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  "documentTitle": "Green Mountain Coffee Roasters (GMCR)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2011-10-17 00:00:00",
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  "notes": "This slide presents a critical analysis of GMCR's M&A strategy, specifically questioning the valuation of goodwill and the underlying motive of eliminating competition.",
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      "text": "GMCR eliminated the licensees by buying them\nThe most valuable asset the companies had was the license to make K-cups\nThe licenses had limited value, as they would not be needed after the GMCR patents expire\nGMCR paid high prices to avoid having to compete with licensees post patent expiration\nThe licensees roasted coffee and packaged their own K-cups, so they should have had similar fixed investment to GMCR\nThe very high allocations to Goodwill raise suspicion about subsequent earnings quality",
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