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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": "This is a page from a research report (likely a short-seller report) alleging financial fraud.",
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      "kind": "callout",
      "text": "It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions.",
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      "kind": "list",
      "text": "Six mobile handset advertising companies that FMCN never actually acquired. FMCN claimed to acquire these companies between 3/1/2007 and 10/1/2007 for total consideration of $46.3 million.",
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      "text": "write-downs: $1.1 billion",
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      "text": "After taking these write-downs, FMCN gave away, for no consideration, at least 21 of the companies it had acquired – including one that had not been disclosed.",
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      "text": "It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions. (The total of write-downs is greater than one-third of FMCN's present enterprise value...)",
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      "kind": "source-note",
      "text": "11 FMCN does not make it easy to determine how much it spends on acquisitions... 12 Q3 2011 Press Release 13 2009 20-F Amendment 4, p. 78. 14 Our math, which is based on numbers in the 2008 20-F...",
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      "kind": "title",
      "text": "Goodwill Hunting at the Olympus Games",
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