{
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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "pageNumber": 51,
  "pageCount": 57,
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  "slideType": "preempt_rebuttal",
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  "nDataPoints": 8,
  "notes": "The slide uses a 'fraud-exposure' style argument by highlighting hidden liabilities to challenge market valuation.",
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      "kind": "callout",
      "text": "We estimate $822 - $966 million of additional liabilities (beyond the convertible bond notional) are not being factored into Aerojet’s valuation, allowing some analysts to claim it is “cheap” on the surface.",
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      "text": "Total Estimated Liabilities: $966.8m",
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      "kind": "paragraph",
      "text": "We estimate $822 - $966 million of additional liabilities (beyond the convertible bond notional) are not being factored into Aerojet's valuation, allowing some analysts to claim it is \"cheap\" on the surface. However, these are real fixed financial costs that cannot be ignored.",
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      "kind": "quote",
      "text": "The Company is unable to determine the outcome of the audit at this time — AJRD 10-K annual report",
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      "text": "Source: AJRD 10-K annual report",
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      "kind": "table",
      "text": "Table of liabilities including Environmental, Pension, Leases, Capital Commitments, Post-Retirement Benefits, Tax, and DoJ investigations.",
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      "kind": "title",
      "text": "Substantial Liabilities \"Ignored\" By The Market",
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