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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
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  "notes": "Includes a callout box highlighting the company's use of the word 'Potential' to cast doubt on their 3x value claim.",
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      "text": "Note the emphasis on “Potential” Use and that “Selling on open market” is 3rd priority bullet with “Potential” emphasis again on 3x value",
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      "text": "Whiskey Sitting Within Inventory Is Surging....",
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      "text": "Barreled Distillate Inventory: $45mm",
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      "text": "MGPI is investing $29m to construct new warehouse capacity to allow clients to store and age its whiskey products. It also believes its $45m of inventory can be sold in a few years at prices in excess 3x book value. The problem with this argument is: 1) Substantial new whiskey capacity is coming online, 2) New technologies are emerging that allow distillers to age whiskey in under 1 week, and 3) The ‘great barrel shortage’ which restricted supply is likely to taper as supply/demand rebalance",
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      "text": "Source: MGPI investor presentation, red emphasis is ours",
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      "text": "Source: MGPI Financial Filings",
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      "text": "MGPI Is Baiting Investors With Hope of Big Profits Selling Aged Whiskey",
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