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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "notes": "The slide uses a series of numbered arguments (VI, VII, VIII) to systematically dismantle corporate defenses.",
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      "text": "Chairman / CEO Jason Jiang personally made at least $24.8 million in seven months by investing in Allyes, which is an IRR of 2,127.2%.",
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      "text": "VII. FMCN's response justifies insiders' bargain purchase of Allyes shares by stating that an independent valuation in June 2010 valued Allyes at a price similar to the valuation at which insiders invested. This statement does not hold water.",
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      "text": "VI. FMCN's excuse for insiders' abject greed in their self-dealing in the Allyes and OOH transactions is that these investments were meant to inspire the subsidiary management to invest by showing insiders' “confidence” in the businesses.",
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      "text": "VIII. FMCN's response calls for its audit committee to independently verify the number of screens in its LCD commercial display network. We expect any such confirmation to be compromised.",
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      "text": "We laughed at this statement. — Muddy Waters, LLC",
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