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Fugazi Research: Avis Budget Group’s 40% Crash Was a Short Squeeze Unwind, Not a Fundamental Event — What Remains Is $25.3B in Debt, Negative Equity, and 0.56x Interest Coverage

SRS Investment Management held more shares than Avis's entire non-affiliate float, installed its own CEO, CFO, and Chairman, and used the company's own buybacks to consolidate control for free — while the business gen...