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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-28 00:00:00",
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      "kind": "callout",
      "text": "MWC: Ströer Insiders' Self-Dealing Goes Beyond freeXmedia.",
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      "text": "The abundance of circumstantial evidence is hard to ignore. In light of specific allegations the honest person will provide very detailed responses that eliminate doubt because they know the facts are on their side.",
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      "text": "The claim by Muddy Waters Capital that two officers resigned from office in connection with the transaction in December 2012 is false. How so? What alternative explanation can you provide to the extremely circumspect timing of their departure?",
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      "text": "Fourth, the extreme brevity of their response (below) to the allegations surrounding the timing of three key employees and Board members leaving. The timing of these departures and their conjunction with the freeXmedia deal leaves little room for any other reason than they disagreed with the transaction.",
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      "text": "Extreme brevity is also an indicator in the following statement: There is also no link between the appointment of Mr. Vilanek to the supervisory board and the acquisition of freeXmedia; freeXmedia was only a smaller part of the entire Ströer Interactive transaction.",
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      "kind": "paragraph",
      "text": "This statement is inserted within the narrative simply to justify the decision without addressing its legitimacy. Second, at no point is the issue of Müller and Dirk Ströer’s personal profit from these transactions addressed. This is a conspicuous omission.",
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      "text": "How so? What alternative explanation can you provide to the extremely circumspect timing of the transaction, his rapid appointment to the Board and eventually ascension to Chairman? In general, where there is smoke there is fire.",
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      "text": "The abundance of circumstantial evidence is hard to ignore. In light of specific allegations the honest person will provide very detailed responses that eliminate doubt because they know the facts are on their side.",
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      "text": "Third, the multiple references to the knowledge and participation of the board(s) in these decisions provides little comfort in light of the highly questionable composition of the board and the previously avoided topic of their “proper independence”.",
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      "text": "There is also no link between the appointment of Mr. Vilanek to the supervisory board and the acquisition of freeXmedia; freeXmedia was only a smaller part of the entire Ströer Interactive transaction. — Ströer SE",
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