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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "Uses Occam's razor to argue against the 'coincidence' of multiple improbable events in the transaction history.",
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      "text": "The entire chain of transactions screams pre-planned, as evidenced by the lie about timing and attempts to obfuscate DFRL's roundtrip; Shunshun's apparent lack of suitability for a legitimate partnership; the quick flips of equity by short-term shareholders at seemingly significant profits; and egregious valuations that fail the laugh test.",
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      "text": "Implied FV of 100% of Shunshun: $105.9M",
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      "kind": "paragraph",
      "text": "TAL reported that it bought its most recent tranche from the FreeS Fund, supposedly paying $16.3 million for this 14% interest (an implied valuation of $116.5 million).",
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      "text": "Under accounting rules, TAL's ability to use purchase accounting and book valuation gains was predicated on the notion that it was not the controlling shareholder.",
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      "kind": "paragraph",
      "text": "Win-Win? TAL Creates Yet Another Shunshun / DFRL Accounting Gain and a New Venture Capital Superstar",
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      "text": "According to the SAIC files, in November 2015, the FreeS Fund became a 20% shareholder...",
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      "text": "Shunshun Implied Fair Value and Investment Value table",
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      "kind": "title",
      "text": "Q: What do TAL and Janet Jackson Have in Common? A: They're in Control...And They Love It",
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