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  "documentTitle": "Orient Paper Inc. (ONP)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2010-06-28 00:00:00",
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  "notes": "This is a page from a Muddy Waters short-seller research report.",
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      "text": "Regardless of whether that second line was working or not, ONP's operation struck as a late 20th century factory equivalent of a Potemkin village.",
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      "text": "Muddy Waters, LLC | ONP June 28, 2010 | Page 13 of 30",
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      "text": "http://www.thestreet.com/story/10629750/1/orient-paper-good-value-play.html\nhttp://www.youtube.com/watch?v=0eS9E5vYhQ8",
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      "text": "The video is available on TheStreet.com and YouTube at the below URLs. (Three members of the Muddy Waters team are shown in the video, to which we did not consent.)",
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      "text": "Regardless of whether that second line was working or not, ONP's operation struck as a late 20th century factory equivalent of a Potemkin village. If ONP has other production lines - particularly if they are in better shape - it is odd that we did not see them.",
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      "text": "In its 10-K, ONP claims that its “main competitors” are Shandong Chenming Paper Holdings Ltd., Nine Dragons Paper Holdings Ltd., Shandong Hua Tai Paper Co. Ltd., Shandong Sun Paper Industry Joint Stock Co. Ltd., and Zhonghua Paper Co., Ltd.",
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      "text": "The video prominently shows a dated slogan on the corrugating medium machine (the one that we think was not really working) - “求实进取” - which means “practical, aggressive, positive.”",
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      "text": "32 December 31, 2009 Form 10-K, p. 10.",
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