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  "documentTitle": "Olam International (OLAM)",
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  "authorName": "Muddy Waters",
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  "notes": "This is a research note page from Muddy Waters Capital.",
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      "text": "The US$750 million that Olam is raising merely postpones the collapse that we feel is almost inevitable.",
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      "text": "Is it really fair to ask retail investors to increase their exposure to Olam while Olam is refusing to obtain a bond rating? Olam has stated that it will not accept our offer to pay Standard & Poor's to rate one of its bond issues.",
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      "text": "In other Muddy Waters news, the Ontario Securities Commission has charged Ernst & Young with securities violations... E&Y also agreed to pay US$117.6 to settle class action claims... SEC is suing PRC affiliates of E&Y, KPMG, BDO, PwC, and Deloitte.",
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      "text": "The US$750 million that Olam is raising merely postpones the collapse that we feel is almost inevitable. Given that our model forecasted Olam would have to raise or refinance up to S$4.6 billion in the next 12 months to stay afloat.",
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      "text": "If Olam were to raise at least S$3 billion of equity, we would reconsider our view.",
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