“Muddy Waters LLC, the research firm founded by short seller Carson Block, likened commodity trader Olam International Ltd. to energy trader Enron Corp. saying it runs a high risk of failure.
Muddy Waters rated Singapore-based Olam a strong sell in a 133-page report posted on its website today, saying it values “Olam on a liquidation basis because our opinion is that it is likely to fail.” It estimates the present value of Olam’s debt at 14 to 33 cents on the dollar.”
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