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  "documentTitle": "Allied Capital (ALD)",
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  "authorName": "David Einhorn",
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      "text": "Greenlight wonders whether these fees are arms-length transactions for competitive services at competitive prices.",
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      "text": "In 1999, when Allied had no controlled investments, it recorded fee income of $6 million, flat with 1998's fee income. In 2000, fee income grew to $13 million. Last year, fee income on the income statement was $46 million. According to Ms. Roll, $29 million of the fees came from controlled investments.",
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      "text": "Greenlight criticizes Allied's quality of earnings with respect to two additional areas: (1) controlled investment fees and interest and (2) non-cash interest and dividends.",
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      "text": "Allied acquired the predecessor entity to BLX in an all-stock transaction at a 3.6 times multiple of book value in December 2000. The transaction was accomplished at a 60-80% premium to the trading value of Business Loan Financial.",
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      "text": "Problems With Allied's Earnings' Quality:",
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