Gotham City Research LLC

GOTHAM CITY RESEARCH’S OPINIONS IRM manipulates adjusted leverage & EBITDA to artificially reduce reported leverage to 5x when we calculate it as 9x. IRM is under scrutiny from government agencies and facing lawsuits over its suspect accounting and exploitative business practices. We expect these to intensify. Should our estimate of IRM’s true leverage and cash flow be correct, IRM will face higher financing costs and/or a dividend cut. we believe shares are uninvestible. We

Dear LB Management, Chair of the Board David Capobianco, and the LB Board: Related Party Data Center Revenue Question – How exactly did...