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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 comparative cost analysis to highlight potential mismanagement or overvaluation of assets by the company (FMCN).",
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      "kind": "callout",
      "text": "From a shareholder value perspective, there would have been more residual value available if FMCN had purchased a luxury yacht instead of starting a boat advertising business.",
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      "text": "Photos of the luxury yacht Meduse.",
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      "text": "cost: $3.9 million",
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      "text": "From a shareholder value perspective, there would have been more residual value available if FMCN had purchased a luxury yacht instead of starting a boat advertising business. FMCN could have acquired the 60-meter “Meduse”... for $36.4 million.",
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      "kind": "paragraph",
      "text": "Multiple manufacturers produce large-scale, outdoor grade LED advertising screens that could be easily adapted for use in a maritime environment. Specifically, Mitsubishi Electric Diamond Vision quoted the cost of a dual-sided 21x7 meter LED screen suitable for maritime use, portable power supply, and ancillary equipment at $1.9 million.",
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      "text": "100 This is roughly same size as that of the LED screen on the Captain Six – see FMCN 6-K dated 12/11/07",
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      "text": "Boat Advertising Platform Cost Analysis table showing items (Boat, LED Screen, Conversion CAPEX), sources, and costs totaling $3.9M vs $9.5M claimed.",
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