{ "docId": "019dd923-622c-750b-8b98-f7d835dc2a36", "docSlug": "0a3a22290f60", "documentTitle": "GFL Environmental Inc. (GFL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-08-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 25, "pageCount": 106, "prevPage": 24, "nextPage": 26, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 3, "notes": "Uses a combination of narrative text, a quote from the CEO, and a screenshot of an SEC press release to establish a 'guilt by association' narrative.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/25", "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-25", "components": [ { "bbox": { "h": 0.15, "w": 0.82, "x": 0.13, "y": 0.33 }, "kind": "callout", "text": "Dovigi has heard the rumours. “People like to think it’s like an episode of The Sopranos. Given my last name, there’s been some suspicion,” he told an interviewer in 2012. Tony Soprano, America’s favourite garbageman mobster, had only been off the air a few years when Dovigi splashed onto the scene in Toronto. Reflecting on the talk now, he laughs. “People would always say, ‘Who is this kid? How’s he doing this? It must be the Mafia that’s involved,’” says Dovigi, whose stocky six-foot frame and dark hair would certainly get him an audition for the part. “The things people were saying were just insane. It was funny. It’s all just noise.”", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "856337bc-7c03-4427-b933-50ee0d41f624", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Right or wrong, the waste management business has often been associated with organized crime and illegal activity, a fact that GFL’s CEO acknowledges and downplays.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ed-775b-bca2-c86c0a7cbfbf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.45, "x": 0.05, "y": 0.48 }, "kind": "image", "text": "Patrick Dovigi", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e42862be-0cf1-48f9-bb1c-3e6623cacf84", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.43, "x": 0.52, "y": 0.48 }, "kind": "image", "text": "SEC Press Release", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d5f65a33-d186-49d6-80df-a7aeeb6491be", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Right or wrong, the waste management business has often been associated with organized crime and illegal activity, a fact that GFL’s CEO acknowledges and downplays. In fact, 18 years ago one of the largest corporate accounting frauds in U.S. history was perpetuated by Waste Management, a company audited by defunct auditor Arthur Andersen. GFL’s audit engagement partner, Stephen Dominic DiGiacomo, started his career as a Staff Accountant at Arthur Andersen from 1999-2002. (1,2)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "992b5fc3-73be-4063-8ae3-9ec55dda0b54", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.07, "y": 0.77 }, "kind": "quote", "text": "“I’m in the waste management business. Everyone assumes your mobbed up. It’s a stereotype.”", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "22d6cbbd-5172-481e-85c0-b7a0b4d1098a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“People like to think it’s like an episode of The Sopranos. Given my last name, there’s been some suspicion,” he told an interviewer in 2012. Tony Soprano, America’s favourite garbageman mobster, had only been off the air a few years when Dovigi splashed onto the scene in Toronto. Reflecting on the talk now, he laughs. “People would always say, ‘Who is this kid? How’s he doing this? It must be the Mafia that’s involved,’” says Dovigi, whose stocky six-foot frame and dark hair would certainly get him an audition for the part. “The things people were saying were just insane. It was funny. It’s all just noise.” — Patrick Dovigi, Globe & Mail Sept 2019", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ed-775b-bca2-cf14e5b5e1ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "1) PCAOB 2) DiGiacomo LinkedIn Profile 3) “One Man’s Trash, How Patrick Dovigi Built GFL Into A Waste Empire”, Globe & Mail, Sept 2019", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3eb3c951-af0f-44df-860f-e7f59147175a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "The Waste Management Industry", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b6d89ad-b9be-40b3-9e22-8513a1dbefd0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "ed14befd-b964-407d-a278-58f1f491580b", "evidence": "Associating the subject with organized crime and historical fraud to frame them as a villain.", "confidence": 0.9 } ], "arcBeats": [], "loops": [ { "to": 30, "from": 20, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "449f188a-ea34-46a9-982c-30b7c837ed86", "evidence": "The deck presents various concerns with GFL Environmental's financials, including revenue control issues and aggressive EBITDA presentation.", "position": 1, "objective": "To highlight the financial control issues and aggressive revenue presentation of GFL Environmental", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }