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  "docSlug": "7f8b05d541c7",
  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-11-21 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to highlight a $26.1M discrepancy in reported losses.",
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      "text": "We conclude that FMCN unjustifiably impairs acquisitions based on our analysis of the write-downs and subsequent transfers of 10 mobile handset advertising companies.",
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      "text": "Loss on Disposal: $91.9 million",
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      "text": "We conclude that FMCN unjustifiably impairs acquisitions based on our analysis of the write-downs and subsequent transfers of 10 mobile handset advertising companies... We calculate that FMCN's claimed loss on disposal of $91.9 million in 2008... is at least $26.4 million too high.",
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      "text": "We conclude that FMCN generally desires to impair its acquisitions. A number of FMCN's impairments are questionable. In at least 21 instances, FMCN has impaired acquisitions to zero, and then given the companies away without consideration.",
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      "text": "Mobile Impairment Imbalance ($000s) Loss on Disposal 91,941; Intangibles 14,605; Goodwill 44,126; A/R Writedown 7,066; Excess 26,144",
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      "text": "Introduction",
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      "kind": "title",
      "text": "\"A Zero\"...Really?",
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