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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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      "text": "INTRODUCTION...5\nSUMMARY...6\nUS$250 MILLION DISCREPANCY IN AMT'S US$585.4 MILLION TOWER ACQUISITION IN BRAZIL. THE MATERIAL MISSTATEMENT COULD AMOUNT TO FRAUD...8\nTRANSACTION BACKGROUND...8\nTHE PROBLEM...10\nDODGY VALUATION FIRM...14\nSOMETHING TO KEEP IN MIND...16\nIS UNETHICAL (EVEN ILLEGAL) BEHAVIOR IN AMT'S CORPORATE DNA? AT THE LEAST, WE SEE A CORPORATE CULTURE THAT REWARDS UNMANAGED RISKS...16\nAMT'S POOR CORPORATE GOVERNANCE DNA...17\nAMT'S COMPENSATION INCENTIVIZES VALUE DESTRUCTION; CCI IS MORE PRUDENT...20\nAMT'S INTERNATIONAL BUSINESS IS A DE FACTO LENDING BUSINESS, AND ARTIFICIALLY BOOSTS AMT'S REVENUE, EBITDA, AND PROFIT, WHILE SHARPLY CURTAILING GROWTH PROSPECTS...22\nAMT'S DE FACTO LENDING BUSINESS EXPLAINED...22\nHOW LENDING DISTORTS AMT'S INCOME STATEMENT...23\nLENDING MODEL IS INHERENTLY LOWER GROWTH...24\nHOW PREVALENT IS LENDING?...26\nLENDING BUSINESS'S EFFECT ON EBITDA...27\nPOTENTIALLY ADVERSE TAX TREATMENT DUE TO BOOKING PRINCIPAL REPAYMENTS AS REVENUE...27\nCONCLUSION...28\nAMT'S INTERNATIONAL BUSINESS IS PART CARRY TRADE AND PART LEVERED DIRECTIONAL CURRENCY BET...28\nPOOR INTERNATIONAL IRR AND NECESSARY IMPAIRMENTS...31\nINDIA...32\nBRAZIL...39\nGHANA...43\nGERMANY...45\nCELLULAR TOWERS ARE SOON TO BECOME THE MOST EXPENSIVE OPTION OF LAST RESORT; THE HALCYON DAYS ARE OVER...47\nIMPEDIMENTS SPECIFIC TO US GROWTH...60\nINCREASING GROUND RENTS AND THE \"TRISTAR EFFECT\"...61\nTHE REIT THAT CAN'T DO IT RIGHT - INTERNATIONAL AFFO IS INACCESSIBLE TO AMT SHAREHOLDERS...62\nAMERICAN JAMES AND THE TOWER OF DOOM (AND OTHER TALES OF VALUE DESTRUCTION IN EMERGING MARKETS)...64\nMEXICO: AN AMIGO IN NEED IS AN AMIGO INDEED - SALE AND LEASEBACKS WITH DISTRESSED TELECOMS...67\nSOVEREIGN EXTORTION...71\nCORRUPTION STILL REMAINS A PART OF LOCAL CULTURE...71",
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