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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 red boxes to highlight specific line items in financial tables to draw attention to the lack of valuation adjustments.",
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      "kind": "callout",
      "text": "Notice that in Alpha Natural's two largest acquisitions of Massey Energy and Foundation Coal there were virtually no adjustments in the value of the acquired coal inventories. This was under CEO Kevin Crutchfield's leadership of Alpha.",
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      "kind": "callout",
      "text": "Notice that in Alpha Natural’s two largest acquisitions of Massey Energy and Foundation Coal there were virtually no adjustments in the value of the acquired coal inventories. This was under CEO Kevin Crutchfield’s leadership of Alpha.",
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      "text": "Source: Foundation Coal / Alpha Natural S-4 Statement",
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      "text": "Source: Massey / Alpha Natural Proxy Statement",
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      "text": "Alpha Natural and Foundation Coal balance sheet excerpt",
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      "text": "Alpha Natural and Massey Energy balance sheet excerpt",
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      "kind": "title",
      "text": "Coal Inventory: Rarely Re-valued In Acquisitions",
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      "evidence": "The document presents evidence of AMR's poor positioning.",
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