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  "documentTitle": "RINO International Corp. (RINO)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "notes": "Includes footnotes 25 and 26. The narrative uses a 'comical' anecdote to discredit RINO's claims.",
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      "text": "RINO’s gross margins are far in excess of those of the industry leader.",
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      "text": "gross margin: 35%",
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      "text": "In one meeting with three FGD executives from an FGD producer, we mentioned that RINO generates 35% gross margins. The result was comical. Each face registered palpable surprise (not quite shock), which then became expressions of confusion.",
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      "text": "Based on RINO’s obscure position in the highly competitive steel sinter FGD production industry, its tarnished reputation, and sub-par FGD technology, it is a virtual certainty that RINO has been significantly overstating its margins.",
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      "text": "In one meeting with three FGD executives from an FGD producer, we mentioned that RINO generates 35% gross margins. The result was comical. Each face registered palpable surprise (not quite shock), which then became expressions of confusion as they turned to each other while asking “35?” After a couple of seconds, the confusion subsided and was replaced with slight nods and barely perceptible grins.",
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      "text": "25 Fujian Long King Co. Ltd. (600388:CH), Beijing Guodian Longyuan Environmental Engineering Co., Zhejiang Fei Da Environmental Science and Technology Co. Ltd (600526:CH), and Wuhan Kai Di Electric Power Co.",
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      "text": "Long King FGD and Fei Da FGD financial data for 2008, 2009, and 2010.",
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      "text": "RINO’s Gross Margins are Improbable Relative to the Rest of the Industry – Particularly Because RINO is a Minor Player, has a damaged reputation, and Uses an Inferior Technology. RINO’s Characterizations of its Position Within the Industry are Misleading.",
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