Carson Block of Muddy Waters Capital makes the case that Luxembourg-based Vivion Investments is playing shell games with related parties to take cash from the business. Muddy Waters believes that some of the supposed shareholder loans do not exist, and Carson argues that the means with which the company has artificially inflated its property values has allowed it to obtain additional debt financing that is then returned through repaying these shareholder loans. Between boots on the ground to investigate true occupancy rates, to the suspicious 18-day flip of a property company from its controlling shareholder, Muddy Waters raises significant concerns about the valuation of Vivion’s debt.