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  "docSlug": "10dc4f9f3e31",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide critiques the accounting treatment of tower assets, specifically questioning why they remain on the balance sheet despite being sold.",
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      "text": "We believe that NIHD's accounting is erroneous in this instance, rather than AMT's; however, Ms. Katz has been on both boards and audit committees around the time of the transactions and during the companies' ongoing reporting.",
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      "text": "Summary of disclosure: NII accounts for sale as financing, no gain recognized, proceeds treated as obligations, assets remain on balance sheet, co-location rents recognized as revenue.",
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      "text": "Also strangely, both companies are presently carrying these towers on their balance sheets. We believe that NIHD's accounting is erroneous in this instance, rather than AMT's; however, Ms. Katz has been on both boards and audit committees around the time of the transactions and during the companies' ongoing reporting.",
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      "text": "We account for these tower sales as financing arrangements and, as such, we did not recognize any gains from the sales, and we maintain the tower assets on our balance sheet and continue to depreciate them.",
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      "kind": "quote",
      "text": "Tower Financing Obligations. During the years ended December 31, 2004 and 2003, Nextel Mexico and Nextel Brazil sold communications towers as follows: — NIHD 2004 10-K",
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      "text": "Tower Financing Obligations table showing towers and proceeds for 2004 and 2003 for Nextel Mexico and Nextel Brazil.",
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