Notably missing from the list of GPB executives is Evan Myrianthopoulos, the long-time head of Debt Strategies at the firm. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. Appropriate due diligence would further identify issues that concern investors (compared to other potential investments), including high costs, high commissions, illiquidity, and conflicts of interests that would make the investment not suitable for retail investors or certain classes of retail investors such as retirees, elderly investors, etc if the investments are long-term and illiquid in nature, that more than likely would not suit the investment objectives, needs, or goals of an elderly or retired investor in many cases. It is alleged that GPB Capital Holdings tried to cover up the scheme, and its an inevitable failure by telling investors that they would receive continuous returns amounting to 8 percent of their initial investment. Taxpayer Information Franchise Tax Permit Holder Location Information Businesses in the same location Businesses in the same zip code Similar Entities Motels near Indira Gandhi Intl Airport (DEL), New Delhi on Tripadvisor: Find traveler reviews, 50,114 candid photos, and prices for motels near Indira Gandhi Intl Airport (DEL) in New Delhi, India. Lock The only problem is that both car dealerships and garbage haulers had already been through a wave of consolidation 20-30 years ago, and they were rolled up by really smart guys who continue to look for good acquistion candidates and have the cash in hand to snag them. In the event that GPB and its management are charged criminally, those people who received distributions are subject to clawback rules. GPB said it would pay for investors by income generated from the private partnerships. GPB policy requires the use of a valuation provider to support its Valuation Committee in determining appropriate valuation and assets under management. As alleged, the defendants misrepresented the holdings of GPB Capital through deceptive marketing practices, luring investors with promises of monthly distributions that would be covered by funds from the investments and not drawn from underlying invested capital. "This transaction delivers significant value for GPB Capital's investors and gives Group 1 access to 1,800 dedicated employees and more than two dozen of the best dealerships in the Northeast,"said Rob Chmiel, CEO of GPB Capital. Proposed material corporate transactions by GPB and Highline Management, which oversees the alternative asset firm's business affairs; Any credit extension not in line with regular business; Key business strategy changes, as well as compensation modifications involving a GPB executive, affiliate, or party related to Highline Management or GPB; %PDF-1.5 % A locked padlock Highline Management, Inc. Jan 2020 - Present3 years 2 months Greater New York region Key member of the leadership team of GPB Capital's investment management subsidiary, which manages. Brokers and financial advisors also have a responsibility to conduct an investigation. Sort by manufacturer, model, year, price, location, sale date, and more. For the last two years, GPB Capital Holdings investors have received a continuous flow of bad news about their investments, and Haselkorn & Thibaut has filed a GPB Capital lawsuit has filed numerous GPB Capital lawsuits (in the form of FINRA arbitration claims) nationwide for investors in an effort to successfully assist those investors in recovering their losses and damages. According to. Page 1 of 1 GPB Capital Holdings at the end of June reported a sharp decline in its regulatory assets under management over an 18-month period and several changes in management and financial oversight. GPB Automotive Portfolio, LP. This has serious implications. That is a 45.2% plunge.

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This latest ADV shows GPBs Regulatory Assets Under Management (RAUM) as $238,637,198. This is not unexpected as existing long-term relationships very often lead to new business opportunities. Armada Waste Management: 2Q 2019 Fair Market Value is $33.3 million, or 20.5% of the Net Capital Contributions, a decline from 4Q 2018 Fair Market Value of $53.4 million, or 32.7% of the Net Capital Contributions. {

Of course, we pause to note that GPB Capital Holdings still owes investors and the SEC those 2015 and 2016 restated financial reports. ],

