We examine the properties of existentially closed (R-omega-embeddable) factors. In particular, we use the fact that every automorphism of an existentially closed (R-omega-embeddable) II1 factor is approximately inner to prove that Th(R) is not model complete. We also show that Th('R) is complete for both finite and infinite forcing and use the latter result to prove that there exist continuum many nonisomorphic existentially closed models of Th(R).
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