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  "docSlug": "10dc4f9f3e31",
  "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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      "kind": "callout",
      "text": "It is difficult to see how the Company would be unaware of this misstatement; and, if AMT is in fact aware of the discrepancy, it would amount to fraud.",
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      "text": "accounting discrepancy: $250 million",
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      "text": "AMT is operating in challenging markets, and without sufficient risk management. Poor quality due diligence (i.e., only inspecting 10% of towers before closing purchases) has likely led to model-busting capital expenditures.",
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      "text": "There is a US$250 million material misstatement in AMT's accounting for a purportedly US$585.4 million tower acquisition in Brazil. It is highly probable that the real consideration for the towers was only approximately US$335 million.",
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      "text": "AMT disclosed the identity of a non-carrier seller of ground rights only months later. See AMT 8-K, filed September 7, 2011, announcing the acquisition of a portfolio of properties held by various limited liability",
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      "kind": "title",
      "text": "US$250 MILLION DISCREPANCY IN AMT'S US$585.4 MILLION TOWER ACQUISITION IN BRAZIL. THE MATERIAL MISSTATEMENT COULD AMOUNT TO FRAUD.",
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      "text": "Transaction Background",
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