{
  "docId": "019dd923-622c-750b-8b96-16e3fd45ac5e",
  "docSlug": "a60181df6346",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-08-01 00:00:00",
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  "pageNumber": 5,
  "pageCount": 9,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "This is a text-heavy research note page focusing on forensic accounting and management credibility.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In response to management's gilding the lily (to put it mildly) on Site Sharing, we introduce additional evidence that AMT's actual payment for the Company was approximately $250 million less than AMT's accounts show.",
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      "kind": "paragraph",
      "text": "In discussing India, management stated that when it initially approached the market, it felt that the portfolio valuations were too high... AMT paid $98,000 per tower for 1,700 sites from Xcel in 2009, and $123,000 per tower for 4,629 sites from Essar in Q3 2010.",
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      "kind": "paragraph",
      "text": "Management made several statements on the call about AMT's international business that strain credulity. Management's comments about its India business are highly misleading.",
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    {
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      "kind": "quote",
      "text": "We view the Indian market as long-term growth investment — American Tower Management",
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      "kind": "title",
      "text": "Statements that Strain Credulity",
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