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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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  "pageNumber": 16,
  "pageCount": 80,
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  "notes": "The slide uses forensic accounting logic to challenge the legitimacy of asset write-downs by comparing them to market performance and acquisition history.",
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      "kind": "callout",
      "text": "FMCN's near total write-offs of its smaller internet advertising acquisitions, followed by giveaways, generally appear unwarranted based on the companies' 2009 and 2010 financial performances.",
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      "text": "Loss on Disposal: $14.9mm",
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      "text": "The below SAIC financial statements show that the companies generally did not perform significantly worse in 2009 than in 2008. Further, iResearch, which is owned by Allyes (and thus FMCN during 2009), shows that China's online advertising market grew 21.9% in 2009.",
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      "text": "In the above calculation, we assume that all A/Rs written off in 2008 were attributable to mobile handsets, which is a conservative assumption. FMCN's only disclosed PP&E write-down in 2008 was in its LCD segment, so a PP&E write-down should not account for the $26.1 million difference above.",
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      "kind": "source-note",
      "text": "63 2008 20-F, p. 63. 64 FMCN wrote all of the smaller (i.e. non-Allyes) internet companies down by 100%, except for Catchstone. 65 http://www.prnewswire.com/news-releases/silver-lake-acquires-majority-stake-in-allyes-chinas-leading-digital-marketing-solutions-provider-99620644.html",
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      "kind": "table",
      "text": "Summary of Internet Disposals table showing Wonder Ad, Catchstone, Jiahua 1, Jiahua 2, 1024, Wangmai with dates, proceeds, and losses.",
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