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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses testimonials and external reports to frame management's potential Q1 success as artificial.",
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      "kind": "callout",
      "text": "We imagine that Arconic is doing everything it can to have a strong first quarter",
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      "kind": "callout",
      "text": "We are long-term investors in Arconic. We hope this is not true.",
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      "text": "We have heard from numerous self-described Arconic employees, that the Company is doing everything possible to post strong first quarter results. While we cannot verify the claims of these unsolicited communications, we are concerned that Dr. Kleinfeld could be aggressively cutting costs for a short-term gain that could hurt the Company’s future sustainability.",
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      "kind": "quote",
      "text": "\"Arconic managers are being told not to pay their vendors. Several have not been paid since last July...and MANY have not been paid since October 1st.\"",
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      "kind": "quote",
      "text": "\"Your company might want to somehow request financials in regard to payments to vendors, etc. Arconic is either trying to make itself look good for a sale or the inflated stock price.\"",
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      "kind": "quote",
      "text": "\"In a last-ditch effort to save his job, [Siemens CEO] Kleinfeld released quarterly earnings figures late Tuesday, two days earlier than planned, to underscore the company's financial health.\"",
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      "kind": "quote",
      "text": "\"I have been a supplier [redacted] to Arconic. Payable terms have been 60 days for the life of the company's supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.\"",
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      "kind": "quote",
      "text": "\"Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.\"",
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      "text": "“Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.” — Glass Door, 3/17/17; “Arconic managers are being told not to pay their vendors. Several have not been paid since last July...and MANY have not been paid since October 1st.” — Email sent to Elliott, 3/27/17; “Your company might want to somehow request financials in regard to payments to vendors, etc. Arconic is either trying to make itself look good for a sale or the inflated stock price.” — Email sent to Elliott, 3/16/17; “I have been a supplier [redacted] to Arconic. Payable terms have been 60 days for the life of the company’s supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.” — Unsolicited Phone Call to Elliott, 3/8/17; “In a last-ditch effort to save his job, [Siemens CEO] Kleinfeld released quarterly earnings figures late Tuesday, two days earlier than planned, to underscore the company’s financial health.” — The New York Times, April 25, 2007",
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      "kind": "title",
      "text": "Potential Future Argument: \"We did great in Q1!\"",
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      "text": "Following his lead at Siemens",
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