This article was coproduced with Williams Equity Research.

As we walk through the situation Pennsylvania REIT (PEI) finds itself in, we'll discover a telling pattern when it comes to distressed investing: The bullish thesis is completely and exclusively contained in the earnings presentation and the bearish material is located strictly in the SEC filing, in this case the Q1 10-Q.

Whenever considering an investment in a clearly troubled company, it's even more important than usual to incorporate multiple sources into the research and trust SEC filings over company-created presentations.

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