Scientologist David Gentile purchased, or bought controlling interest in, several companies owned by his fellow Scientologists. 2019-0071-SG). Similarly, did it becomes unsuitable for the investor over time? From 2013 through early 2018, Lash was responsible for overseeing the GPB Funds investments in car dealerships, which made up a sizable percentage of GPBs portfolio companies. Scientology Fines OTs $100,000 if They Talk About Xenu or Body Thetans! GPB is in the final stages of interviewing replacements. This Office is committed to ensuring honesty and integrity in the management of investment funds.. In reality, despite the defendants representations, investor capital was used to pay for a significant portion of the distributions made to investors in each of these funds. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. But who are the officers? Main Office Of course, one can easily see the highly negative results David Miscavige and the Church of Scientology have produced by adherence to Hubbards policies. Scientology Does! 271 Cadman Plaza East 1. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. GPB Capital provides their portfolio companies with the strategic planning, managerial insight and capital needed to enable strong businesses to work towards the next level of growth and profitability. This is in direct contradiction with GPBs stated RAUM of $238 million. Professional firms do not engage in this type of activity. Recently, another auditor retained by GPB resigned. this Court over GPB Capital Holdings LLC ("GPB CH"). Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. Recover your GPB Holdings losses by calling us 1 800 856 3352 for a free consultation. However, thats less likely than that either the GPB management was hopelessly incompetent, vastly overpaying for assets that really werent worth a lot, or that the whole thing was a willful fraud from the beginning. When typing in this field, a list of search results will appear and be automatically updated as you type. Thats a huge red flag a long-term private equity investment is supposed to focus on long-term capital appreciation instead of current income. Highline currently oversees on GPB's behalf all day-to-day functions of the Partnership and its subsidiaries, including management of all underlying assets, human capital, accounting and financial reporting, and operations pursuant to a Management Services Agreement ("MSA"). GPB-Capital-Holdings-Brochure-Form2A, Categories: The Scientology Money Project, Tagged as: ADV, Ascendant Alternative Strategies, Ascendant Capital, David Gentile, Evan Myrianthopoulos, GPB Capital Holdings, Highline Management, jeffry schneider, Jovan Sijan, L. Ron Hubbard, Mark Martino, Michael Cohn, Michael Emanuel, Robert Chmiel, Stroock. Page 1 of 1 Jeffrey Schneider, GPBs placement agent Ascendant Capital, David Gentile, and Jeffrey Lash, both executives of GPB, have been charged with wire fraud, securities fraud, and conspiracy against 17,000 investors. As we allege today, however, this was all a lie. Mark Martinos Ascendant Alternative Strategies website has been disabled and is non-operational at this writing. Does Your Religion Pay You Commissions? Last summer GPB Capital Holdings announced that it would not be providing Schedule Cs and required tax documents for investors. It seems AutoNation alumni have an inside track at GPB Capital Holdings. This is due to the fact that GPB disclosed in its latest ADV that it was unable to hire a third-party Valuation Service Provider in 2019. In other words, investors were saying that GPB Holdings was paying investors with new investors funds, thus the definition of a Ponzi scheme. A Ponzi scheme is where people are promised a return and paid money from other investors. ", Transaction delivers significant value for GPB Capital's investors. This is an outrage. This site uses cookies. As of December 31, 2017, GPB had approximately $434,286,529 in regulatory assets under management, all of which is managed on a discretionary basis. . David Gentile has been accused by investors of setting up a Ponzi scheme and connections to a Russian crime figure. As for the Church of Scientology, I smell COLLSION.. and it stinks. ROME 1120 Auction Results. GPB has been unable to provide a final asset under management figure for the year ending December 31, 2019. The case is currently delayed because of the coronavirus. Inglesino, Webster, Wyciskala & Taylor, LLC served as GPB. The Plaintiffs, in this case, alleged that GPB Capital Holdings was operating a Ponzi scheme. This is an outrage. GPB serves as general partner and/or manager for various companies (each, a Company, and collectively, the Companies) which do not meet the definition of investment company and thus will not register under the Investment Company Act of 1940, as amended (the 1940 Act) and whose fund interests (Interests) are not registered under the Securities Act of 1933, as amended (the 1933 Act). We have no idea what GPBs most recent RAUM number actually means.

