356 documents showing 301–356
Health Management Associates HMA
HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.
Spectra Energy Corp SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
DSP Group, Inc. DSPG
DSP has burned $557M on failed new products while its profitable cordless-telephony core erodes; new independent directors can right-size costs and unlock SiTel-level margins.
Procter & Gamble PG
P&G earns $4 EPS today but should earn $6 by FY2016 at 24% EBIT margin
Tessera Technologies Inc. TSRA
Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.
Herbalife Ltd. HLF
Herbalife distributors earn 10x more from recruitment than from retail product sales
The Timken Company TKR
Timken's bearings-plus-steel conglomerate masks value; separating the two pure-plays unlocks 29% upside to $68 and ends Timken-family board capture entrenching the status quo.
Hess Corporation HES
Hess intrinsic value is $96-$128/share vs. discounted current price - ~$50bn TEV trapped in opaque conglomerate
Apple Inc. AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
Olam International Ltd. OLAM
Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.
Hess Corporation HES
Hess intrinsic value is over $126/share — 94-153% upside to the current price
Focus Media Holding Ltd. FMCN
New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.
SandRidge Energy SD
CEO Tom Ward's family entities systematically flipped Mississippian Lime mineral rights to SandRidge and competed for adjacent acreage—evidence of self-dealing that warrants a board investigation and potential termination.
Agrium Inc. AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
Herbalife Ltd. HLF
Formula 1 is a $2bn 'brand nobody's heard of' — sales economics defy any genuine consumer demand
Herbalife Ltd. HLF
Herbalife is a pyramid scheme: distributors profit by recruiting, not retail sales
Olam International OLAM
Olam's surprise $750m Temasek-backed debt raise — at an effective cost over 10% — validates Muddy Waters' thesis that the company is days from collapse; Strong Sell maintained.
Olam International OLAM
Olam's 45-page rebuttal ducks Muddy Waters' real points; we'll pay S&P to rate Olam's debt and prove the market underprices its accounting and acquisition risk.
Olam International Ltd. SGX:O32
Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.
TPC Group Inc. TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
New Oriental Education & Technology Group EDU
New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.
BMC Software BMC
BMC has underperformed every peer and index over 1-, 2-, 3-year and YTD windows
AOL, Inc. AOL
AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.
Focus Media Holding FMCN
FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.
Canadian Pacific Railway CP
CP has the worst operating ratio of any Class I railroad while closest peer CN has the best
Focus Media Holding FMCN
FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.
Tronox Incorporated TROX
Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.
Focus Media Holding FMCN
FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.
Focus Media Holding Ltd. FMCN
Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.
Green Mountain Coffee Roasters GMCR
GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.
State Street Corporation STT
State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.
The McGraw-Hill Companies MHP
McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.
Sino-Forest Corporation TRE
Sino-Forest claims Huaihua Yuda is unrelated, but Muddy Waters shows Sonic Jita was once owned by TRE executives and still shares a key executive — undisclosed related-party transactions contradicting CEO Allen Chan's guarantees.
Sino-Forest Corporation TRE
TRE management's evasive Q1 call answers — unfinished E&Y review, undisclosed related parties, an unnecessary AI model, and dropped analyst questions — reinforce Muddy Waters' fraud thesis on Sino-Forest.
Sino-Forest Corporation TRE
Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.
Duoyuan Global Water Inc. DGW
DGW is a massive fraud overstating revenue by 100x; forged PRC audits, empty factory, and related-party tunneling to Chairman Guo imply the stock is worth under $1.
Iron Mountain Incorporated IRM
IRM's core storage is a compelling REIT — conversion unlocks ~$10.58/share in tax savings plus cap rate re-rating
China MediaExpress Holdings CCME
CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.
China MediaExpress Holdings CCME
CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.
RINO International Corp. RINO
RINO is a near-zero: 94% of its reported revenue is fabricated, customers deny buying its FGD systems, and founders are draining cash via the VIE; fair value $2.45 vs. $15.52.
The St. Joe Company JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
Orient Paper, Inc. ONP
AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.
Orient Paper, Inc. ONP
ONP secretly swapped its paper-machine order from corrugating medium to kraft board to salvage a technically impossible 360,000-ton output claim, while overpaying the vendor $13-14 million.
Orient Paper, Inc. ONP
ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.
Orient Paper Inc. ONP
Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.
Orient Paper Inc. ONP
Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.
US/Japan Sovereign Debt & Fiat Currencies (Macro)
Bernanke and Geithner's short-termism has institutionalized too-big-to-fail and will debase fiat currencies — hedge with gold and long-dated options on higher US and Japanese rates.
Realty Income Corporation O
Tenant base is mostly junk-rated discretionary retailers with high bankruptcy risk
Lehman Brothers LEH
Lehman is using fair-value accounting tricks to hide CDO losses and inflate Level 3 marks; the firm is over-levered, opaque, and needs to recapitalize before the Fed has to step in.
Lehman Brothers LEH
Lehman quietly disclosed $6.5bn of previously hidden CDO exposure but took only a $200m write-down
Time Warner Inc. TWX
Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.
Allied Capital ALD
Allied appears to flout SEC fair value rules by using SBA-style accounting to overstate NAV
Parkland Corporation PKI
Parkland's board is running a sham strategic review to entrench itself; Engine demands a shareholder-driven board reconstitution before the 2025 Annual Meeting to unlock real value.
Kao Corporation 4452.JP
Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.
Fluor Corporation FLR
Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.
Hess Corporation HES
Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure