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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 text uses strong, accusatory language ('abusive', 'shenanigans', 'shockingly') to frame the transaction as a self-dealing event.",
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      "kind": "callout",
      "text": "It is completely unjustifiable and abusive for insiders to (yet again) trade in FMCN assets.",
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      "text": "Insiders have significant stock holdings in FMCN... Insiders have a significant conflict of interest... The disclosures about the transaction are quite vague.",
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      "text": "Despite announcing this agreement in March 2011 and then amending it on May 30, 2011, FMCN has yet to publicly disclose the complete transaction terms.",
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      "kind": "paragraph",
      "text": "(possibly all) of the consideration for the insider portion. Our problems with this transaction are:",
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      "kind": "paragraph",
      "text": "On March 7, 2011, FMCN entered into an equity transfer agreement to spin-out 49% of OOH... The Investment Bank agreed to acquire a 30% equity interest in OOH for $21.0 million, and the Management Entities received a 19% equity interest for $13.3 million (OOH's implied valuation in this transaction is $70.0 million).",
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      "text": "Shockingly, the Management Entities could not be bothered to utilize their own cash for the transaction and financed the \"purchase\" with a line of credit from the Investment Bank.",
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      "kind": "quote",
      "text": "Just ask Mr. Andrew Fastow.",
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      "kind": "source-note",
      "text": "108 FMCN 6-K dated 03/08/11 109 FMCN 20-F dated 12/31/10, page 101",
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      "text": "OOH, the Investment Bank, and Other Shenanigans",
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