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  "documentTitle": "Sino-Forest Corporation (TRE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-06-02 00:00:00",
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  "notes": "The slide uses a process diagram to illustrate the circular nature of the AI transactions, labeling them as 'Phantom Trees' and 'Phantom Money'.",
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      "text": "The structure of using anonymous parties that purportedly purchase from TRE without requiring TRE to generate VAT invoices allows TRE to invent sales figures without fear of being exposed by tax bureau records.",
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      "text": "The structure of using anonymous parties that purportedly purchase from TRE without requiring TRE to generate VAT invoices allows TRE to invent sales figures without fear of being exposed by tax bureau records.",
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      "text": "Believing that TRE actually generated substantial revenue this way strikes us as akin to believing in the power of diving rods to find precious metals.",
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      "text": "Essentially, TRE’s assumed risk was that a meteor would destroy the wood while at the AI’s facility... In other words, there was no tax documentation that can be used to confirm whether TRE actually received any money in this way.",
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      "kind": "title",
      "text": "II. “AI” Really Means “Artificial Intermediary”",
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