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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",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide uses a red box to highlight the 'Total Undisclosed Sales Proceeds' column, emphasizing the lack of transparency.",
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      "text": "We've laid out the case why we believe AMR has been under financial stress with increasing DSOs, “hidden” borrowings which could be up to $690m, and overstated cash that suspiciously earned almost nothing in Q4 2021. We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC. After FY 2021 results, and concurrent with a new $150 million stock buyback, management were heavy sellers, with some selling almost their entire position. Investors would not have been able to see these stock sales until the Proxy Statement was filed on March 30, 2022",
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      "text": "We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC.",
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      "text": "Total Undisclosed Sales Proceeds: $24,165,394",
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      "text": "1) Difference between last beneficially owned holding on Form 4 and holdings reported as of March 16, 2022 in the Proxy Statement filed March 30, 2022\n2) Assumes $117.45 per share average price between March 11th and March 16, 2022",
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      "text": "Insider Sales Post FY 2021 Results on March 7, 2022 And Stock Buyback Initiation on March 4, 2022",
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      "text": "Heavy Insider Selling Conducted In A Non-Transparent Fashion After Full Year 2021 Results",
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