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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "Includes allegations of corporate misconduct and detailed breakdown of recovery assumptions for PP&E and other assets.",
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      "text": "Our recovery model shows that recoverable assets for unsecured creditors of Olam would be 45.8 cents on the dollar.",
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      "text": "recovery value: 14-33¢",
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      "text": "Our recovery model shows that recoverable assets for unsecured creditors of Olam would be 45.8 cents on the dollar. Because of the lengthy bankruptcy process in Singapore, and an expected required IRR of 15% on a distressed bond purchase, we believe the fair price for Olam's unsecured obligations is 14 to 33 cents on the dollar, depending on recovery times.",
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      "text": "While some of the machinery may be valuable... our estimate is 12.5%. We do however give credit for freehold land holdings and even leasehold land and buildings, and are assuming 95% recovery.",
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      "text": "28.5% of Olam's PP&E is actually capital work-in-progress... we believe that recovering capital work-in-progress... will have a recovery of approximately 10%.",
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      "text": "All that we know is that we run a clean and honest business and we are completely and utterly confident of that. Our auditors are confident of that. Our board's audit committee is confident of that. Our whole board and management team is confident of that. — Sunny Verghese",
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