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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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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Uses red boxes and arrows to highlight specific line items in financial tables to demonstrate the contradiction.",
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      "kind": "callout",
      "text": "At best $47.9m and $133.7m (=$181.6) are actual cash costs that could be added back to cash flow.",
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      "text": "The $204.8m does not appear anywhere in AMCR's actual 10-K filing, nor is it discussed on the conference call",
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      "text": "The $204.8m does not appear anywhere in AMCR’s actual 10-K filing, nor is it discussed on the conference call",
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      "text": "There's an inability to reconcile \"material transaction costs\" add-backs between the cash flow and income statement. Our major concern is that the add-back to cash flow is significantly higher than the income statement representation.",
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