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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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      "text": "Until we receive an explanation of how FMCN could rack up such a large impairment charge without buying ZHPY for well more than it was worth, our conclusion that FMCN deliberately and massively overpaid for ZHPY stands.",
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      "text": "impairment loss: $36.9 million",
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      "text": "FMCN does not list any of these six companies in subsidiary list of its 2007 20-F; however, it does list two mobile companies we confirmed FMCN did acquire as subsidiaries.",
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      "text": "V. We still conclude that FMCN paid 7.4x for a LED display boat operator, ZHPY. In our report, we calculated that FMCN paid $27.4 million to acquire ZHPY, which was far more than its established market value of $3.7 million.",
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      "text": "In October 2007, we acquired Zong Heng Pin Yu... we fully impaired the long-lived assets associated with our boat-based advertising platform in 2009, recording an aggregate impairment loss of $36.9 million for the year ended December 31, 2009.",
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      "text": "In October 2007, we acquired Zong Heng Pin Yu, which owned an advertising license for use on the Huangpu River in Shanghai, from an unrelated third party... As a result, we fully impaired the long-lived assets associated with our boat-based advertising platform in 2009, recording an aggregate impairment loss of $36.9 million for the year ended December 31, 2009. — FMCN 2010 20-F",
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      "text": "11 Beijing Focus Media Wireless Co., Ltd. & Beijing Yitong Wireless Information Technology Co., Ltd. 12 FMCN 2010 20-F.",
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