{
  "docId": "019dd923-622c-750b-8b96-6d03b12e1d18",
  "docSlug": "cfe5ee328183",
  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 38,
  "pageCount": 62,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a screenshot of a corporate website to demonstrate that the company's public disclosure is inconsistent with the actual board composition.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-6d03b12e1d18/38",
  "deckHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Strangely, this part of the website has been recently updated. The below screen shot was taken from the same web page 11 days earlier. Note that two of the supervisors were updated.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9e2-118cf0e85e41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.228,
        "w": 0.764,
        "x": 0.118,
        "y": 0.245
      },
      "kind": "image",
      "text": "Screenshot of the Ströer Supervisory Board webpage showing Dirk Ströer still listed.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86468b58-92fb-43d3-915f-e48674de5082",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.764,
        "x": 0.118,
        "y": 0.473
      },
      "kind": "paragraph",
      "text": "Strangely, this part of the website has been recently updated. The below screen shot was taken from the same web page 11 days earlier. Note that two of the supervisors were updated.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09250812-037a-45bb-8718-3746f3d0cfe2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.764,
        "x": 0.118,
        "y": 0.163
      },
      "kind": "paragraph",
      "text": "Dirk Ströer resigned from the board in November 2015 and was replaced with a Deutsche Telekom executive. However, given that he is a shareholder of the general partner of the company, we are unclear whether his influence has diminished much.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3efe529f-6c04-459c-b8a6-b64b5e5664e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.764,
        "x": 0.118,
        "y": 0.792
      },
      "kind": "source-note",
      "text": "Footnotes 144-148 detailing sources for the claims.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7067b1a6-b41e-4da0-adc2-0abf32996f8e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 3,
      "beatId": "b3f52913-eba1-4212-8b6a-c784e421d7c9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple sections expose contradictions in Ströer's financial reporting and governance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 62,
      "from": 20,
      "beatId": "3171857b-3930-46f5-9955-6defb6a606d6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Disclosure",
      "beatSlug": null,
      "evidence": "Appendices provide detailed disclosures supporting the critique.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}