This will eliminate the casing in the interior of the symbol that is shown above. You can use symbol level drawing to make the lines and arrowheads appear seamlessly connected. On the map, click the Eyedropper tool on a location that shows the interior color of the line.To learn more, see the online help page on color and the Eyedropper tool. After a color has been clicked, the symbol’s color is set to the new color and the tool deactivates. To apply the color to the symbol, left-click the map, scene, or layout. When the Eyedropper tool is active, a square magnifier appears with the pointer to show the currently selectable color. You can use the tool to pick a color from a layer in the active view and apply it to the current symbol. Note: The Eyedropper tool is available wherever a color palette is present. At the bottom of the color palette, click the Eyedropper tool () to activate it. Under Appearance, click the Color drop-down arrow.On the Symbology pane, click the Properties tab and click the Layers tab ().The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.The next step is to change the appearance of the arrowhead so that it is larger, matches the color of the line, and is positioned at the end of the line only. On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. Investors should continue watching to see how this unfolds for TGLS stock. Furthermore, Tecnoglass’s team has not yet released an official response. However, shares of TGLS stock are still up 195% year-to-date (YTD), despite the recent selloff. Hindenburg claims that “High, persistent, uncollectible receivables balances can often be a sign of fake revenue.” Given the two brother’s background, Hindenburg doubts the company’s revenue figures and urged its current auditor to conduct a further review. DSO is a measure of the time it takes for a company to collect payment after a transaction. The company’s days sales outstanding (DSO) is roughly 100 days, which is nearly double the rate of industry peers. Again, the company did not disclose related party information.įinally, Hindenburg alleges that Tecnoglass is significantly overstating its revenue. GM&P was eventually acquired by Tecnoglass in 2017, and again, no disclosures were released during the process detailing familial links.įrom 2015 to 2021, export records show that Tecnoglass exported products to Glass Studio Group, which has ties to Jose and Christian Dae’s nephews. Tecnoglass failed to disclose that the CFO of GM&P is a cousin to Jose and Christian Daes. The glass-maker cycled through three auditors that year, who flagged weaknesses relating to the “identification and reconciliation of related party transactions.”Īdditionally, from 2013 to 2016, Tecnoglass’s largest customer was a company named GM&P. Murky Transactions, Revenue Numbers Send TGLS Stock Tumblingįurthermore, Tecnoglass made its public debut in 2013 via SPAC (special purpose acquisition company). As of this quarter, the two brothers collectively own ~55% of Tecnoglass. This led the media to speculate that the sealing may have occurred to protect individuals who had cooperated in the prosecution of other defendants. In a twist of events, the charges against the two were eventually dismissed in a sealed court case. Shortly after, warrants were issued for Jose’s arrest, and he was declared a fugitive. The charges claimed that the brothers helped smuggle weapons and moved over 200 tons of cocaine. prosecutors filed charges against the two brothers, alleging that the brothers served as “managers and operators” of the Cali cartel. However, it seems as if these two brothers have a shady background. Jose is the CEO of Tecnoglass, while Christian is the COO. Two brothers, Jose and Christian Daes, founded the Colombia-based company. Tecnoglass engages in the design, manufacturing and distribution of glass products to residential and commercial buildings. Hindenburg Goes Short on Tecnoglass, Citing Shady Backstory