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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide focuses on the discrepancy between the bankruptcy liquidation process and the subsequent accounting treatment of the acquired assets.",
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      "text": "In our opinion, little – to none – of this gain is justified.",
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      "text": "Following the acquisition, Olam booked a S$94.5 million negative goodwill gain. Although SK was purchased out of bankruptcy, we seriously question the underlying revaluation of the assets and company. In our opinion, little – to none – of this gain is justified.",
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      "text": "According to the Company’s 2010 AR note 11, Olam booked a S$94.5 million negative goodwill gain. This appears to have primarily resulted from an asset assessment that valued PP&E at S$189.9 million (US$130.6 million). This higher value coincides perfectly with the company’s estimated replacement cost of US$120-$130 million announced in the June 26, 2009 investor presentation.96",
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      "text": "sale of the company by the end of June was set. This meant an abbreviated period was available not only to find potential buyers and enable them to conduct due diligence, but also to hold an auction, work out a settlement for the 520 creditors severed by the court (of the 3,500 in total)92, and close on a trade sale. A list of 47 potential buyers was contacted; 33 companies signed Non-Disclosure Agreements; and ten conducted site visits.93 Only Olam and a newly formed entity (which dropped out after being unable to obtain financing) submitted bids.94 A person familiar with the liquidation process stated that most of the potential bidders did not feel comfortable with the short window to conduct due diligence – particularly given the myriad issues associated with SK.95 Olam, however, appears to have had a much stronger desire, and much higher tolerance for the risk associated with the acquisition of the pariah processor. Olam ultimately was the sole bidder.",
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      "text": "92-96 Footnotes detailing legal transcripts and company disclosures.",
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