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  "documentTitle": "Allied Capital (ALD)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2002-06-17 00:00:00",
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  "notes": "The slide uses specific examples to challenge Allied's valuation methodology.",
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      "text": "Greenlight does not understand how the investment could have been worth cost after NetTel had already filed for bankruptcy.",
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      "text": "Point 3—NetTel Communications: NetTel Communications filed for bankruptcy in late 2000... Allied valued its $13 million unsecured debt investment in NetTel at cost... Greenlight does not understand how the investment could have been worth cost.",
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      "text": "Point 4—The Loewen Group: Allied owned publicly traded high yield bonds... The company carried its bonds at a premium... Allied's valuation was too optimistic, as the subsequent write-down demonstrated.",
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      "text": "Point 5—Companies with Discounted Bank Debt: Allied has invested in several companies where bank debt... appears to be indicated to have lost value... Allied at year-end carried its $8 million investment... at cost.",
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      "text": "Ms. Roll responded that the trading market was thin and not representative of where willing buyers and sellers would discover value. Based on its own analysis of Loewen's situation, Allied had concluded that its internally estimated premium valuation was appropriate.",
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      "text": "17 We are using the bond price to compare to Allied's holding of unsecured debt on the belief that the two are pari passu.",
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