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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "Includes detailed footnotes referencing SEC filings and news sources.",
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      "text": "As opposed to being a case study in success, it has proved to be a case study in under-appreciated market risk in would-be opportunistic acquisitions.",
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      "text": "Grupo Iusacell is one of AMT's first forays into emerging market sale and leasebacks, and up until 2008 was the Company's largest international customer. As opposed to being a case study in success, it has proved to be a case study in under-appreciated market risk in would-be opportunistic acquisitions.",
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      "text": "By the end of 2009, AMT's net accounts receivable related to Grupo Iusacell stood at $28.2 million, and one Iusacell subsidiary had discontinued debt service payments. In 2010, AMT and Grupo Iusacell negotiated new lease terms, which resulted in lease cancellations, restructuring of A/R into a five-year note, and redenomination of the transaction currency from dollars to pesos. The aggregate impact of the restructuring to AMT was a loss of US $33.6 million \"of certain non-monetary assets and liabilities.\" Despite such initiatives, Grupo Iusacell nearly entered formal bankruptcy in 2011 and was considered close to going under entirely. Despite having received a massive investment from a new investor in 2012, it may be again falling behind on its repayments of the debt restructured in 2010.",
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      "text": "Grupo Iusacell was financially weak when AMT entered into a sale and leaseback transaction in 2002-2004 for US$30.6 million and 137 towers. Its weakness was reported publicly in 2004, should have been evident to management when they entered into the transaction, and did not improve after the liquidity injection. Instead Grupo Iusacell twice filed for \"Concurso Mercantil,\" a restructuring similar to U.S. Chapter 11 bankruptcy. The first filing came in 2006, the same year as the closing of the sale and leaseback. Grupo Iusacell returned to file for \"Concurso Mercantil\" again in 2010. This time the situation was more serious.",
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      "kind": "title",
      "text": "Mexico: An Amigo in Need is an Amigo Indeed – Sale and Leasebacks with Distressed Telecoms",
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