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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The table highlights a 'Funding Deficit' that is not fully covered by 'Net Borrowing', leading to the activist's theory of internal capital manipulation.",
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      "text": "Assuming Mettler made the $242m of permanent capital injection into the HK entity, our working theory is that it would have experienced a capital shortfall and needed to raise more debt. However, the fact that it did not suggests it maybe shuffling the money around internally, potentially to show auditors in China evidence of accumulated profits.",
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      "text": "Funding Deficit: $616.1m",
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      "text": "Assuming Mettler made the $242m of permanent capital injection into the HK entity, our working theory is that it would have experienced a capital shortfall and needed to raise more debt. However, the fact that it did not suggests it maybe shuffling the money around internally, potentially to show auditors in China evidence of accumulated profits.",
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      "text": "Source: Mettler financials",
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      "kind": "title",
      "text": "Where Is The Money Coming From?",
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