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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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      "kind": "callout",
      "text": "XPO Regularly Tapped Bank Overdrafts",
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      "text": "XPO Stopped Providing Additional Balance Sheet Disclosure After FY 2016 When Key Executives Resigned(3)",
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      "text": "Recall that Spruce Point called out XPO and its poor disclosures about overdrafts as a signal that it appeared to be facing financial strain.",
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      "text": "Recall that Spruce Point called out XPO and its poor disclosures about overdrafts as a signal that it appeared to be facing financial strain. XPO subsequently announced the loss of Amazon, a major customer, and its decision to seek alternatives to potentially split up the Company.(1,2)",
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      "text": "1) XPO Explores Strategic Alternatives (WSJ) 2) XPO Top Customer Pulls Back, Amazon Suspected (Reuters) 3) XPO's Chief Accounting Officer left Nov 2016 according to his LinkedIn biography. Chief Legal Officer resigned 2/12/17, 8-K",
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      "text": "Other Current Liabilities table showing Book and bank overdrafts for 2016, 2015",
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      "text": "Case Study I: XPO And Why Bank Overdrafts Are Usually A Big Warning Sign",
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