Carson C. Block · research-note
Focus Media Holding Ltd. (FMCN)
80 pages · 4 arc beats · 2 loops
Focus Media Holding Ltd. (FMCN)
Carson C. Block · 2011-11 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 80 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call 4 slides 100% 4/4 slides 100% 4/4 slides · 31 hits — 0/4 slides
50% 2/4 slides 25% 1/4 slides 100% 4/4 slides — 0/4 slides
The Monster 16 slides 100% 16/16 slides 100% 16/16 slides · 112 hits — 0/16 slides
— 0/16 slides
62.5% 10/16 slides 100% 16/16 slides 43.8% 7/16 slides The Struggle 20 slides 100% 20/20 slides 100% 20/20 slides · 162 hits — 0/20 slides
— 0/20 slides
55% 11/20 slides 100% 20/20 slides 50% 10/20 slides The Victory 40 slides 100% 40/40 slides 100% 40/40 slides · 188 hits — 0/40 slides
17.5% 7/40 slides 7.5% 3/40 slides 100% 40/40 slides — 0/40 slides
Slide inventory
80 every slide · same image gating as the playbook
01
Muddy Waters research note format; includes standard legal disclaimer and key investment thesis points.summarize
Open slide detailBeat · The Call
02
The slide uses the Olympus scandal as a comparative framework for FMCN's alleged malfeasance.frame_problem
Open slide detailBeat · The Call
03
This is a page from a Muddy Waters research report exposing corporate malfeasance.name_villain
Open slide detailBeat · The Call
04
The slide contains footnotes referencing specific data sources for the claims made.summarize
Open slide detailBeat · The Call
05
This is a page from a research report (likely a short-seller report) alleging financial fraud.expose_contradiction
06
The slide uses a 'villain critique' style to highlight financial mismanagement and potential self-dealing by executives.expose_contradiction
07
This is a page from a research report (likely a short-seller report) detailing financial irregularities.expose_contradiction
08
This is a research note page focusing on corporate governance failures and insider trading allegations.expose_contradiction
09
The slide uses a series of bullet points to outline financial misconduct and operational misrepresentation, supported by extensive footnotes.expose_contradiction
10
The slide uses a series of investigative claims to challenge the company's public disclosures, supported by footnotes referencing SEC filings and analyst converexpose_contradiction
11
The text serves as a forensic accounting analysis, highlighting discrepancies between reported acquisition costs and actual market values.expose_contradiction
Open slide detailBeat · The Monster
12
The slide uses a narrative structure to expose corporate governance failures and potential self-dealing by FMCN management.expose_contradiction
Open slide detailBeat · The Monster
13
This slide serves as a forensic accounting note highlighting potential self-dealing or conflict of interest.expose_contradiction
Open slide detailBeat · The Monster
14
Includes a detailed footnote explaining the limitations and estimation methodology for the acquisition and write-down figures.analyze_data
Open slide detailBeat · The Monster
15
The slide uses a forensic accounting approach to highlight a $26.1M discrepancy in reported losses.expose_contradiction
Open slide detailBeat · The Monster
16
The slide uses forensic accounting logic to challenge the legitimacy of asset write-downs by comparing them to market performance and acquisition history.expose_contradiction
Open slide detailBeat · The Monster
17
The slide includes a footnote regarding the disposal of Tou Jia, questioning the justification for the zero-consideration transaction.analyze_data
Open slide detailBeat · The Monster
18
Includes a provocative image of a toilet with the Focus Media logo, implying the company is 'flushing' assets.expose_contradiction
Open slide detailBeat · The Monster
19
This is a text-heavy research note page from a Muddy Waters report.expose_contradiction
Open slide detailBeat · The Monster
20
Includes detailed footnotes explaining the accounting treatment and disclosure sources for the listed disposals.analyze_data
21
The slide uses aggressive, accusatory language ('Human Piranha-speak', 'faces ripped off') to frame the financial data as evidence of insider malfeasance.expose_contradiction
22
The slide uses a timeline-based diagram to illustrate the sequence of events and the alleged self-dealing by insiders.expose_contradiction
23
Includes detailed footnotes referencing SEC filings and external private equity reviews.expose_contradiction
24
The slide uses a balance sheet to highlight the discrepancy between the purchase price and the company's actual financial position.expose_contradiction
25
The slide uses a table of insider holdings to frame a narrative of questionable corporate governance and potential conflicts of interest.expose_contradiction
26
Includes specific allegations of fraud and SEC inquiries regarding insider transactions.expose_contradiction
27
The slide combines a table of shareholding combinations with a narrative investigation into corporate fraud.expose_contradiction
28
The slide uses a timeline to contrast FMCN's purported acquisition dates with actual ownership periods of third parties.expose_contradiction
29
The slide uses a table to contrast pre- and post-acquisition roles to highlight the change in control, and text to argue that FMCN's financial disclosures regarexpose_contradiction
30
The slide uses a 'spot the difference' approach to expose potential financial reporting manipulation or errors.expose_contradiction
31
The slide uses investigative evidence (SAIC filings, CCTV interview) to argue that FMCN fabricated acquisitions to justify write-downs.expose_contradiction
Open slide detailBeat · The Struggle
32
Includes a satirical 'Most Laughable' award graphic for the 'Captain Six' boat acquisition.expose_contradiction
