{ "docId": "019dd923-622c-750b-8b97-afb07f54b28c", "docSlug": "ae6eb7229943", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-01-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 53, "pageCount": 64, "prevPage": 52, "nextPage": 54, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a dialogue format to discredit a specific company claim.", "elementsJson": [ "headline_text", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/53", "deckHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-53", "components": [ { "bbox": null, "kind": "callout", "text": "No way... There is no way they're buying an initial unserviceable engine for a million. That's off by a factor of two... Those are garbage engines. There's like trash. Um, yeah. They're not buying engines at an average of $1 million.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b4-767c-9bf0-1529e3f12deb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.7, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "MW: \"They say they get run out engines for $1 million even today, because they're the buyer of last resort for the most undesirable maintenance event, etc. engines. Is that reasonable?\"\n\nExpert: \"That's complete bullshit. Sorry. No way. Not on average. Can they buy some engines that have had bad things happen to them for a million? Yes, but I thought you said that they said on average they're spending a million. Did I hear you wrong?\"\n\nMW: \"No, you didn't hear me wrong. And that's the number they told me to use for my ROIC calculation...\"\n\nExpert: \"BS. Complete BS. No way. No way. Absolutely not. Um, I just again, like, uh, between [prior and current employer], I've probably bought more CFM runout engines than Fortress did during that time . And, um, it's just a fact. Like we bought, I bought 200 engines in the past 3 years. The amount of engines we bought for under $2 million, I can count on, like, my two hands.\n\nNo way. No way... There is no way they're buying an initial unserviceable engine for a million. That's off by a factor of two... Those are garbage engines. There's like trash. Um, yeah. They're not buying engines at an average of $1 million.\n\nThey might be able to buy one and two engines that have had a catastrophic failure, and then you're very high maintenance cost to fix it...You could fly through a flock of birds and wipe out engines, and then occasionally something lets loose inside the engine, and then it's toast. And those engines are generally by definition called BER, which means Beyond Economic Repair.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "35efa659-3749-4dbb-8499-3b352fcd2084", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "That's complete bullshit. Sorry. No way. Not on average. Can they buy some engines that have had bad things happen to them for a million? Yes, but I thought you said that they said on average they're spending a million. Did I hear you wrong? — Industry Expert", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b4-767c-9bf0-1b2e1e90dbc2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.08, "x": 0.03, "y": 0.89 }, "kind": "source-note", "text": "1 Source E.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "578569ae-0520-4da5-a864-bf7b86ebea6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "An Industry Expert Doesn't Agree With FTAI's Claimed Procurement Advantage", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bacf61eb-fc7d-4bfd-8280-4b53d04f9135", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "ab5c3445-00ae-4be6-a989-4dc11a377db2", "evidence": "The slide explicitly contrasts a company claim with an expert's rebuttal.", "confidence": 0.9 } ], "arcBeats": [ { "to": 64, "from": 41, "beatId": "a9cb613d-f388-47fc-b02a-1d4f2321ab2e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Conclusion", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a summary of findings and implications", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 54, "from": 49, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "07953916-f602-4c19-aea2-ea34ee8b83d5", "evidence": "The deck highlights the risks and consequences of FTAI's financial manipulation", "position": 1, "objective": "What are the implications of FTAI's financial manipulation?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }