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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide uses a bar chart to contrast historical cash injections with a large, singular 'Consideration Delta' in Q2 2011.",
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      "text": "AMT's disclosures regarding the amounts and timing of money it purports to have paid make clear that its accounts contain material misstatements.",
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      "text": "USD Injections: $419.2 million",
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      "text": "Putting aside that AMT overstated the purchase price, it almost certainly would not have injected US$335 million into Brazil in May 2011 if the preceding statement were true.",
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      "text": "AMT's disclosures regarding the amounts and timing of money it purports to have paid make clear that its accounts contain material misstatements. AMT purports to have (partially) paid the selling shareholders US$419.2 million in March 2011.",
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      "kind": "paragraph",
      "text": "The graph below shows AMT's USD injections to its Brazil subsidiaries by quarter between Q1 2006 and Q2 2011, and the deltas to acquisition consideration.",
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      "kind": "paragraph",
      "text": "month was only US$7.0 million, which was when its Brazil business was much younger and presumably free cash flow negative.",
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      "kind": "quote",
      "text": "On March 1, 2011, the Company acquired 100% of the outstanding shares of a company that owned 627 towers in Brazil for $553.2 million, of which $419.2 million was paid using cash on hand in March 2011.",
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      "text": "On March 1, 2011, the Company acquired 100% of the outstanding shares of a company that owned 627 towers in Brazil for $553.2 million, of which $419.2 million was paid using cash on hand in March 2011. — AMT Q1 2011 10-Q, filed May 3, 2011, p. 18.",
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      "text": "16-18: References to BCB data, AMT injections, and Q1 2011 10-Q.",
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