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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "presentationDate": "2011-11-29 00:00:00",
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  "notes": "This is a research note from a Muddy Waters short report on FMCN.",
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      "text": "FMCN's rebuttal that it in fact made the six phantom VIE arrangements is false.",
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      "text": "Disclosures in the 2008 and 2009 20-Fs about the acquisition and disposal date of the largest of the phantom acquisitions, Shenzhen Jingzhun, are materially different.",
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      "text": "FMCN did not change any nominee shareholders, company directors, or legal representatives of these six companies. Nor are there any records of equity pledges.",
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      "text": "The $26.1 million imbalance in FMCN's accounting for disposal of its mobile handset subsidiaries is due in part to its failure to have actually made the six phantom acquisitions.",
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      "text": "We spoke with multiple companies that FMCN falsely claimed to acquire, and each confirmed that FMCN never owned or controlled them.",
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      "text": "A CCTV program interview with one of the purported acquires, Shenzhen Julan, confirmed that FMCN did not acquire the company, nor have any relationship with it.",
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      "text": "Our report concludes that FMCN never acquired six of the mobile handset advertising companies it claimed to buy and dispose of shortly thereafter. Our analysis precludes FMCN having purchased these companies via VIE arrangements...",
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      "text": "See Muddy Waters, LLC: Initiating Coverage on FMCN with Strong Sell November 21, 2011 (the “MW Report”), pp. 26-31.",
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      "text": "IV. FMCN's rebuttal that it in fact made the six phantom VIE arrangements is false.",
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