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  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2010-11-10 00:00:00",
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  "notes": "This is a research note from Muddy Waters Research, likely a short-seller report.",
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      "text": "RINO is worth approximately $70 million ($2.45 per share), and falling.",
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      "text": "fair value: $2.45",
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      "kind": "paragraph",
      "text": "By most indications, RINO is attempting to make itself into a “real” company with its Changxing Island project. However, we do not ascribe a value to the project because we doubt that it be successful.",
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      "text": "We discovered that RINO has fabricated a significant number of its purported flue gas desulfurization (“FGD”) system customer relationships. FGD system sales are RINO’s largest revenue component, historically accounting for approximately 60% to 75% of reported revenues.",
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      "text": "We rate RINO International Corp. (“RINO”) a Strong Sell. Its financial statements show substantially inflated revenues, profits, and assets.",
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      "text": "We believe that RINO’s actual consolidated revenue (including VIE) is less than $15 million annually – versus the $192.6 that RINO reports.",
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      "text": "RINO’s 2009 SAIC income statements show consolidated revenue of $11.1 million and a net loss, versus RINO’s reported $192.6 million revenue with net income of $56.4 million.",
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      "text": "RINO is worth approximately $70 million ($2.45 per share), and falling. In order to fund its own business (“VIE”), management has drained RINO of cash. At the same time, management has failed to make required transfers of VIE’s profit to RINO.",
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      "text": "1 China’s State Administration of Industry and Commerce, which issues business licenses. Companies registered in China annually report their audited results to SAIC.",
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