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  "docSlug": "80c1f4e29fe4",
  "documentTitle": "Olam International (OLAM)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-12-04 00:00:00",
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  "notes": "This is a research note from Muddy Waters, LLC regarding Olam International.",
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      "kind": "paragraph",
      "text": "Olam's effective cost of this debt is likely over 10%, which should indicate that this raise was not a luxury for Olam. The yield without the warrant is 8.08%.",
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      "kind": "paragraph",
      "text": "Olam's surprise announcement of an unusually structured US$750 million debt issuance validates our thesis that Olam is in danger of failing.",
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      "text": "We are intrigued by the possibility that Olam could have been only days away from collapsing. We theorize that Olam's banks told Temasek they would turn off the taps unless Temasek provided additional financing.",
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      "text": "Only four days ago, Mr. Verghese vehemently insisted that it would not tap the markets for at least five months. This 180-degree reversal supports our thesis that the Company was in dire straits over the weekend.",
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      "kind": "title",
      "text": "Olam's 180-Degree Reversal on Tapping the Markets Validates MW's Thesis, and Raises More Concerns",
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