In short: The alleged Carvana "mystery buyer": "allegedly Delaware Life owns a heck of a lot of Carvana paper"; in court filings its related-party transactions went "from like three to something like 30 or 40%." Walter (the #5 Carvana holder via a special-purpose vehicle) "came out and said publicly there is no fraud here." The short's catalyst: "if Delaware Life goes under… the buyer of the paper is gone."
Delaware Life is a private insurance company tied to billionaire Mark Walter, who is also a major Carvana shareholder. Short sellers believe it is the buyer paying unusually high prices for Carvana's car loans, which would inflate Carvana's profits. Court filings showed its dealings with related parties jumped sharply. Walter says there is no fraud. The shorts' argument is that if this buyer ever stopped buying, the high loan prices, and Carvana's profits, would go with it.
38:36— And Delaware Wife is who? — Mark Walter. — Insurance company. — Yes. So did we find the mystery buyer? — We've kn people have known the shorts have known this for a long time. This is nothing new. — Okay. Because that's why they came out the Mark Walter connection. — Yes.
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