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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 highlights a discrepancy between the sale price and the book value/market value of the joint venture, implying potential mismanagement or self-dealing.",
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      "text": "We do not know why FMCN sold it at such a below market price, but there are signs that the bargain sale may have to do with enabling FMCN management to engage in a self-dealing transaction.",
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      "text": "Net Assets: $24,975",
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      "text": "Dentsu in February 2010 for a loss, and $56.9 million below our estimate of its value. We do not know why FMCN sold it at such a below market price, but there are signs that the bargain sale may have to do with enabling FMCN management to engage in a self-dealing transaction.",
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      "text": "On February 22, 2010, FMCN signed the share purchase agreement to sell its stake back to Dentsu for $2.2 million. The equity assignment agreement alludes to the reason for the transfer being that Hua Guang has a subsidiary that it may list on the Shanghai Stock Exchange...",
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      "kind": "source-note",
      "text": "103 Appendix G, Article 4. 104 Transaction effective in December 2010 per the SAIC registration of the share transfer 105 id., Article 7.1(3) 106 http://doc.mbalib.com/view/1e64b197cd9b248c28696b5f7057b036.html",
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