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  "documentTitle": "Sino-Forest Corporation (TRE)",
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  "authorName": "Carson C. Block",
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  "notes": "The text serves as a forensic accounting narrative, citing specific annual reports and audit documents to challenge the company's narrative of asset growth and debt collection.",
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      "text": "In short, no additional contribution under a “phase –in” plan took place.",
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      "text": "Four years later, the 2003 Annual Report includes a claim that the Company completed its recovery of open receivables from the Leizhou Forest Bureau with a final collection in the amount of $10.2 million in the form of standing timber.",
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      "text": "Interestingly, in its 1997 annual report TRE described the agreement to terminate the EJV as entitling it to $12.4 million worth of assets from the LFB. TRE stated that it would in lieu receive payment over three years in the form of 730,440 m3 of standing timber.",
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      "text": "In 1998, the two parties agreed to wind up the EJV. In the separation agreement, the parties agreed that the Forestry Bureau would receive all of the assets the Forestry Bureau originally contributed, and TRE would keep the entity and look for a new partner.",
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      "kind": "paragraph",
      "text": "foreign party did not contribute the majority of the equity to which it subscribed. The joint venture therefore is merely a shell, existing in name only.",
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      "text": "However, the Articles of Association clearly stipulate that if the project requires capitalization beyond $25 million USD total investment, then the foreign partner would contribute additional cash, and the Chinese partner would make additional in-kind contributions.",
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      "text": "In addition to deducing that a scorned government EJV partner would not unilaterally contribute additional forest assets to support a manufacturing facility that had never been constructed, there is documentary proof that since inception, no significant increases in assets occurred.",
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      "text": "In additional to phenomenally inflating the sales of woodchips from the EJV, TRE planted the seeds for a new mechanism that would propel its near infinite NAV growth, and enable it to create billion dollar forest accounts out of thin air.",
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      "text": "foreign party did not contribute the majority of the equity to which it subscribed. The joint venture therefore is merely a shell, existing in name only. — 1996 Annual Information",
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      "text": "Footnotes 21-29 detailing specific audit reports, articles of incorporation, and annual reports.",
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