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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "Includes section X regarding Unreported and Opaque Insider Sales.",
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      "text": "While our research has identified numerous important substantive issues with Ströer's business and financials, it is items such as these failures to disclose that raise critical questions such as: Are this person's interests really aligned with those of investors? Is this person likely to deal with investors in a forthright way?",
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      "text": "Are this person's interests really aligned with those of investors?\nIs this person likely to deal with investors in a forthright way?",
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      "text": "Moreover, Dirk Ströer owns a company called Ströer Aussenwerbung GmbH & Co. KG (\"SAW\"). SAW is a significant counterparty of Ströer – with tens of millions of euros flowing in both directions between the two companies each year.",
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      "text": "Germany's law requires large holders of shares and financial instruments with voting rights to disclose their holdings and transactions. Udo Müller and Dirk Ströer appear to have failed to comply with the disclosure laws.",
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      "text": "Ströer subsidiary Ströer Sales & Services GmbH appears to sell advertising on SAW-owned locations. It appears that Ströer earns a 10% commission on these sales. Based on the €6.5 million in commissions Ströer disclosed earning selling SAW locations in 2015, Ströer would have paid SAW a gross amount of approximately €58.5 million.",
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      "text": "As a remuneration, Ströer Sales & Services GmbH receives a percentage of the turnover generated with the distribution of the relevant advertising units, regularly 10%. Ströer Sales & Services GmbH is obliged to reimburse SAW for certain costs incurred when affixing posters on the advertising units, if and to the extent that Ströer Sales & Services GmbH is paid for these costs by the relevant customer. — Ströer 2010 prospectus",
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      "text": "Footnotes 76-81 detailing sources for financial figures and regulatory claims.",
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      "text": "SAW Does Significant Business with Ströer",
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