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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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      "text": "CEO With Multiple Undisclosed Connections To Individuals With Controversial Business Dealings. One Internet Source Suggested Ties To “Organized Crime”. Directors Not Independent of Large Owner",
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      "text": "Debt Load Understated By Management And Inaccurate Valuation By Market Data Providers. Debt Is Higher And FCF Lower Than Depicted. “Run Rate” EBITDA Gives GFL Opportunity To Inflate Results. As A Result, True Leverage Is Much Higher Than It Appears",
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      "text": "True Economics of GFL’s Acquisition Spree Unknown Due To Poor Disclosures. Significant Cash Burn And Reliance On Capital Raising Makes It Prone To Insolvency If Capital Raising Becomes More Difficult or Should Its Auditor Revoke Its Opinion",
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      "text": "Mysterious Revenue, EBITDA, Cash Flow And Landfill Capacity Revisions Suggest Material Financial Statement Weaknesses, And Supported By Conversations With Former Employees Describing GFL As “Aggressive” And Not Having The Proper Operational Systems In Place. Material Weakness Disclosed, Then Disappeared, Prior To IPO",
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      "text": "No Fluff Bear Case Opinion: GFL Is Uninvestable And At Risk of 100% Downside",
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