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  "documentTitle": "Noble Group (NOBL)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-04-09 00:00:00",
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  "notes": "The text details a complex web of related-party transactions and potential accounting manipulation.",
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      "text": "We are unsure what benefit Noble would have received by abetting what seems to be questionable accounting treatment by PT Atlas; but, little about this series of transactions seems above board.",
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      "text": "$4.0 million. Surprisingly, PT Atlas booked a fair value gain on the acquisition of $6.1 million. Thus, when Noble sold PT ALH for $4.0 million, it effectively claims to have sold the company for about twice what it was worth.",
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      "text": "The $6.1 million fair value gain reduced PT Atlas's 2013 net loss by 36%. The relationship between PT Atlas and Noble appears complex – Noble owns 10% of PT Atlas; Noble's President, Will Randall, is on PT Atlas's board of commissioners.",
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      "text": "In order for PT Atlas to book the negative goodwill on PT ALH, the seller needed to pay compensation PT Atlas of an additional $12.0 million cash.",
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      "text": "The unfortunate seller, who purportedly ended up parting with PT ALH and a net $12.0 million, was a company called PT Dayana Lestari. PT Dayana was 90.9% owned by Ms. Hetty Tumondo and 9.1% by Mr. Adiwidya Imam Rahayu.",
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      "kind": "quote",
      "text": "Based on Shares Sale and Purchase Agreement, the previous owner ensures that the aggregate value of coal in stockpile and cash is US$ 5,600 and no liability in ALH financial statements as of April 30, 2013.",
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      "text": "Based on Shares Sale and Purchase Agreement, the previous owner ensures that the aggregate value of coal in stockpile and cash is US$ 5,600 and no liability in ALH financial statements as of April 30, 2013. Because of variance between ALH financial position and such agreement, the previous owner has to give US$ 12,007 to OPE. — PT Atlas 2013 Annual Report",
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      "text": "21 Noble November 23rd “Notification on subsidiary” SGX announcement. 22 Assumes PT Atlas’s negative goodwill was not taxed. 23 Noble 2014 AR, p.113 24 PT Atlas 2013 AR, p.9 25 Noble 2014 AR, p.148 26 Dollar amounts are in thousands. 27 PT Atlas 2013 AR, p.46.",
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