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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Includes a pig icon with 'Yup. Still A Pig.' caption, mocking management's rhetoric.",
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      "text": "We look at all different options. We've looked at contributing into the pension plan. We've looked at joint ventures. We've looked at just selling it out right to developers. We've looked at can you sell it to a REIT.",
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      "text": "Environmental Expenditures: $37m",
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      "text": "Some bulls see significant value in Aerojet's ability to unlock value with its land, though much of it is environmentally challenged from contaminated soil and groundwater and is a Superfund site designation by the EPA. (1) Despite years of promises, the Company has only been able to sell its Hillsborough project of 700 acres in 2015. We only give the Company credit for entitled land. Meanwhile, the range of environmental liabilities associated with the properties continues to rise over time, and environmental expenditures continue to consume on average $37m per year.",
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      "kind": "quote",
      "text": "CFO at Jefferies Conference (Aug 2018): “We look at all different options. We’ve looked at contributing into the pension plan. We’ve looked at joint ventures. We’ve looked at just selling it out right to developers. We’ve looked at can you sell it to a REIT. We’re looking at anything and everything, but at the end of day it comes out of the economics and we want to maximize the value for our shareholders and to do that it’s going to take a little bit of time.”",
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      "kind": "quote",
      "text": "We look at all different options. We've looked at contributing into the pension plan. We've looked at joint ventures. We've looked at just selling it out right to developers. We've looked at can you sell it to a REIT. We're looking at anything and everything, but at the end of day it comes out of the economics and we want to maximize the value for our shareholders and to do that it's going to take a little bit of time. — CFO at Jefferies Conference (Aug 2018)",
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      "text": "Source: Aerojet financials. 1) Environmental Protection Agency, Aerojet Rancho Cordova",
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      "text": "Yearly data table showing Env't Reserve, Low/High Env't Liability, Env't Expenditures, and Fully Entitled Acres from 2010-2018.",
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      "kind": "title",
      "text": "All Options For The Land Have Been Evaluated, And Still Not Selling: The Environmental Overhang",
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