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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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      "text": "Site Sharing’s financial statements and Central Bank of Brazil (“BCB”) records make clear that the consideration for Site Sharing NE was only approximately US$335 million, approximately US$250 million less than disclosed.",
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      "text": "Site Sharing's financial statements and Central Bank of Brazil (\"BCB\") records make clear that the consideration for Site Sharing NE was only approximately US$335 million, approximately US$300 million less than disclosed. AMT's initial PP&E allocation confirms the accuracy of Site Sharing financial statements. Conversations with six industry sources, including people who had been shopped the transaction, and at least two people with direct knowledge of the closed transaction, all confirmed that the purchase price was in the US$300 million range.",
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      "text": "To identify the seller, we searched AMT's Brazilian corporate documents through an online government portal, and saw that on March 3, 2011, AMT resolved to buy the shares of Site Sharing NE S.A.",
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      "text": "We then obtained financial statements for Site Sharing NE and the parent from which it was spun out, Site Sharing do Brasil Empreendimentos em Telecomunicações S.A. (\"Site Sharing Brazil\", and together with Site Sharing NE, \"Site Sharing\"). It is common practice for privately-held companies in Brazil to file their financial statements publicly.",
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