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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
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  "notes": "Uses two charts to illustrate financial weakness: cumulative FCF and debt/revolver dependency.",
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      "text": "MGPI has a weak financial profile that cannot fund its own growth. Its cumulative free cash flow since 2012 is just $1.5 million! As a result, MGPI is becoming more dependent on short-term revolving credit borrowings.",
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      "text": "Source: MGPI SEC filings",
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      "kind": "title",
      "text": "A Terrible Business With No Margin For Error In the Whiskey Expansion Plan...",
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