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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide uses a 'guilt by association' narrative, connecting the current audit chair to historical legal and regulatory issues at his former employer.",
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      "text": "Kinder Morgan Pays $27.5 Million to End Inflated Payout Case",
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      "text": "Mr. Shaper came from Kinder Morgan, a Company formed by ex-Enron executives and has been criticized by some as a “house of cards”.",
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      "text": "On Friday September 25th, 2020, Audit Chairman C. Park Shaper disclosed a 10b-1 sock sale program effective August 24th. Mr. Shaper came from Kinder Morgan, a Company formed by ex-Enron executives and has been criticized by some as a “house of cards”.(1) While Mr. Shaper was President of various Kinder Morgan entities, a lawsuit was brought, and settled, that Kinder Morgan improperly shifted expenses to inflate payout to itself. In addition, during Mr. Shaper’s tenure as CFO, Kinder Morgan Energy partners received an informal SEC probe into its acquisition accounting for Tejas Gas. Spruce Point observes Kinder Morgan reshuffled the purchase price allocation three (3) times and Tejas cost investors 18% more than its initial $750m purchase price, due in part to escalating liabilities. Goodwill ascribed to the transaction ballooned from $0 to $152 million. No SEC charges were were ever brought.",
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      "text": "1) National Observer\nSource: KMI SEC filings",
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