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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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      "text": "We value Olam on a liquidation basis because our opinion is that it is likely to fail. In the event of a liquidation, we estimate the present value of unsecured bonds to be 14 to 33 cents on the dollar.",
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      "text": "Underwater – US$49.2 million Olam rice farm on the Benue River (Nigeria) flood plain.",
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      "text": "Company: Olam International Ltd. Ticker: SGX O32; OTC OLMIY / OLMIF Industry: Agricultural Commodity Trading & Processing Thesis: Strong Sell Report Date: November 27, 2012 Price: S$1.66 Market Cap: S$4.0 billion Float: 67.4% Avg Volume: 15.5 million shares",
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      "text": "Olam runs a high risk of failure. Its “asset heavy” strategy appears to be an off-the-rails CapEx and acquisition binge. Bondholders should be asking where their money goes. Olam has committed a shocking number of accounting gaffes. We value Olam on a liquidation basis because our opinion is that it is likely to fail.",
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