Adler has issued a weak "response" to our report to Bloomberg. Without a scrap of evidence, Adler "strongly rejects" our "evidently false" report. #thread 1/ 
Adler falls back to CBRE and NAI Apollo for its valuations, despite recognizing on an IR call that the valuers visited exactly none of the properties it was appraising, and ignoring systematic delays and reversals of major sales. $ADJ 2/
By our estimates, Adler has reversed more sales than it has made in the last 12 months. Sales it *has* made in the last 12 months are opaque, most have not been settled, and are likely to related parties. $ADJ 3/
On that note: Adler completely glosses over evidence that its insiders have been systematically looting the business for a kleptocratic cabal. $ADJ 4/
We look forward to Adler's detailed response to our allegations. $ADJ $ADL /end
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