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  "documentTitle": "American Battery Metals Corporation / Comstock Mining Inc. (ABML / LODE)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-10 00:00:00",
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  "notes": "Uses a 'before-after' framing of the CEO's career to establish a pattern of failure.",
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      "kind": "callout",
      "text": "We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy. In his 10 years as CEO of LODE, the Company has raised $176m of capital (debt, equity, and preferred) and accumulated $114m of negative Free Cash Flow. In 2020, we see more red flags such as special bonuses to the CEO, a material weakness, auditor dismissal, and CFO resignation.",
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      "text": "We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy.",
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      "kind": "chart",
      "text": "Comstock Mining Share Price Under De Gasperis",
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      "text": "Comparison of Barzel failure vs LODE performance",
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      "kind": "list",
      "text": "Barzel Files For Bankruptcy, De Gasperis Resigns Sept 15, 2019",
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      "kind": "list",
      "text": "De Gasperis Touts A Turnaround At Barzel Industries Feb 13, 2009",
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      "text": "share price: $176m",
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      "kind": "quote",
      "text": "\"Today, 30 years after the birth of the company, Novamerican Steel is shedding the final vestiges of its outdated past and publicly marking the start of our very different journey.\" — Corrado De Gasperis, Barzel's CEO, Feb 13, 2009. \"On September 15, 2009 (the \"Petition Date\"), the Company and its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code\" — Barzel Bankruptcy Filing, Sept 15, 2019.",
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      "kind": "title",
      "text": "A Bet On LODE's CEO Corrado De Gasperis Is A Bet On Failure",
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      "evidence": "Contrasts the CEO's past failure at Barzel with current performance at LODE.",
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      "evidence": "The deck concludes with a call to action, urging investors to be cautious",
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