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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "notes": "The slide uses a 'villain' narrative style, framing Olam as an 'emperor with no clothes' and justifying a short position.",
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      "text": "In such a scenario, the equity would be wiped out, or worth nuisance value at best.",
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      "text": "recovery value: 14-33¢",
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      "text": "Comparisons to Enron are overused, but in the case of Olam, the similarities really are uncanny. We believe that the single biggest factor in Enron’s collapse was its use of accounting techniques similar to Olam’s value gains.",
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      "text": "On November 19, 2012, Muddy Waters’s Director of Research, Carson Block, spoke about Olam at the Ira Sohn conference in London... Olam has reacted in a stunningly defensive way... Olam greatly fears the public knowing the truth.",
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      "text": "CEO Sunny Verghese has suggested that instead of shorting Olam, Muddy Waters should go long and work with the board to improve the Company. Thank you, Mr. Verghese, but we must politely decline.",
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      "text": "We value Olam on a liquidation basis because we believe its value is less than its debt... recoverable assets for unsecured creditors of Olam would likely be 45.8 cents on the dollar... fair price for Olam’s unsecured obligations is 14 to 33 cents on the dollar.",
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      "text": "CEO Sunny Verghese has suggested that instead of shorting Olam, Muddy Waters should go long and work with the board to improve the Company. Thank you, Mr. Verghese, but we must politely decline.",
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      "text": "18 http://www.ft.com/intl/cms/s/0/2114ef1c-36b3-11e2-a90e-00144feabdc0.html#axzz2DLEwVu3B 19 This is a sincere offer, although we will not do so under the threat of lawsuit.",
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