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  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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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 flag' icon to signal an activist critique of the company's financial reporting.",
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      "kind": "callout",
      "text": "Spruce Point believes AMR is an ESG nightmare. Environmentalists and the public should be outraged to think AMR believes shareholders deserve rewards at this point. Spruce Point finds hidden liabilities, debts due to mine reclamation costs, pensions costs and compensating workers for black lung disease amounting to approximately $740 million.",
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      "text": "Total Debt Outstanding: $993.6",
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      "text": "Source: AMR SEC filings and Spruce Point Adjustments. 1) Outstanding Letters of Credit under the ABL facility. 2) See our analysis on estimated 'Hidden Debt' based on increased cash interest expense. 3) Subsequent to Q1, AMR paid down $150m of the Term Loan",
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      "text": "Market vs Pro Forma Adjustments vs Spruce Point Adjusted debt table",
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      "text": "Approaching Debt Free, Or Indebted By Another $740 Million Dollars....?",
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