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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 timeline to contrast FMCN's purported acquisition dates with actual ownership periods of third parties.",
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      "kind": "callout",
      "text": "FMCN claimed that it, or one or more of its subsidiaries, acquired and disposed of these phantom mobile entities. Obviously, that was not the case.",
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      "text": "Timeline showing actual ownership of six companies vs FMCN purported acquisition dates.",
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      "kind": "list",
      "text": "Were shareholder funds transferred out for these purported acquisitions, and if so, to whom? Aside from the possibility of diverting shareholder funds, what is the purpose of claiming acquisitions and disposal losses that never occurred?",
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      "kind": "paragraph",
      "text": "Therefore (again, even in FMCN had really owned these companies), poor performance was a false pretext for disposing of them at a 115% loss.",
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      "kind": "paragraph",
      "text": "We preclude the possibility that FMCN acquired these six companies as VIEs for the following reasons: There were no changes of the shareholders, company directors, or legal representatives of these companies at the time FMCN claims to have acquired them.",
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      "text": "When FMCN has acquired VIEs, it has typically followed these standard practices and replaced all of the positions mentioned above. It has also typically perfected equity",
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      "text": "FMCN claimed that it, or one or more of its subsidiaries, acquired and disposed of these phantom mobile entities. Obviously, that was not the case. Nor were any other FMCN entities shareholders of these entities.",
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      "kind": "source-note",
      "text": "85 Amendment 4 to the 2009 20-F, p. 78",
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      "kind": "title",
      "text": "SAIC Files and Other Research Show FMCN Never Owned the Six Companies",
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