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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "Uses a red arrow to visually connect the table data to the chart, emphasizing the contradiction.",
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      "kind": "callout",
      "text": "Based on our analysis, AMR's incrementally sold Q4 2021 met segment tons were priced at $428 per ton, or the equivalent of $472 per metric ton. However, AMR's own pricing chart shows that coal prices for U.S. Low Vol reached approximately $440 per metric ton. In an efficient market, how likely is it that AMR sold its coal at a 7% premium to the market?",
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      "kind": "callout",
      "text": "In an efficient market, how likely is it that AMR sold its coal at a 7% premium to the market?",
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      "kind": "chart",
      "text": "Metallurgical Coal Indices chart showing price trends over time.",
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      "kind": "metric",
      "text": "realized sales price: 7%",
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      "kind": "source-note",
      "text": "Source: AMR Investor Presentation",
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      "kind": "source-note",
      "text": "Source: AMR and Spruce Point Analysis",
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      "text": "Table showing Average Realized Sales Price, Ton Sold, and Total Met Segment Coal Sales for different periods.",
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      "kind": "title",
      "text": "Evidence Suggests Improbable Revenues At A 7% Premium Above Market?",
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      "evidence": "The slide explicitly frames a financial discrepancy as evidence of an 'improbable' revenue claim, a classic activist short-seller tactic.",
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