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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "notes": "The slide highlights a specific transaction (RiverStone JV) to suggest accounting manipulation.",
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      "text": "By that measure, OMERS' overpayment was $196.2 million, which accounted for 83.7% of Fairfax's gross disposal gain.",
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      "text": "gross disposal gain: $196.2 million",
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      "text": "On March 31, 2020, Fairfax contributed its European run-off business for 60% of the JV; and, OMERS paid $599.5 million to Fairfax for its 40%. OMERS' subscription set the valuation of RiverStone at $1.25 billion. Fairfax then booked net accounting gains of $117.1 million ($243.4 disposal gain, $35.6 remeasurement gain, minus $161.9 FX losses).",
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      "text": "On December 20, 2019, seemingly anticipating a difficult year, Fairfax signed the RiverStone joint venture agreement with OMERS. The new entity, RiverStone (Barbados) Ltd., would be Fairfax's means of disposal for European run-off assets.",
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      "text": "OMERS seems to have overpaid for its 40%. Fairfax's own 60% interest was valued at only $605 million. By that measure, OMERS' overpayment was $196.2 million, which accounted for 83.7% of Fairfax's gross disposal gain. Despite this apparent overpayment, per Fairfax and OMERS' customary dealings, OMERS would soon be made whole.",
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      "kind": "source-note",
      "text": "1 Fairfax Financial Holdings Annual Report 2019, Pg. 157. 2 Fairfax Financial Holdings Annual Report 2020, Pg. 170.",
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      "text": "December 2019: Planning Ahead for a Rough Year",
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