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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "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 table of insider holdings to frame a narrative of questionable corporate governance and potential conflicts of interest.",
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      "text": "Muddy Waters does not comprehend why he needed further incentive to do his job.",
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      "kind": "paragraph",
      "text": "Kit Low had only recently become FMCN's new CFO when he bought into Allyes... We only wish that FMCN would have compensated him in a more transparent way.",
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      "kind": "paragraph",
      "text": "Venture capitalist Xiong Xiangdong resurfaces... We have no idea how his bargain purchase of Allyes shares benefitted FMCN investors.",
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      "kind": "paragraph",
      "text": "CEO Jason Jiang owned the equivalent of 28.2 million ADSs... Muddy Waters does not comprehend why he needed further incentive to do his job.",
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      "text": "One of our team is reminded of a story about a dinner meeting of senior law firm partners from Asian offices and their direct superior, who was visiting from the US, that took place at the end of 2008. The Asia partners repeatedly mentioned they were worried about their abilities to generate business because of the financial crisis. After hearing this long enough, the US partner exploded in an expletive-filled tirade, pointing at one in turn while yelling near top volume \"YOU do YOUR job! And YOU do YOUR job! YOU do YOUR job!!!\" He then threw his napkin on the table and left. We think FMCN management would benefit from similar oversight. — Muddy Waters",
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      "text": "Insider, Entity Name, % of Allyes, Basis. Jason Nanchun Jiang, Topnoch Investments Holdings Ltd. (BVI), 14.77%, $4,728...",
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      "kind": "title",
      "text": "Allyes Trade II (US$ 000s)",
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