{
  "docId": "019dd923-622c-750b-8b96-063645a867ac",
  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 70,
  "pageCount": 133,
  "prevPage": 69,
  "nextPage": 71,
  "slideType": "other",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide highlights a significant discrepancy between assessed property values and company-claimed values, alongside qualitative reports of unprofessional management.",
  "elementsJson": [
    "paragraph",
    "comparison_table",
    "numbered_list",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/70",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-70",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We recognize that Olam could be staking out a negotiating position; but, if we assume that Olam wants to pass the laugh test in its appeals, these 90% proposed reductions should not be too far from the mark.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befd-69053d4ee680",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.17,
        "y": 0.86
      },
      "kind": "list",
      "text": "There are a lot of younger bosses who are only 19-20 years old.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ed30372-cdcb-4f87-9828-2fc244344a6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.69,
        "x": 0.17,
        "y": 0.58
      },
      "kind": "list",
      "text": "1. A decline in value. The assessor's roll value exceeds the market value as of January 1 of the current year. 2. Assessor's value of personal property and/or fixtures exceeds market value.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33accb41-95d9-4165-aae5-4bbc0547e112",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "tax assessment value: US$70.4 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befd-717b618cbed9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "Our investigators visited the Williams plant in October 2012. Three workers were very willing to speak with our investigators. They expressed their opinion that the management was \"very unprofessional.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bb400f3-993e-4e32-9c34-5ba4e5038657",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.46
      },
      "kind": "paragraph",
      "text": "Olam is also contesting tax assessment increases at its Lemoore plant. In August of this year, Olam filed a series of property assessment appeals.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "412789c5-fa89-4ef8-baae-7005424f76a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Whatever the real reason for the increase in valuation one year after the close of the transaction, Olam's Tomato Processors, Inc. does not believe that this is an accurate valuation for its assets.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b297c69-3c0f-4ab3-ad4b-0150dd3b4d24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Three workers were very willing to speak with our investigators. They expressed their opinion that the management was \"very unprofessional.\" — Muddy Waters Investigators",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befd-6e827135f5a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.14,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "97 Investigative interviews conducted in October 2012.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5f281e4-6904-4966-937e-d9fc1d62e5db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.72,
        "x": 0.14,
        "y": 0.23
      },
      "kind": "table",
      "text": "Olam Tomato Processors, Inc. Application for Changed Assessment (8-29-2012)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4334c97e-2dcf-41f6-a3ba-a657dabb5f67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.14,
        "y": 0.75
      },
      "kind": "title",
      "text": "Product Quality Issues, Still?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85fd3352-775e-42be-a91d-05532638be48",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "0457b18c-1304-49b5-bef5-9f1b2adc7ef5",
      "evidence": "We recognize that Olam could be staking out a negotiating position; but, if we assume that Olam wants to pass the laugh test in its appeals, these 90% proposed reductions should not be too far from the mark.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 133,
      "from": 51,
      "beatId": "bfd56f27-9e0e-4a96-9fda-8bd5736531bb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and recovery analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}