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  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "pageNumber": 41,
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  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses red boxes and callouts to highlight specific accounting adjustments in financial tables.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/41",
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      "kind": "callout",
      "text": "Only key non-financing account to change was to increase the value of inventory without explanation",
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      "kind": "callout",
      "text": "A 42% increase to its inventory fair value appears highly unusual especially in light of the closeness of relationship between the parties.",
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      "kind": "list",
      "text": "Second Merger Filing of ANR / Contura Energy Shows A Much Larger Inventory Fair Value Increase",
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      "text": "First Merger Filing of ANR / Contura Energy Shows Inventory Fair Value Increase",
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    {
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      "kind": "metric",
      "text": "inventory valuation: $34.8 million",
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      "kind": "paragraph",
      "text": "Now as CEO of Contura Energy, Kevin Crutchfield engineers a merger with the old ANR. We see that inventories are first increased by $13.1 million and then again by $34.8 million. Based on historical precedent provided earlier, revisions to coal inventories of this magnitude appear rare. Furthermore, ANR's inventory appears to turnover quickly at approximately 21 days in 2017, leading us to believe they should be close to fair value. A 42% increase to its inventory fair value appears highly unusual especially in light of the closeness of relationship between the parties. In 2017, Contura was 39% of Alpha's coal revenues.",
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      "text": "Financial table showing inventory adjustments of 34,840",
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      "text": "Financial table showing inventory adjustments of 13,143",
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      "kind": "title",
      "text": "AMR Makes Material And Unexplained Inventory Valuation Changes",
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      "evidence": "Highlighting unexplained accounting adjustments to inventory to suggest manipulation.",
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      "evidence": "The document presents evidence of AMR's poor positioning.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
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