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  "documentTitle": "Olam International (OLAM)",
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  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-30 00:00:00",
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  "notes": "This is a page from a short-seller research report. It includes a direct challenge to management and a deadline for acceptance.",
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      "text": "Muddy Waters hereby offers to pay for one series of straight debt to be rated by S&P.",
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      "text": "Olam may accept our offer at any time before December 5, 2012 at 17:00 Singapore time by emailing: info@muddywatersresearch.com, or by issuing a press release stating that it accepts our offer.",
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      "text": "Olam's investors will benefit from the substantially increased transparency this rating will provide. In our view, it is Olam's duty to have its unsecured debt rated because it has reacted our criticisms by increasing its CapEx spending forecast, and thereby increased its risk profile.",
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      "text": "Given that Olam has thus far refused to have it or its debt rated, Muddy Waters finds quixotic its citation of Standard & Poor's debt research in support of its purported liquidity. Muddy Waters hereby offers to pay for one series of straight debt to be rated by S&P.",
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      "text": "Olam now has no good reason to avoid having its debt rated. Should it continue to refuse a rating, investors should wonder whether the Company is worried that a rating would mortally wound it by making clear that the market has been underpricing its risk.",
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      "kind": "paragraph",
      "text": "Shareholders might have reason to worry that senior management could be facing margin calls... We reserve the right to pursue legal action against him and Olam for these baseless statements.",
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      "text": "Muddy Waters will Pay for Olam's Debt to be Rated",
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