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  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block and Sean Regan",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-02 00:00:00",
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      "text": "Rick may have misinterpreted my silence in response to certain comments he made during the tour. Several times during the tour and in the car on the way back to the station, he exclaimed, \"They're printing money!\"",
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      "text": "After lunch, we met at ONP's corporate office. Sean asked a number of questions about production, measuring production, and the products. I had prepared a number of detailed questions before hand about ONP's strategy. (I did not ask many financial questions because as I explain below, our role was due diligence; and, Winston Yen is the person to address financial questions.)",
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      "text": "It is true that I didn't ask many questions during the visit. Sean was obviously running point on the factory portion. The two-hour lunch with Chairman Liu, his brother, and some other ONP personnel was social. Chairman Liu ordered bai jiu (a potent Chinese spirit). Rick and I actively imbibed with the Chairman at his invitation. Sean and our interpreter did not. Rick sat next to the Chairman and spoke with him a good deal. After the lunch, Sean told me that both Rick and I need to learn Chinese business meal etiquette, such as how to give and receive toasts. He told me he was surprised given the number of Chinese companies Rick sees that he doesn't know social etiquette well.",
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      "text": "I disagree with Pearson's assertions that we didn't ask questions. During the factory tour, Sean was repeatedly stopping to ask detailed questions about the machinery, processes, and chemicals. Chairman Liu was clearly impatient with the questions.",
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      "text": "One thing Rick did that really bothered me was shortly after entering the first workshop, he turned to Sean and requested that Sean film him walking around. He already had the camera out, practically in Sean's hand before Sean had the chance to respond. (Sean and I had previously explained to Rick that Sean is a factory expert, and that his role was to conduct technical due diligence in the factory.) Sean took the camera, but fortunately shed it about one minute later by handing it off. Sean was no longer impeded by any recording duties.",
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      "text": "It is true that Sean is not proficient in Chinese, and our interpreter had to translate a good deal of technical speech. Pearson asked his questions in Chinese. I understood his questions, and knew that he was not asking questions that were nearly as technical or detailed as those Sean asked.",
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      "text": "Rick may have misinterpreted my silence in response to certain comments he made during the tour. Several times during the tour and in the car on the way back to the station, he exclaimed, \"They're printing money!\" (I assume he meant it in the legitimate sense.) I was conflicted. I felt the company was a sham and I wanted to help Rick out by telling him so; but, to do so was illogical. I clearly had a relationship with certain people associated with the company. I kept largely silent in response to his comments about the company and his questions as to what I thought. I was in a state of prolonged surprised that he could be so exuberant about this company.",
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      "text": "\"They're printing money!\" — Rick Pearson",
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