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  "docSlug": "562f89e5e11c",
  "documentTitle": "Noble Group (NOBL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-04-09 00:00:00",
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  "notes": "This is a research note page focusing on forensic accounting analysis of Noble Group.",
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      "text": "Mr. van der Zalm appears to be doing backflips to avoid admitting that the $46.4 million gain arose solely from negative goodwill Noble booked on the PT ALH acquisition.",
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      "text": "Mr. van der Zalm appears to be doing backflips to avoid admitting that the $46.4 million gain arose solely from negative goodwill Noble booked on the PT ALH acquisition. We wonder what questions management would have received had it announced this fact at the time, coupled with PT ALH having pre-acquisition negative book value of ($5.5 million), negative net tangible assets of ($6.2 million), and was purchased for only $300,000.14 Instead, management was able to defer disclosure of these uncomfortable facts until it buried them in note 16 on page 131 of the 2011 annual report, released over three months later.",
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      "kind": "paragraph",
      "text": "reorganizations we were going through in Indonesia relating to some of our mining activities.13 (emphasis added)",
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      "text": "reorganizations we were going through in Indonesia relating to some of our mining activities. — Bloomberg final transcript, Q3 2011 Earnings Call, November 9th 2011.",
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      "text": "13 Bloomberg final transcript, Q3 2011 Earnings Call, November 9th 2011.\n14 Noble “Non-material acquisitions and disposal” release, 26th March 2012",
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