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  "documentTitle": "Sino-Forest Corporation (TRE)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-06-02 00:00:00",
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  "notes": "The slide uses a combination of qualitative allegations of fraud and a quantitative table showing suspicious agent financials.",
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      "text": "From reviewing TRE and the “Agent’s” annual inspection and audit reports from the SAIC files, it seems that the agents mainly serve as a tunnel to move money for TRE.",
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      "text": "TRE's board appears to be the retirement plan for partners of its auditor, Ernst & Young. We are bothered by senior management's practice of paying its salary via fees to a consulting firm. TRE failed to disclose a 2003 petition to wind it up.",
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      "text": "Agents serve as a tunnel to move money for TRE. They report little revenue/profit but have massive balance sheets. Payments to farmers are scarce.",
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      "text": "Financial table for Zhanjiang Bohu, Jiangxi Zhonggan, and Gengma Forestry for 2008 showing Revenue, Tax Paid, Profit, Total Assets, and Total Debts.",
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      "text": "XI. Glimpses of How TRE Steals the Money",
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