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The firms main owners and control persons include Gentile and Schneider. Despite these declines and negative events, many financial advisors continue to try to tell a positive story but based what facts or evidence, its unclear. Many investment companies have declared bankruptcy and left their investors holding the bag. In September 2018, a former compliance officer at one of the 63 broker-dealer firms selling GPB investment funds to public investors filed a federal lawsuit alleging that her broker-dealer (Purshe Kaplan Sterling Investments) sold GPB holdings investments despite serious red flags. In its civil complaint against GPB Capital Holdings, Massachusetts securities regulators noted the structurally complex nature of the GPB Capital and its myriad conflicts of interest and self-dealing: By its nature, GPB Capital is structurally complex. Our securities fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have spent nearly two years investigating GPB Capital over allegations that it ran a $1.8B Ponzi scam. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Highline Capital Management LP. Ponzi schemes have been around for a long time, and one of the most recent Ponzi schemes was by Bernie Madoff from New York, who stole over $17 billion. Who owns Highline Management, Inc.? Defendants David Gentile, the founder, owner and Chief Executive Officer (CEO) of GPB; Jeffry Schneider, the owner and CEO of Ascendant Capital LLC (Ascendant); and Jeffrey Lash, a former managing partner of GPB, are charged with engaging in a scheme to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them and the amount of revenue generated by two of GPBs investment funds, GPB Holdings, LP and GPB Automotive Portfolio, LP. Law360 (June 13, 2022, 8:20 PM EDT) -- The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to appoint a receiver for GPB Capital Holdings amid a criminal case . GPB Capital Investment Recovery Goodman & Nekvasil, P.A. Secure .gov websites use HTTPS }}
"text": "GPB Capital Holdings was founded by David Gentile in 2013 and headquartered in New York City. An official website of the United States government. GPB Capital Holdings, LLC, a Delaware limited liability company ("GPB" or the "Manager"), is a New York-based middle-market acquisition and operations firm whose principals are experienced financial, management and accounting professionals with several decades of combined private investment and acquisitions experience. Last year GPB Capital Holdings plunged from $1.8 billion to $1.1 billion Regulatory Assets Under Management. The complaint alleges that a majority of the $1.8 billion GPB generated went into the companys owners/principles. Thats pretty stupid but is not necessarily criminal collecting money from investors, charging them 8% to 11% commissions, then keeping the money in a money market account and just handing it back as distributions, to be taxed again is incredibly dumb, but it may or may not be a crime depending on the precise details. The allegation is that he shared that information with GPB executives and thereby acted to obstruct justice. Browse our inventory of new and used NEW HOLLAND SP.345F For Sale near you at MarketBook.ca. As stated in the Massachusetts complaint against GPB: Ascendant Capital is wholly-owned by Gentiles business partner Jeffry Schneider. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. If you invested in any of the following funds. This site uses Akismet to reduce spam. Sort by manufacturer, model, year, price, location, sale date, and more. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. We have over 50 years of experience and a 95% success rate. Page 1 of 1. HQ Phone (212) 235-2650 Company GPB Capital Rob Chmiel Current Workplace GPB Capital Location 535 W 24th St Fl 6, New York, New York, 10011, United States Description Read More Industry Venture Capital & Private Equity Finance Discover more about GPB Capital Org Chart - GPB Capital Rob Chmiel Interim Chief Executive Officer Phone Email Phone Email Finally, there are practical considerations as well in cases where investors are aware of losses and potential claims, but they choose to delay taking action. For over 3 years now, GPB Capital investors have been getting more and more bad news. Recently, another auditor retained by GPB resigned. GPB.ADV.August.2020, GPB Capital Holdings Brochure: Jefferies LLC acted as financial advisor and Skadden . As with any investment fraud or Ponzi scheme, it is critical to take action. 4B. The taxpayer number is #32079004860. GPBs regulatory assets under management does not include the assets of certain GPB-managed Companies, which are holding companies that are (i) excluded from the definition of investment company under the 1940 Act; and (ii) do not otherwise meet the definition of securities portfolios for the purposes of calculating an advisers regulatory assets under management. GPB told prospective investors that it would purchase, among other assets, income-producing auto dealerships and waste management businesses with capital from investors, promising them 8% returns . Unfortunately, the value of GPBs investment funds appears to have dropped rather dramatically in recent months as the company continues to miss filing deadlines and is accused of being a Ponzi-like scheme in various pending litigation matters. Brooklyn NY 11201, Telephone: 718-254-7000 This comes after the change of the CEO, an additional lawsuit by the former CEO, and the arrest of GPBs Compliance officer for obstruction of justice. The structural complexities of GPB Capital Holdings; its funds and sub-funds; and hundreds of bank accounts will be unraveled in due course by regulators and, hopefully, prosecutors. In July, the alternative asset firm reported in its Form ADV to the SEC that its assets under management (AUM) had declined by nearly $200M between the end of 2017 and June 2019from $434M in AUM to $196.3M. 2019-2020: GPB Capital Holdings aggregate loss is $1.561 billion. Highline Management Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the . Moreover, the property on which many dealerships sit is owned by separate companies under the GPB Capital umbrella. With todays guilty plea, Modile is revealed as a prolific fraudster and money launderer who has left a trail of fake documents, plundered bank accounts, and financial victims from Brooklyn A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Ibrahim Bazzi, a Lebanese and Belgian citizen, and Talal Chahine As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud he ran Ozy as a criminal organization rather than as a Eastern District of New York Also in July, investors of the GPB Capital Holdings II were told that they would not be getting the key documents they needed to submit with this years tax filingsa deadline that was already postponed by three months due to COVID-19. "text": "First, be aware that there is a limited time window for an investor to recover losses.

