July 15, 2025 – Over ₹1,499 crore ($175.4m) of Vedanta Limited (VEDL) dividends was paid to entities we believe remain under the control of the Agarwal family, and function more akin to political lobbying fronts for influence peddling, and to plug Promoter vehicles with cash.
July 14, 2025 – On July 9, 2025, Vedanta Limited (NSE: VEDL) issued a press release claiming our extensively referenced report was “false propaganda”, despite being unable to disprove a single point in our report and complaining that we had not engaged with management (who
July 10, 2025 – On July 9, 2025, Viceroy released our report on Vedanta Limited (VEDL) and Vedanta Resources (VRL), detailing a system where the public company VEDL is being systematically looted to sustain its indebted parent VRL. The company’s response, a one-page dismissal, ignores
July 9, 2025 – Viceroy is short the debt stack of Vedanta Resources (VRL PropCo), the heavily indebted parent and majority owner of Vedanta Limited (NSE : VEDL). The entire group structure is financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors.
May 21, 2025 –Arbor net spreads continue to nosedive, suggesting a further fall in Q2 2025 revenues. More significant errors in Arbor’s reporting of delinquencies, total debt, and debt servicing costs against underlying collateral have also been uncovered. Either the DSCR of Arbor CLOs have
April 24, 2025 – Arbor have closed 2 CLOs last month, announcing that loans will be placed in allegedly cheaper repo lines. We have amended the surveillance reporting of the remaining CLOs accordingly and uncovered more significant errors in Arbor’s reporting of total debt against
March 24, 2025 – Arbor have closed 2 CLOs this month, announcing that loans will be placed in allegedly cheaper repo lines. This report will show that cheaper financing is nothing but a fairytale woven by management. Arbor performance has continued to rapidly deteriorate, as
March 4, 2025 – Arbor’s 10-K is littered with creative accounting and outright incorrect data as its window-dressing campaign continues. This report will highlight the most egregious examples of Arbor’s fabrication of financial data, and contrast this with real performance data from its CLOs. Arbor’s
March 3, 2025 – On February 26, 2025, Globe Life released its 2024 10-K. While management conveyed that it was business as usual there are several red flags in the 10-K and accompanying earnings call. Massive share buybacks were substantially funded by expensive debt. Policy
February 21, 2025 – Arbor’s CLO delinquencies are up 33% month-on-month in January 2025 to $1.1b. Substantially all delinquencies have already been modified, many as recently as Q4 2024. Arbor has modified $4.7b of loans and holds $1.0b of delinquent loans. Modified loans represent ~82%
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