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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "We believe that because WTRG cannot cover its dividend with free cash flow, money raised from investors through these programs could essentially be used to pay back the same and other investors dividends, or “taking from Peter, to pay Peter and Paul.”",
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      "text": "Cash Degenerative + Highly Dependent On External Capital; A Flawed Dividend Policy; A Dividend Reinvestment Policy That Could Create Circular Payments; Insiders Own Almost No Stock; Questionable Audit Chair and Audit Committee \"Financial Expert\"",
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      "text": "“Disingenuous” — Referenced in a 2016 email regarding Chairman and CEO Christopher Franklin. “Financial Expert” — Title given to Audit Chairman Lee C. Stewart. “fraud” and having “many characteristics of a Ponzi scheme” — Bankruptcy trustee description of Fletcher Asset Management.",
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      "text": "The Dividend Mirage, \"Disingenuous\" Chairman And Questionable Audit Chair Overseeing It All",
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