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  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "Uses red boxes and arrows to visually connect contradictory financial data points.",
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      "kind": "callout",
      "text": "There are extreme reporting anomalies with AMR’s former Trading & Logistics (T&L) segment. Were 2017 revenues between AMR / ANR $478 or $566 million? Furthermore, why was no EBITDA eliminated in the merger when AMR shows $89.3 million of segment EBITDA with 84% of the segment’s purchased coal coming from ANR?",
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      "text": "revenue: $88 million",
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      "text": "Source: Investor Presentation, April 30, 2018; S-4 Amendment 3, filed Oct 5, 2018 P. F-210; 10-K filed April 1, 2019",
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      "text": "Historical Year Ended December 31, 2017 table showing revenue breakdown for Contura, ANR, and adjustments.",
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      "kind": "table",
      "text": "2017A Performance table showing Contura Energy, Alpha, T&L Eliminations, Synergies, and Combined Company metrics.",
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      "text": "2017 EBITDA breakdown table showing T&L EBITDA.",
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      "kind": "title",
      "text": "Clear Evidence of $88 Million of Revenue Misreporting",
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      "evidence": "The slide explicitly identifies 'reporting anomalies' and 'misreporting' to build a case for financial fraud.",
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      "arcName": "Overcoming the Monster",
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