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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 highlights a red flag in financial disclosures, suggesting either riskier equipment or a deteriorating credit profile.",
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      "text": "Another clue emerges by looking carefully at AMR's leasing disclosures. We see its weighted average lease rate increase 6.1% to 9.6% for what appears to be a short-term lease. There are two explanations: 1) either AMR is leasing riskier equipment for its mining operations, or 2) its equipment lending partner is viewing AMR as an overall riskier credit.",
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      "text": "There are two explanations: 1) either AMR is leasing riskier equipment for its mining operations, or 2) its equipment lending partner is viewing AMR as an overall riskier credit.",
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      "text": "weighted average discount rate: 9.6%",
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      "text": "Source: AMR 2021 10-K",
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      "text": "Another Clue of Deteriorating Financials",
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