68 documents showing 61–68
Date
Fund
Target
Thesis
Scores
Dec 09, 2011
Muddy Waters
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.
N4
V2
Nov 29, 2011
Muddy Waters
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.
N4
V2
Nov 21, 2011
Muddy Waters
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.
N5
V2
Aug 22, 2011
JANA Partners
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.
N4
V3
Mar 02, 2011
Muddy Waters
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.
N4
V2
Feb 03, 2011
Muddy Waters
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.
N4
V2
Feb 01, 2006
Carl Icahn
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.
N5
V4
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Trian Partners
The Walt Disney Company
DIS
Disney has lost its way and underperformed peers; replacing two long-tenured directors with Nelson Peltz and former Disney CFO Jay Rasulo will restore accountability and shareholder returns.
N3
V3