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  "documentTitle": "Olam International (OLAM)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2012-11-30 00:00:00",
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  "notes": "The slide uses a metaphor of the Titanic heading toward an iceberg to describe Olam's fiscal situation.",
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      "text": "It seems the Titanic is still heading full steam toward the iceberg.",
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      "text": "In its 45-page response, Olam responded to only one of the 79 unexplained accounting revisions (totaling over S$2.7 billion in absolute value) we identified in Olam’s historical Statements of Cash Flows.",
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      "text": "We hereby make a bona fide offer to pay for Olam to have one of its public debt issues rated by S&P.",
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      "text": "Olam is using Ernst & Young to deflect questions about its accounting; however, E&Y is irrelevant to the issues.",
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      "text": "Olam’s response to our criticism of the Crown Flour Mill acquisition resoundingly affirms our thesis that Olam’s acquisitions are destroying value at an alarming rate.",
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      "text": "Olam’s response to our November 27th report is remarkable in that, despite being 45 pages long, it fastidiously avoids addressing the vast majority of our points. The response is essentially a waste of toner, as much of it consists of canned presentation slides and consultant drivel. Where Olam’s response attempts to be substantive, it contains numerous instances of irrelevant information, factual inaccuracies, misleading statements, and mischaracterizations of our report. However, the response does demonstrate Olam’s continuing deluded denial of its fiscal problems. It seems the Titanic is still heading full steam toward the iceberg.",
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      "text": "Muddy Waters is Unimpressed with Olam’s Response; We Will Pay for Olam’s Debt to be Rated",
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