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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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      "text": "How could it not predict the outcome? With net losses projected to be ~$270m in the first nine months through Sept 30th and seeking funds through an IPO, how could GFL argue that a $15m settlement wasn’t material?",
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      "text": "GFL's first foray into the U.S. was its $2.8bn merger with Waste industries in Nov 2018. In its Nov 1, 2019 F-1 SEC filing, GFL claimed it was “vigorously disputing the merits” of a legal case with Decatur County, and that it “cannot predict the final outcome of the dispute”. GFL said any legal resolutions would not have a material effect on it financial position. As such, it appears GFL did not take a legal accrual or charge for this litigation. Yet, with the benefit of a FOIA request, we see that GFL settled the case just 12 days later on Nov 12, 2019 for $15m. How could it not predict the outcome? With net losses projected to be ~$270m in the first nine months through Sept 30th and seeking funds through an IPO, how could GFL argue that a $15m settlement wasn’t material?",
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      "text": "\"Waste Industries strongly complements GFL’s brand with an over 47-year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies. We are excited to welcome the management team and the more than 2,850 employees of Waste Industries to the GFL family.\" — GFL Press Release. \"We do not believe Decatur County’s allegations are supported or accurate. The Waste Industries Parties are vigorously disputing the merits of Decatur County’s claims, but we cannot predict the final outcome of this dispute.\" — F-1 Filed Nov 1st, 2019. \"In the normal course of business activities, the Company is subject to a number of claims and legal actions that are made by customers, suppliers or others. Though the final outcome of actions outstanding or pending at the end of the period is not determinable, management believes the resolutions will not have a material effect on the financial position, statement of operations or cash flow of the Company.\" — F-1 Filed Nov 1st, 2019.",
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      "text": "Comparison of GFL's public statements vs. reality of settlement.",
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      "kind": "title",
      "text": "Waste Industries: Failing To Come Clean",
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