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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide uses a red box to highlight the discrepancy between the 65% ownership and the 60% total equity loss recognized.",
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      "kind": "callout",
      "text": "Should be 65%?",
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      "text": "This leads us to believe that AMR is over-stating net income by under-reporting DTA losses.",
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      "text": "Equity Loss: 60%",
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      "text": "Recall that AMR owns 65% of DTA, which we believe should result in it recognizing 65% of its losses and being required to fund 65% of its capital contributions. However, we find that over the long-run AMR has recognized just 60% of total equity losses. This leads us to believe that AMR is over-stating net income by under-reporting DTA losses. AMR's actual cash capital contributions are slightly higher than 65% but this could be due to rounding.",
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      "text": "Source: Company filings and Spruce Point analysis",
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      "text": "Contribution Analysis To DTR From AMR (65%) and ARCH (35%) Ownership Split",
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      "text": "Evidence of Income Overstatement",
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