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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Uses a side-by-side comparison of legal risk factor text to expose a shift in financial dependency.",
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      "text": "We believe that WTRG implicitly recognizes that its ability to pay its dividend is dependent on outside capital.",
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      "text": "The Great Financial Crisis exposed financial schemes that were dependent on external capital (e.g. Madoff). We believe that WTRG implicitly recognizes that its ability to pay its dividend is dependent on outside capital. Its Risk Factor was changed after the crisis to explicitly warn about the dividend and need to obtain sufficient capital.",
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      "kind": "quote",
      "text": "In the event we are unable to obtain sufficient capital, we may need to take steps to conserve cash by reducing our capital expenditures or dividend payments — 2011 10-K",
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      "text": "Source: 2010 10-K as updated from 2011 10-K",
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      "text": "Risk Factor Prior To 2010 vs New Risk Factor Beginning In 2011",
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      "kind": "title",
      "text": "New Dividend Warning When The Tide Went Out...",
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