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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2017-01-12 00:00:00",
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      "text": "Warning: MGPI does not include a risk factor related to the loss of Diageo’s business in its recent 10-K. However, a note in its credit agreement (below) suggests it is a “Material Contract” with an aggregate amount of more than $25m or approximately 7.8% of LTM sales.",
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      "text": "Completion of Diageo’s new distillery in Shelbyville, KY is expected soon. Diageo has stated its facility has capacity for 1.8m proof gallon (750,000 9-liter cases). (1) Compare this with MGPI’s estimated 2.3m case production of rye whiskey and bourbon in 2015, and you can see why Diageo may no longer need MGPI’s distilling capacity. (2) A contract termination or modification by Diageo could have a material adverse effect on MGPI.",
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      "text": "(1) Diageo announcement, May 2014 (2) MGPI Investor Presentation, Nov 2016 (slide 5); total cases multiplied by market share",
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      "text": "Date: Feb 27, 2015. Warning From MGPI's Credit Agreement: \"Material Contract\" means, collectively, (i) any contract or other agreement... involving payments in an aggregate amount of more than $25,000,000... (ii) each Existing Supply Agreement and (iii) that certain Distillate Supply Agreement dated as of July 1, 2013 between Diageo Americas Supply, Inc. and MGPI Indiana.",
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      "text": "Diageo Is A Material Customer That Could Disappear Fast",
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