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    When I signed up for Blue Apron a while back they didn’t have local facilities so they shipped my food from halfway across the country. No wonder their margins are terrible, they use tech startup logic for traditional business line.

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      Yeah a big problem with all these mREITs is that they underwrite loans “collateralized” by commercial properties, but these properties are not developed yet. The value of the collateral is assumed to be the projected value of the finished development. So if someone along the line goes belly up, this causes a huge domino effect and blows up the debt instruments.

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        The company says it “normally” settles payables on 30-day terms. As of now, 95% of the company’s payables are past 30 days due and 64% are over 180 days old. We question whether they will ever be paid.

        That’s a not so creative way to cook the books, lol.