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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-02-09 00:00:00",
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  "notes": "This is a page from a short-seller research report (Muddy Waters) attacking Focus Media (FMCN).",
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      "text": "The real reason FMCN counted 30,500 cardboard posters in the LCD network is that Muddy Waters caught the company with its pants down, and management is now trying to lie its way out of trouble.",
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      "text": "FMCN missed its opportunity to make clear that it had cardboard posters in its LCD count prior to: calling Muddy Waters's conclusion that FMCN overstates its LCD Network size 'unfounded', spending shareholder money on two 'verifications' of its LCD network size when management knew that at least 30,500 of the 'LCDs' were really cardboard, and threatening to sue Muddy Waters.",
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      "text": "It is unreasonable to believe that FMCN's LCD division, with its expertise honed from installing and maintaining over 100,000 real LCDs, could not find power sources for 30,500 LCDs in three Tier 2 cities. The real reason FMCN counted 30,500 cardboard posters in the LCD network is that Muddy Waters caught the company with its pants down, and management is now trying to lie its way out of trouble.",
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      "text": "A 17-inch LCD consumes peak power of approximately 20 watts. A typical elevator will draw upward of 50,000 watts during operation. (20 watts is 0.04% of 50,000 watts.) Moreover, even a tiny elevator (5' x 5') would require a 40-watt light bulb to light its interior.",
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      "text": "Kunming, and Shijiazhuang, which have a combined population of 29.4 million. Because these posters were installed by the LCD division, which really, really wanted to put TVs in there but (goshdarnit!) wasn't able to, FMCN think it's justifiable to label the posters 'LCD 1.0' 'devices' and include them in the LCD network count.",
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      "text": "Footnotes 11-17 detailing sources for population, power consumption, and press releases.",
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