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  "documentTitle": "Allied Capital (ALD)",
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  "authorName": "David Einhorn",
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  "notes": "This slide functions as a narrative rebuttal to management's claims, highlighting inconsistencies in their public statements and their association with Lanny Davis.",
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      "text": "Greenlight can only conclude management, through Mr. Walton’s assertions, desperately wants the public to believe Greenlight has been negligent in its homework.",
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      "text": "In a subsequent Dow Jones newswire story, Allied reversed its previous public declaration by conceding Greenlight had, in fact, spoken with Ms. Roll and Ms. Sparrow.",
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      "text": "While Greenlight never spoke with Mr. Walton, Greenlight spent several hours discussing issues and confirming information with company representatives...",
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      "text": "During the conference call, Allied's CEO Mr. Walton said, \"We find it unusual that somebody gets up and gives a speech about a company who never bothers to talk to management...\"",
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      "text": "Allied is a Regulated Investment Company (\"RIC\"). As a RIC it is subject to the Investment Company Act of 1940. As such, it uses \"fair value\" accounting.",
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      "text": "Now, Greenlight understands that Allied has hired Mr. Lanny Davis to assist them in spinning the media... Greenlight last encountered Mr. Davis a few months ago when he was enthusiastically defending questionable accounting at Seitel, Inc.",
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      "text": "We find it unusual that somebody gets up and gives a speech about a company who never bothers to talk to management. I think most informed investors would appreciate some time spent with us so they can talk these things through unless you are simply trying to develop the short thesis to scare people and make a quick buck and move on. — Mr. Walton, Allied CEO",
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      "text": "1 “Allied Capital Call: Nothing Changed with Audit’s Scope”, Dow Jones Newswire, May 16, 2002\n2 ASR 118, p.2.",
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      "text": "Fair Value Accounting:",
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