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  "docSlug": "dc4030de511c",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters, LLC",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-06 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to question the validity of reported revenue figures by analyzing customer list turnover.",
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      "text": "For a company to lose most of its top 10 customers and not have sales decline requires significant effort by all throughout the organization.",
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      "text": "ONP's 2009 top 10 customer list shows that it replaced 80% of the 2008 customers. The strange item is that the minimum level needed to enter the top 10 lists stayed constant at around $2.1 million.",
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      "text": "If you make it, they will come",
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