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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "Uses a side-by-side comparison of acquisition accounting (2012 10-K) and divestiture news (2019 press release) to highlight value destruction.",
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      "text": "As discussed, we find it interesting that management once again avoided citing the name of its divestiture. Spruce Point believes that, once investors see more directly that management has exited a business (at a loss) which it acquired just seven years ago, they will better appreciate the value which management has destroyed through the Aspen acquisition, and will agree that Hill-Rom must write down related goodwill.",
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      "text": "Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years.",
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      "text": "Surgical Consumable Products Divestiture Press Release snippet.",
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      "text": "goodwill impairment: $215M",
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      "text": "When Hill-Rom acquired Aspen Surgical for $400M in 2012, it allocated $215M of the purchase price to goodwill... Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years.",
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      "text": "HRC: 2012 10-K asset allocation table showing $215.3M in Goodwill.",
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      "text": "More Overdue Write-Downs?",
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