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Many investors did not realize that the brokers and financial advisors were highly motivated to sell the GPB investments as they earned an upward of an 8% commission (often much more incentive than other investments that better suited the retail client investor goals and objectives. Age: 54 or other current GPB CH or Highline management that, in my judgment, has led to any loss of Case 1:21-cv-00583-MKB-VMS Document 104 Filed 07/08/22 Page . 169825 | New York | Last Form ADV Filed on 31 Mar 2022 | Registration: SEC Similar Firms ESTANCIA CAPITAL MANAGEMENT, LLC $515.6M (+43.00%) DECATHLON CAPITAL MANAGEMENT II, LLC $400.1M ELM RIDGE MANAGEMENT, LLC $212.2M (+0.00%) GCA INVESTMENT MANAGEMENT, LLC $74.98M BULLDOG INVESTORS, LLP $454.2M (+25.00%) The GPB Capital Holdings Brochure of August 12, 2020 confirms that Highline Management, Inc. has taken over the daily operations of GPB: `. endstream endobj 63 0 obj <.

}, National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. between the end of 2017 and June 2019from $434M in AUM to $196.3M. Suddenly, however, David Gentile apparently needs to pay two outside companies in order to help him get out of bed in the morning. Official websites use .gov He then allegedly shared the information with GPB executives. It has been reported that the Securities and Exchange Commission (SEC) launched an investigation. At Haselkorn and Thibaut, InvestmentFraudLawyers.com, our attorneys specialize in helping investors maximize the recovery of their investment losses.

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hbbd```b``: "ZO,` "`63 3(%$cH 1' gT#30` =EI July 2019: We reported on GPB Capital Holdings staggering $700 million loss across all of its funds. 98 0 obj <>stream Private placement investments are only supposed to be sold to high net worth and accredited investors. In October 2019, GPBs Chief Compliance Officer was indicted. His sentencing hearing is scheduled for January 2021. Along with our partners, were committed to exposing these frauds whenever and wherever we find themand holding the fraudsters accountable, stated FBI Assistant Director-in-Charge Sweeney. Its funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies.

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GPB Private Placement Investors Continue to File Fraud Lawsuits Against Broker-Dealers. For more information on Highline Management, Inc. see our previous article: Scientologist-Owned GPB Capital Admits to Staggering Losses in Latest ADV Filing: AUM at $239 Million; Down from $1.1 Billion in July 2019. Emanuel joins a handful of other high-caliber non-Scientology lawyers who find good money working in Scientologys orbit where the invisible hand of L. Ron Hubbard guides things from the beyond through the written policies he left behind. Our research shows a Highline Management, Inc. as being a Delaware corporation. TORONTO, March 02, 2023 -- ( BUSINESS WIRE )--Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline . Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case.

