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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "Uses two financial tables from SEC filings to demonstrate that intercompany eliminations are not properly reflected in segment reporting.",
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      "text": "AMR purchased 84% of coal sold in its Trading and Logistics Segment from Alpha in 2017. The intercompany eliminations between Contura and Alpha show revenues equaling costs. Despite this, Contura/AMR reported $89.3 million of EBITDA from the Trading and Logistics segment.",
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      "text": "Note Q details $566,576 of this is intercompany",
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      "text": "EBITDA: $89.3 million",
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      "text": "Source: 2018 10-K p. 64 filed April 1, 2019",
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      "text": "Source: S-4 Amendment 3, filed Oct 5, 2018 p. F-210",
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      "text": "Pro Forma Combined As Shown In Merger S-4",
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      "text": "Evidence of Cost Misreporting",
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