Intertain Group – Financial Treason & Crime

Short seller Cohodes targets yet another Canadian firm: Exchange Income

Jennifer Ablan, 05 July 2016

Short seller Marc Cohodes, who has famously bet against the shares of six Canadian-based companies including Valeant Pharmaceuticals International Inc and Home Capital Group Inc, said on Wednesday that he is targeting yet another Canadian firm – Exchange Income Corp.

Cohodes told Reuters that Exchange Income – a Winnipeg-based company focused on opportunities in aerospace and aviation services and equipment, and manufacturing – does not generate enough cash to pay the juicy dividend it provides investors. At about C$33 per share, Exchange Income commands a market capitalization of $1 billion.

Cohodes, who worked at a short-selling hedge fund but now raises chickens in California and invests his own money, has targeted Valeant, Intertain Group Ltd, Concordia International Corp, Home Capital, Equitable Group Inc and Badger Daylighting Ltd. Cohodes told Reuters last month that he is keeping his short position on the Canadian lender Home Capital despite a capital infusion from Warren Buffett’s Berkshire Hathaway Inc .

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Intertain Group Limited Statement on Spruce Point Capital Report

Marketwired, 18 December 2015

The Intertain Group Limited (“Intertain” or the “Company”) (IT.TO) today issued a statement to address what it considers to be a misleading and self-serving report that was published on December 17, 2015 by a self-identified short-seller of the Company’s common shares, Spruce Point Capital Management LLC (the “Fund”). Intertain stands behind the integrity of the Company’s public disclosures.

The Fund’s report reveals that the Fund and its affiliates had built a short position in Intertain’s common shares prior to the publication of the Fund’s December 17, 2015 report and therefore stand to realize significant gains in the event that the price of the Company’s stock declines.

Intertain has established a committee of non-management directors to closely review the allegations contained within the Fund’s report. Following that review, the Company will take any and all actions necessary and appropriate to protect the interests of the Company and its shareholders.
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