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  "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 balance sheet to highlight the discrepancy between the purchase price and the company's actual financial position.",
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      "kind": "paragraph",
      "text": "The following explanation is one of the more ludicrous statements Muddy Waters has ever seen in a SEC filing (emphasis added): Certain employees of the Internet segment... determined that the price paid to acquire the interest approximated fair value.",
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      "text": "In order to provide them with incentive, a group of insiders bought 38% of Allyes for $13.3 million on January 10, 2010. This transaction valued Allyes at $35.0 million, which was less than its cash on hand of $40.0 million and its book value of $60.0 million.",
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      "kind": "paragraph",
      "text": "We are curious as to how FMCN and the board determined that Allyes was worth less than the cash and equivalents, and just over half of book value.",
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      "kind": "source-note",
      "text": "75 2010 20-F, pp. F-18 – F-19 76 2010 20-F, p. 98. 77 http://www.sec.gov/Archives/edgar/data/1330017/000095012310061990/h04315exv10w185.htm, pp. 1, 19.",
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      "text": "Allyes Balance Sheet ($000s) 30-Jul-10",
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