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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": "The text discusses the time value of money and legal recovery risks for bondholders in Olam's international operations.",
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      "text": "In two of the biggest areas of investment, Nigeria and Gabon, the World Bank offers the following statistics: the time to recover funds in Nigeria is an average of two years, with recoveries of 28 cents on the dollar; and, the time to recover funds in Gabon averages five years for 15 cents on the dollar.",
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      "text": "The balance of the bond valuation comes from simple time value of money calculations. Even though bondholders might get through the courts in Singapore in several years' time, they would then be forced to continue legal battles in the various third world countries where Olam has operations. In two of the biggest areas of investment, Nigeria and Gabon, the World Bank offers the following statistics: the time to recover funds in Nigeria is an average of two years, with recoveries of 28 cents on the dollar; and, the time to recover funds in Gabon averages five years for 15 cents on the dollar.",
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      "text": "bondholders. Based on figures provided in the 2012 AR, priority and secured creditors stand at S$577 million, but this number could be larger when incorporating priority and secured creditors at the subsidiary level.",
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