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  "docSlug": "dc4030de511c",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters, LLC",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-06 00:00:00",
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  "notes": "This is a research note from Muddy Waters, LLC dated July 6, 2010, focusing on exposing inconsistencies in ONP's financial filings.",
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      "kind": "callout",
      "text": "ONP was not forthright with investors for over 16 months about not actually owning HBOP.",
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      "kind": "paragraph",
      "text": "First, ONP was not forthright with investors for over 16 months about not actually owning HBOP. Second, it is suspicious that ONP's 2009 top 10 customer list changed 80% of the companies from the 2008 list, while keeping the threshold to make the list constant, and yet generated a 56.5% sales increase.",
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      "kind": "paragraph",
      "text": "ONP never has owned any equity in HBOP... ONP was incorrectly stating in its filings that it owned HBOP, and it was impermissibly consolidating HBOP's claimed results.",
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      "kind": "paragraph",
      "text": "When it first began stating that it did not own HBOP, ONP claimed that there existed a “trust agreement”... ONP has difficulty explaining how and to what extent there is a trust agreement governing HBOP's ownership.",
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      "text": "Two Points to Frame the ONP Debate",
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      "text": "The 2009 Top 10 Customer List is Suspicious",
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