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  "docSlug": "178a93b2534e",
  "documentTitle": "Sino-Forest Corporation (TRE)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2011-06-13 00:00:00",
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  "notes": "The slide functions as a critique of management's evasiveness and potential fraud indicators, referencing other known fraud cases (LFT, CCME).",
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      "text": "Again, the AI model is unnecessary, overly complicated, and risky for a legitimate business.",
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      "text": "Management also failed to attempt to answer a question about whether its banks are uncomfortable with extending credit.",
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      "text": "Management stated something to the effect that it could remit its cash out of China by closing or selling the BVI entities.",
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      "text": "William Ardell stated that PWC is going to check balances in every PRC bank account at the branch level.",
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      "text": "CFO David Horsley stated that TRE can not confirm whether the AIs actually make TRE's tax payments.",
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      "text": "It will apparently take PWC two to three months to complete its investigation.",
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      "text": "TRE had some notable blocks / drops of other awkward questions.",
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      "text": "We do not dispute that TRE's AIs are overpaying TRE (allowing TRE a 55% gross margin on standing timber).",
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      "text": "Allen Chan did not answer a question about how much replanting TRE did in the quarter.",
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      "text": "CFO David Horsley stated that TRE can not confirm whether the AIs actually make TRE's tax payments. He said they \"just don't know\" whether the payments are made.",
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