{
  "docId": "019dd923-622c-750b-8b98-58a1b82469f3",
  "docSlug": "c4de14509091",
  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 53,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "Uses specific company announcements to demonstrate market self-correction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-58a1b82469f3/20",
  "deckHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Demand Creates New Supply",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fa-657602732de1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.36,
        "y": 0.48
      },
      "kind": "list",
      "text": "Laurel County Barrel Maker Planning $20m Expansion",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d15ffe8-e908-4f4e-815a-9d0137330dc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.67,
        "y": 0.48
      },
      "kind": "list",
      "text": "Speyside Bourbon Cooperage",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef1ba7c7-533b-46e2-9b6d-283c4b572521",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "list",
      "text": "Independent Stave Company Purchases Land in Western Kentucky Slated to Become the Company's Sixth American Oak Stave Mill, Paving the Way for Future Expansion to ISC's Barrel-Making Operations",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f07cd529-a75e-490b-8a8d-186a2ca51b35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "A bottleneck that restricted the supply of domestic whiskey and bourbon has been a shortage of white oak barrels used for aging. In May 2015, a Wall Street Journal article highlighted the issue. However, like all supply/demand imbalances they eventually get corrected. In response to the shortage, current manufacturers are expanding production",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e71db688-3b33-47eb-ac33-e12215c0b7a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "quote",
      "text": "From industry heavyweight Brown-Forman: \"The reduction in underlying net (other) sales was due primarily to declines in used barrel sales reflecting lower prices and volumes as a result of weaker demand from blended Scotch industry buyers and pricing pressures due to increased supply of used barrels in the market. (Source: 10-Q p. 24, filed 12/7/16)",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e6ed6be-b7b3-4979-a45e-de6d2355f1ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The reduction in underlying net (other) sales was due primarily to declines in used barrel sales reflecting lower prices and volumes as a result of weaker demand from blended Scotch industry buyers and pricing pressures due to increased supply of used barrels in the market.\" — Brown-Forman (10-Q p. 24, filed 12/7/16)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fa-6958c9514b70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "White Oak Barrel Shortage Will Self Correct",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b044f67-d586-4eaa-942e-c3fdf6471492",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.44
      },
      "kind": "title",
      "text": "Demand Creates New Supply",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b571c26-50ae-4ef4-b02a-ec42f5f3910e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "4209e382-8281-45e2-90b7-3fa571f52cf7",
      "evidence": "The slide presents a problem and then offers a solution, 'Demand Creates New Supply'.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "a19c3b3e-6989-4053-85a2-3b6a171cfefd",
      "evidence": "The slide explicitly addresses a potential counter-argument (shortage) and provides evidence of market correction.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}