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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "The slide uses a narrative structure to allege financial manipulation by Fairfax.",
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      "text": "We believe Fairfax arranged and provided financing for Seaspan (which Fairfax had invested more than $1 billion into) to acquire APR Energy in February 2020, allowing Fairfax to remove APR Energy and avoid booking $109 million of losses.",
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      "text": "APR Energy was an energy solutions business Fairfax took private in 2016... Fairfax arranged and provided financing for Seaspan... to acquire APR Energy... allowing Fairfax to remove APR Energy and avoid booking $109 million of losses.",
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      "text": "Ultimately the clearest sign of Seaspan's overpayment for APR Energy is that immediately after the acquisition... Fairfax wrote down $117.9 million of goodwill, equivalent to 29.1% of the (non-cash) acquisition consideration.",
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      "text": "Fairfax appeared to finance Seaspan's purchase... Fairfax subscribed to $100 million of new Seaspan debentures... Fairfax would compensate Seaspan for losses on APR Energy, with compensation seemingly capped at $164 million.",
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      "text": "avoided losses: $109 million",
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      "text": "Merging APR Energy Into Seaspan Allowed Fairfax to Avoid $109 Million of Losses in 2020",
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