Open slide detailBeat · The Struggle
33
The slide uses forensic accounting logic to expose potential overpayment or asset misvaluation.expose_contradiction
Open slide detailBeat · The Struggle
34
The slide uses a comparative cost analysis to highlight potential mismanagement or overvaluation of assets by the company (FMCN).expose_contradiction
Open slide detailBeat · The Struggle
35
Includes a visual timeline/infographic depicting the 'crash' of the CGEN acquisition.name_villain
Open slide detailBeat · The Struggle
36
The slide uses a narrative structure to expose poor M&A due diligence and potential conflicts of interest.expose_contradiction
Open slide detailBeat · The Struggle
37
This slide serves as a case study in corporate value destruction and potential self-dealing.expose_contradiction
Open slide detailBeat · The Struggle
38
The slide highlights a discrepancy between the sale price and the book value/market value of the joint venture, implying potential mismanagement or self-dealingexpose_contradiction
Open slide detailBeat · The Struggle
39
The slide is a page of text from a research report detailing financial improprieties and conflicts of interest.expose_contradiction
Open slide detailBeat · The Struggle
40
The text uses strong, accusatory language ('abusive', 'shenanigans', 'shockingly') to frame the transaction as a self-dealing event.expose_contradiction
Open slide detailBeat · The Struggle
41
The slide uses a table to present financial terms followed by a narrative critique of corporate governance and management conflicts.expose_contradiction
Open slide detailBeat · The Victory
42
The slide uses a complex node-link diagram to visualize conflicts of interest. It specifically highlights the lack of separation between board members and the cexpose_contradiction
Open slide detailBeat · The Victory
43
The slide uses a narrative structure to expose governance failures and excessive compensation, contrasting FMCN with Exxon Mobil.expose_contradiction
Open slide detailBeat · The Victory
45
Contains two distinct tables: one detailing subsidiary status and one summarizing financial performance (RMB 000s).appendix
Open slide detailBeat · The Victory
46
Includes detailed footnotes regarding data availability and currency conversion methodologies.analyze_data
Open slide detailBeat · The Victory
47
Contains three financial tables: one in USDS for New Allyes, and two for Shanghai Allyes (one in RMB, one in USDS).analyze_data
Open slide detailBeat · The Victory
48
Includes a footnote regarding currency conversion methodology for the USD table.analyze_data
Open slide detailBeat · The Victory
49
Contains three distinct financial tables with currency conversion notes.analyze_data
Open slide detailBeat · The Victory
50
Contains historical financial data for two entities, with Beijing Quanshi noted as terminated in 2010.analyze_data
Open slide detailBeat · The Victory
51
Contains three financial tables with currency conversions and entity status notes.analyze_data
Open slide detailBeat · The Victory
52
Contains three distinct financial data tables with historical performance metrics.analyze_data
Open slide detailBeat · The Victory
53
Data presented in both local currency (RMB) and USD for iResearch; USD only for Focus Media Wangjing.analyze_data
Open slide detailBeat · The Victory
54
Includes a footnote regarding the transfer of Jiahua entities to FMCN.analyze_data
Open slide detailBeat · The Victory
55
Contains two distinct tables: one for historical financials (2006-2010) and one for disposal metrics.analyze_data
Open slide detailBeat · The Victory
56
The table tracks ownership stakes for specific individuals and FMCN across five different entities.analyze_data
Open slide detailBeat · The Victory
57
Contains two distinct tables: one detailing individual insider trades and another summarizing annual goodwill impairments.appendix
Open slide detailBeat · The Victory
61
This appears to be a page from a legal contract or joint venture agreement.other
Open slide detailBeat · The Victory
63
Page 62 of a legal document or research note containing contractual clauses.appendix
Open slide detailBeat · The Victory
67
This appears to be a page from a legal contract document.appendix
Open slide detailBeat · The Victory
69
The document appears to be a legal contract cover page with a stamp in the top left corner and a page number 68 in the bottom right.front_matter
Open slide detailBeat · The Victory
70
The document appears to be a joint venture or cooperation agreement between Japanese and Chinese entities.front_matter
Open slide detailBeat · The Victory
71
Page 4 of a legal document, likely an acquisition or service agreement.other
Open slide detailBeat · The Victory
72
Page 6 of a legal agreement, containing sections 8 through 12.appendix
Open slide detailBeat · The Victory
74
Contains signatures for '株式会社电通' (Dentsu Inc.) and '华光广告有限公司' (Huaguang Advertising Co., Ltd.) dated 2010-10-22.other
Open slide detailBeat · The Victory
75
This is a legal document excerpt detailing contract terms, payment schedules, and dispute resolution clauses.cite_precedent
Open slide detailBeat · The Victory
76
The text describes a specific legal case involving PRC Contract Law, specifically referencing Article 67.cite_precedent
Open slide detailBeat · The Victory
77
This appears to be a page from a legal research note or case study document.summarize
Open slide detailBeat · The Victory
79
The slide appears to be a scan of a legal document page, likely from a larger research report or legal brief.appendix
Open slide detailBeat · The Victory
80
The slide presents financial data related to corporate acquisitions and subsequent disposals, highlighting significant losses.analyze_data
Open slide detailBeat · The Victory