repeat IF they are worth their marked prices, Riley is still left with an upside down balance sheet, with negative tangible equity

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@PFoSF2

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10 months

5) I should have also mentioned, $xela has a going concern clause in their financials (back when they could file financials)

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@PFoSF2

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7 months

I’m going on the record today. I don’t believe we will see a signed 2023 audit for $RILY for at least 12 months

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@PFoSF2

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11 months

@AlderLaneEggs $RILY has guaranteed over $100m of $BW debt and some of their surety bonds. $BW looks headed for default

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@PFoSF2

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7 months

@FriendlyBearSA So $RILY scum that are calling too harass me - keep it up - but you are done in less than 30 days

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@PFoSF2

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7 months

$RILY has 30 days or less before finra is a problem. This is my research. $RILY likely received a 10 day extension for not filing their focus report on 2/29 when it was due. Every 10 days they will RE-apply and finra May or may not extend.

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@PFoSF2

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10 months

$RILY and $FRG bag holders - how is that pets business doing? $chewy plunger 15%, but somehow no mark to $frg? Bryant ‘money good’ Riley - your auditors won’t sign off on your BS marks @MarcumLLP

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@PFoSF2

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9 months

@AlderLaneEggs If Nomura asking for more collateral from $rily, look out for $altg (the only liquid investment $RILY has left) and $ddi. $ddi never trades, that stock will be decimated

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@PFoSF2

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10 months

4) Bryant $Riley ‘these loans are money good’. Same guys that said ‘Brian Kahn said he didn’t do it and that’s good enough for me’. Due diligence not a strong point

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@PFoSF2

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10 months

@AlderLaneEggs @MarcumLLP @FriendlyBearSA @AureliusValue @WolfpackReports Didn’t BR very recently insist on a $rily arnings call that these loans are ‘money good’? How is 30% lower money good?

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@PFoSF2

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9 months

@rtclark to answer your question "how has $RILY paid $700m of dividends since 2018" - the answer is they have take on $1.6B of debt and raised over $200m of equity - that's how ponzi schemes work

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@PFoSF2

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9 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue $RILY had at least 2 people on the $AREN board. $RILY clearly knew the extreme distress $AREN was experiencing

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@PFoSF2

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10 months

@FriendlyBearSA @AlderLaneEggs @rtclark @AureliusValue The $RILY board needs an independent investigation! Why so many related party transactions with fraudulent companies?

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@PFoSF2

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8 months

@AlderLaneEggs SHIV is a senior salesperson at $rily (obviously shiv not his real name).

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@PFoSF2

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7 months

@MapotherThimas @StockJabber @BearCaveEmail @AlderLaneEggs @AureliusValue @WolfpackReports @FriendlyBearSA @MarcumLLP At this time last year, $RILY had already ‘pre-announced’ 4Q results. So $RILY argument that they are on the same schedule as last year is not true - we were given 4Q results back in December ‘22 and Bryant was in the market buying stock in December ‘22 at MUCH higher prices.

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@PFoSF2

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7 months

@FriendlyBearSA does this settle the debate about 'double pledging of collateral'? $rily

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@PFoSF2

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11 months

@hibearnating Where is this statement? Either there has been selective disclosure or the $rily CEO just lied on his public call. If Kahn put out a statement to $RILY and $RILY has shard with some clients, they need to 8k that statement

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@PFoSF2

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9 months

$rily’s turnaround of $FRG and American Freight going wrong direction. 10 straight 1 star reviews, many calling the company a fraud

American Freight Furniture, Mattress, Appliance is rated "Poor" with 2.6 / 5 on Trustpilot

Do you agree with American Freight Furniture, Mattress, Appliance's TrustScore? Voice your opinion today and hear what 5,405 customers have already said.

www.trustpilot.com

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@PFoSF2

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9 months

@binanceriskmgmt I think it’s worse than this. @AlderLaneEggs has Nowak at Vintage as late as 2019

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@PFoSF2

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9 months

Yes, $FRG bought the worst performing part of Sears, Sears Outlet and yes, Sears went BK. But with the magic of $FRG pro forma adjusted EBITDA accounting, $RILY has been suckered into buying this fraud

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@PFoSF2

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8 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue @WolfpackReports the other word that seems to be associated a lot with $RILY is Bagel

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@PFoSF2

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8 months

@AlderLaneEggs - how do you think $RILY put up $32m of 'proprietary trading' profits in a single quarter?

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@PFoSF2

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11 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue Keep in mind this fairness opinion was based upon estimates that $FRG widely missed. The last quarter $FRg reported missed by nearly 50%. $RILY massively overpaid. Why???

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@PFoSF2

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10 months

@AlderLaneEggs @FriendlyBearSA @WolfpackReports @AureliusValue you should extend a formal invite to an audit partner @MarcumLLP to help explain the accounting and disclosure practices

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@PFoSF2

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9 months

@AlderLaneEggs @AureliusValue @FriendlyBearSA Whatever $RILY has magic Jack marked at - assume a 90% haircut - that would be consistent with past activity

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@PFoSF2

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7 months

@KeswickCapital @FriendlyBearSA The link you attached is a rule that only applies to broker/dealers with less than $50m in total liabilities. See attached. This does not apply to $rily

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@PFoSF2

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11 months

Did $RILY even do a basic google search on Brian Kahn before betting their money, reputation and client money on Brian Kahn? Kahn’s fraud has been in public press for several years $FRG fraud

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@PFoSF2

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10 months

Since 12/31/18, do you think $RILY has paid out more in dividends to investors or taken in more in debt and equity raises from investors?

