{
  "docId": "019dd923-622c-750b-8b96-1aee342c3a73",
  "docSlug": "10dc4f9f3e31",
  "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": "2013-07-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 17,
  "pageCount": 118,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide focuses on the governance history of AMT, specifically highlighting the roles of CEO Jim Taiclet and EVP William 'Hal' Hess during the 2006 backdating scandal.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-1aee342c3a73/17",
  "deckHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We wonder why there was not a more thorough housecleaning; and, we wonder whether those who escaped relatively unscathed took away the wrong lessons from the episode.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f0-b9b3f47c7340",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "In 2006, AMT settled a stock option backdating class action lawsuit for $14 million after admitting that it did in fact illegally backdate options.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20caff63-71aa-43de-b93b-b4ead6164885",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.63
      },
      "kind": "paragraph",
      "text": "What really concerns us about Mr. Hess is that while he was general counsel, he earned profits of approximately US$11.3 million exercising options for stakes in two of AMT's Latin American subsidiaries.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c741d0d6-a049-4f08-83ab-a76cc36910ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Fortune Magazine called this practice \"backdoor options filtered through a subsidiary\".",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f0-beac7dbb2554",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.78
      },
      "kind": "source-note",
      "text": "Footnotes 26-31 detailing legal cases and news reports regarding AMT's governance.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "172c48cc-5cb2-4475-a210-f7f0e552e85f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.14,
        "y": 0.19
      },
      "kind": "title",
      "text": "AMT's Poor Corporate Governance DNA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be9019e8-088f-4cd2-9ee4-1a0e7c4c09e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "474ddde4-d78b-4e99-9685-992770d63025",
      "evidence": "The slide explicitly details past illegal backdating and questionable executive compensation practices to argue for poor governance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 7,
      "beatId": "1faaa0ac-0634-4544-b9ce-b04f59e46539",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a critique of AMT's growth strategy and compensation structure",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 7,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "043f820d-fc01-45c4-9d03-e03028d996a1",
      "evidence": "The document presents a detailed critique of AMT's growth strategy",
      "position": 0,
      "objective": "Highlighting issues with AMT's growth strategy",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}