Investment Research report

IRSA - Inversiones y Representaciones S.A.

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Research Overview

INDEX:
S&P 500
Sector:
Real Estate
Position:
Short
Date:
Nov 19, 2015

After conducting a forensic financial and accounting review, Spruce Point believes Inversiones y Representaciones S.A.(NYSE: IRSA), Cresud S.A.C.I.F. y A. (Nasdaq: CRESY), and IDB Development (Tel Aviv: IDBD), a Latin American real estate company, appears to be in violation of their covenants and have egregious accounting for IRSA’s controlling investment in IDB Holdings. Based on our investigation, we estimate 70% downside risk.

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