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  "documentTitle": "Noble Group (NOBL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-04-09 00:00:00",
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  "notes": "The slide uses a narrative structure to expose potential financial manipulation (triple dipping) by Noble.",
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      "text": "We speculate that the real purpose of the restructured off take agreement was to avoid Noble taking a massive impairment charge when it disposed of PT ALH.",
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      "text": "Noble accomplished its triple dip when its affiliate, PT Atlas Resources Ptk (“PT Atlas”), ended up buying PT ALH just a few months after Noble sold it – in February 2013. PT Atlas agreed to pay the same price Noble received when it sold PT ALH: purportedly",
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      "text": "When Noble sold PT ALH for a purported $4.0 million, Noble took an additional fair value gain of $1.9 million. While the amount of the second “dip” is immaterial, by taking a fair value gain on the sale, Noble is telling us that it sold the mine for more than it was worth.",
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      "text": "Noble defends its MTM assumptions on off take agreements as “conservative”. But we are very curious why an arms-length seller would sell for $300,000 a mine that could execute an off take agreement worth approximately $31 million to $38 million.",
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      "kind": "paragraph",
      "text": "Noble justified receiving consideration significantly less than PT ALH's carrying value by disclosing that prior to sale, PT ALH restructured an off take agreement... Noble likely valued the restructured off take agreement at between $31 million to $38 million.",
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      "text": "We speculate that the real purpose of the restructured off take agreement was to avoid Noble taking a massive impairment charge... Another concern we have is that the off take restructuring might have juiced 2012 EBITDA.",
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      "text": "Noble transfers the questionable fair value gain to an off take agreement. Noble reported selling PT ALH one year later... The consideration Noble reported receiving for selling PT ALH was only $4.0 million.",
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      "text": "Noble defends its MTM assumptions on off take agreements as “conservative”. — Noble Group",
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      "text": "15-20: Footnotes detailing financial reports and specific valuation calculations.",
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      "kind": "title",
      "text": "Noble Triple Dips on PT ALH",
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