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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": "The slide uses a red box to highlight the lack of adjustment in the 'Inventories' line item.",
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      "kind": "callout",
      "text": "Another large consolidation play in the U.S. Coal industry was Arch Coal's acquisition of International Coal Group (NYSE: ICG). The $3.4 billion merger was completed in June 2011.(1) Here we also observe that no revaluation was made to the coal inventories upon consolidation.",
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      "text": "Source: Arch Coal 8-K",
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      "kind": "source-note",
      "text": "1) \"Arch Coal Completes Acquisition of International Coal Group\" - press release",
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      "text": "Arch Coal, Inc. and Subsidiaries Unaudited Pro Forma Condensed Combined Balance Sheets March 31, 2011",
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      "text": "Coal Inventory: Rarely Revalued In Acquisitions (Cont'd)",
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