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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "Uses a comparison table to show the evolution of language in legal filings over time.",
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      "text": "Spruce Point observes that AMR has used a relatively small firm in Virginia as its “Qualified Expert”. The consent form is increasingly being signed by a principal lower down the chain of command. Furthermore, there are subtle language changes being made that raise our concern. Notably, there are hints that the initial reserve estimates may not have been “independent”.",
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      "text": "Spruce Point observes that AMR has used a relatively small firm in Virginia as its “Qualified Expert”. The consent form is increasingly being signed by a principal lower down the chain of command. Furthermore, there are subtle language changes being made that raise our concern.",
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      "kind": "quote",
      "text": "We prepared the estimates of reserves which were audited by MM&A, and MM&A reviewed our methodology, assumptions and reserve factors utilized in calculations...MM&A relied on their independent pro-forma economic analysis for ultimate reserve determination — 10-K p.48",
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      "kind": "source-note",
      "text": "1) Certified Professional Geologist License expired 8/31/19 (Virgina DPOR) 2) Note: We cannot find any similar statements made by MM&A for its other public company mining clients",
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      "text": "Comparison of initial vs subsequent language and signatories in reserve audit consent forms.",
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      "text": "Evidence Suggests AMR's Reserves May Not Have Been Independently Reviewed",
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