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GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of a 30-acre parcel of land that was owned by GPB Cold Storage, LP (the "Partnership"). Wait and see does not appear to be a viable recovery option. As detailed in the indictment and other court documents, GPB, founded by Gentile in or around 2013, was a New York-based investment advisor registered with the SEC. Given the above statement, we must ask if the $239 million RAUM is a meaningful number at all. This site uses Akismet to reduce spam. Whether or not the funds are even currently worth the value reported by the company as the sponsor remains to be seen and has not been verified as of yet by any outside auditor firms. This statement concerning other investment-related business activities conducted at GPB Capital Holdings office in Austin, Texas. For better and worse, the car guys seem to have a great deal of influence at GPB: Patrick Dibres lawsuit: Read GPBs claim and Dibres counterclaim. Most investors were unaware of the losses until they received notices from their broker-dealers. The SEC mandated the use of RAUM in Form ADV in 2012. About 60 broker-dealers made more than $167M in commissions from selling GPB private placements. Hiding behind the skirts of their high-priced attorneys just as they did in the 19th and 20th centuries. The SEC has filed documents in the U.S. District Court for the Eastern District of New York arguing that an independent monitor be appointed to oversee GPB Capital Holdings after earlier this month the SEC charged GPB Capital and three of its executives with operating a Ponzi-like scheme that raised . Myrianthopoulos may have been behind the scenes in the arrangement for Soligenix to lease its headquarters from a partner of GPB Capital Holdings. Question: If Highline Management, Inc. was created to manage the daily business operations of GPB Capital Holdings then why is Austin Lake Technologies also required as an independent support partner that provides strategic, management, and operations consulting services to the adviser? The question in those cases may be whether the financial advisor had a conflict of interest or otherwise breached his or her fiduciary duty by stepping in front of the clients best interest as a result of the commission structure of GPB Holdings. GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud Thursday, February 4, 2021 For Immediate Release U.S. Attorney's Office, Eastern District of New York The Defendants Allegedly Misrepresented GPB's Performance and Paid Distributions with Investor Funds Such statements do not appear to be enough to calm most investors in light of the list of other prior events. There may also be issues as to whether due diligence files were properly updated as material issues, including those noted above, were made public or could have been discoverable by the firms. GPB investors. GPB excludes the value of the assets in its holding companies in its RAUM. It is exactly as the Commonwealth of Massachusetts wrote: [GPBs] funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. As reported by Law360 last week, Mr. Cohn is presently seeking a bench trial: Law360 (August 10, 2020, 2:43 PM EDT) A former compliance examiner accused of stealing information from the U.S. Securities and Exchange Commission sought a rare criminal bench trial over prosecutors objections on Monday, saying it is the only way to hold a speedy trial during the pandemic Cohn argued that his constitutional right to a speedy trial and due process of law is impaired by the ongoing delay.. A more recent docket listing may be available from PACER . 5. A lock ( Investment fraud schemes are not only problematic for the victims they claim, but for the overall investing public who loses faith in a free-market system every time they hear of crimes like this. GPB Capital received as much as $7 million in PPP money across all of its funds, this even as the firm is the subject of numerous investigations. CA No. Ch. Industries Financial Services Company size 11-50 employees Headquarters New York, NY Type Privately Held Founded 2020 Locations. How much did Scientologist David Gentile put into the Church of Scientologys coffers via the IAS, Hubbard College, and its many other front groups? If convicted, the defendants each face up to 20 years imprisonment. On October 10, 2017, Ascendant Alternative Strategies registered as a broker-dealer in Massachusetts. BZ WELDING Farm Equipment Auction Results. In truth, a significant portion of GPBs distributions were paid directly from investor funds. AUSTIN LAKE TECHNOLOGIES IS AN INDEPENDENT OPERATIONS SUPPORT PARTNER THAT PROVIDES STRATEGIC, MANAGEMENT, AND OPERATIONS CONSULTING SERVICES TO THE ADVISER.

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The Company offers equities, portfolio management, financial planning, and advisory . Xenu Who? Assistant United States Attorneys Lauren Howard Elbert, Artie McConnell and Garen Marshall are in charge of the prosecution. If we rely upon the June 2020 ADV number of $238,637,198, GPB Capital Holdings incurred a mind-blowing ~$861 million loss in one year.

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As an investor, you may want to begin by reviewing the basic information and records that you have in your . The current unrealized loss is $92,725,188.00. GPB Capital Holdings LLC, which faces federal fraud charges, announced this week that its GPB Cold Storage LP fund had completed its disposition of the parcel, which it assembled over several years starting in 2016. . Tom Hawkins worked for AutoNation in the past. First, be aware that an investor has a limited time window to recover losses. The alleged whistleblowers opinion appeared to be that GPB funds should not have been approved for sale to retail investors on the broker-dealer firms platform. We find the non-operational websites to be disgraceful. No third party would want to sign off on anything given the deliberate complexity and dishonesty of a firm such as GPB Capital. The ponzi scheme allegations are for all the products.

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It all seems like smoke and mirrors. 6. My professional background, and various other factual matters, are further described in a prior declaration that I submitted on June . Ascendant Capital began as a branch office of a New York-based broker-dealer but in 2017 became a branch office of the Gentile-owned broker-dealer Ascendant Alternative Strategies, LLC (Ascendant Alternative Strategies). 2. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. Mr. DuCharme expressed his grateful appreciation to the Securities and Exchange Commission, New York Regional Office, for their significant cooperation and assistance during the investigation, and thanked the Business Integrity Commission and the New York City Police Department and for their support during the investigation.

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