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@PFoSF2

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10 months

@WolfpackReports but $rily says no impact to FRG equity value? where is @MarcumLLP auditor?

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@PFoSF2

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10 months

@AureliusValue @FriendlyBearSA @AlderLaneEggs @WolfpackReports did Kahn talk up his disastrous acquisition of Sears Outlet on $rily website? Sears Outlet was from a failure within Sears, Sears failed. Sears Outlet failed as a public company. I'm sure with Kahn's fraudulent accounting it looks great!!!

Franchise Group, Inc. Closes on the Acquisition of the Sears Outlet Business from Sears Hometown...

VIRGINIA BEACH, Virginia, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (OTC PINK: FRGA) ( “Franchise Group” or the “Company”) today announced...

www.globenewswire.com

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@PFoSF2

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9 months

@AlderLaneEggs @FriendlyBearSA let’s not forget this part of the call ‘this is the definition of money laundering’ $rily. When is the last time any of us saw a public company leave a paper trail of money laundering? I haven’t

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@PFoSF2

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9 months

Question for accounting experts @AureliusValue @FriendlyBearSA @AlderLaneEggs - this picture is from $gs 10Q - is says their auditor (PWC) reviewed their financials. Why does the $rily 10Q not have @MarcumLLP state they reviewed $rily 10Q? Is @MarcumLLP already hiding?

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@PFoSF2

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10 months

3) how could a ‘Brands’ company be marketed up in 3Q? A $50m mark would be +24% in the quarter. LVMH, Hermes, Dior and Burberry declined between 10% and 17% in 3Q. Net income from $RILY brands declined 10% in 3Q. How does @MarcumLLP sign off on these financials?

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@PFoSF2

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7 months

@FriendlyBearSA I found this in a Google Search over a year ago. How could Sullivan & Cromwell not have searched google? Is the difference between a "review" and an "investigation" the use of google search?

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@PFoSF2

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9 months

A recent write up on Value Investor Club pitched $ecpg long with part of the thesis that after multiple quarters of impairments, impairments are done. Couldn’t be more wrong. Impairments will increase next few quarters. ‘21 and ‘22 portfolios need $200m of impairments

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@PFoSF2

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7 months

@AlderLaneEggs I’d point out that $rily 3Q tangible book value benefitted from their $120m equity raise. When you look at the chart of tangible BV decimation, the core decimation is even worse

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@PFoSF2

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1 year

@FriendlyBearSA If $APLD is out of cash, why did they payback their loan early from $RILY?

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@PFoSF2

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10 months

One of the 'crown jewels' of $FRG Pet Supplies Plus - can't imagine that's going well with Petco down 20% $RILY Petco Slides, Margins Hurt: Petco shares slide as much as 18% after the pet retailer reported a third-quarter adjusted loss per share that missed estimates.

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@PFoSF2

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7 months

@FriendlyBearSA @AlderLaneEggs Please tell us more - what are they saying?

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@PFoSF2

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9 months

$RILY Scotch & Soda brands is falling apart as well. Has the Brand been impaired yet? "An online directory that listed 39 U.S. Scotch & Soda locations this spring now lists only 29"

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Here's What's Closing, Opening and Coming to Union Square

Scotch & Soda has closed its Union Square location.

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@PFoSF2

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10 months

I’ll post the actual numbers at the end of the poll

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@PFoSF2

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7 months

@Ted5743 @FriendlyBearSA yes - they could be that incompetent - $rily did forget to fax in the deal extension for Buddy's

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@PFoSF2

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7 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue There should be an 8k with the full report attached showing what they were asked to investigate (nothing - it was a ‘review’) but asked for the report and what all was reviewed

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@PFoSF2

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7 months

@ParrotCapital How long can Holbrook carry those $RILY bonds at par? Does Holbrook still claim the debt is investment grade?

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@PFoSF2

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11 months

@Seawolfcap Check out the old Ondeck SMB credit metrics today (Enova)

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@PFoSF2

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9 months

@FriendlyBearSA Finra registered employees are not supposed to have multiple jobs.

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@PFoSF2

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10 months

$rily

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@PFoSF2

Research

9 months

@maninapurpledr1 @AlderLaneEggs Great research! How is Antin considered ‘independent’ given clear conflict? Can you post the source documents?

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@PFoSF2

Research

11 months

@AlderLaneEggs @FriendlyBearSA @AureliusValue Even on Brian Kahn’s very aggressive definition of adjusted pro forma income - $FRG loses money. $FRG is a massive cash suck to $rily

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@PFoSF2

Research

10 months

@MWM76 @AlderLaneEggs Les not forget $RILY has over $100m loaned to $aren, another money losing company that was unable to file its 10Q last week by the deadline

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@PFoSF2

Research

7 months

@AlderLaneEggs @kiantrades @AureliusValue @FriendlyBearSA @StockJabber Just to clarify - there was no ‘investigation’ $RILY described this as an ‘internal review’. But I agree, release the full report and it’s findings and have someone besides Bryant, opine on the review

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@PFoSF2

Research

10 months

Yes - $RILY marks $FRG on their own books at $30 /share (see 10Q) if client accounts have another mark, then it’s even more accounting fraud by @MarcumLLP

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@PFoSF2

Research

9 months

@FriendlyBearSA @AlderLaneEggs @HolbrookHldgs @AureliusValue Why would a law firm's insurance pay the break fee, when there was a court ruling that the law firm was not liable? That's a ridiculous suggestion

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@PFoSF2

Research

9 months

The SEC was on to their accounting shenanigans and made up pro forma adjusted numbers

Tweet media one

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