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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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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "pageNumber": 36,
  "pageCount": 105,
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  "notes": "The slide uses a red flag icon and a red box to draw attention to the discrepancy in reserve reporting.",
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      "kind": "callout",
      "text": "Spruce Point warns investors about putting too much reliance on AMR's stated reserves. At IPO, AMR promoted over 1.3 billion tons of proven and probable reserves. Since then, it acquired 611 million tons from the ANR merger in 2018, and divested approximately 733 million of PRB and NAPP reserves. Production tonnage has amounted to approximately 86 million tons from 2016 – 2021. Yet, after revisions and implementing new SEC reporting guidelines, proven and probable reserves are just 351 million tons.",
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      "kind": "callout",
      "text": "Coal prices declined sharply in 2019, but did all coal companies slash reserves by nearly 50%?",
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      "kind": "metric",
      "text": "Total Proven and Probable: 351.1",
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      "kind": "source-note",
      "text": "Source: AMR SEC filings. 1) Based on EIA Annual Coal Industry results from 2017-2020 and AMR reported figures for 2021. 2) Post implementation of SEC's subpart 1300 Reg S-K",
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      "kind": "table",
      "text": "Where Have All The Coal Reserves Gone? (Table of reserve data from 2016-2021)",
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      "kind": "title",
      "text": "AMR's Evaporating Coal Reserves",
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      "evidence": "The document presents evidence of AMR's poor positioning.",
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