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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide uses a narrative structure to build a case of financial manipulation, supported by extensive footnotes referencing SEC filings.",
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      "text": "The GZ 1-1 purported sale and buyback were engineered non-cash transactions designed to create the $50 million gain.",
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      "text": "TAL has a national tutoring business called 'One on One'. When TAL reportedly invested the $30 million in the C round, it also purportedly transferred its Guangzhou One on One ('GZ 1-1') business to Changing Edu at a valuation of $50 million.",
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      "text": "Background\n\nIn April 2015, TAL invested $6.3 million into a company called Changing Edu... TAL wrote a much bigger check to Changing Edu -purportedly $30 million cash in Changing Edu's Series C round.",
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