{
  "docId": "019de06f-6789-7795-a45c-32787cf5acee",
  "docSlug": "17faa0d2963c822bfe54bd46c294bebc",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 35 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 25,
  "pageCount": 35,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 150,
  "notes": "Includes cash flow projections, sources and uses table, and terminal value sensitivity analysis.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-6789-7795-a45c-32787cf5acee/25",
  "deckHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee",
  "deckJsonHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee.json",
  "deckAnchorHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.23,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Selling the Hudson and Delano and retiring the Yucaipa preferred would likely leave Monroe with little to no cash. Assumes Delano sold for $240MM; pro forma preferred balance of $137MM at June 30, 2016. This analysis assumes Yucaipa preferred is refinanced with a 15% coupon and current-pay / PIK split on interest. Based on a standalone company model, near-term cash flows are negative for several years. Sources and costs of funding capital shortfalls are unclear for a sub-scale company with little to no EBITDA or levered cash flow through at least 2018.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7729875-af18-4799-bbcc-bf5e8e0b0edb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.23,
        "x": 0.03,
        "y": 0.7
      },
      "kind": "table",
      "text": "Terminal Value Adjustment",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27092c30-fe69-465d-8aaf-c45c6e6b43e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.33,
        "x": 0.29,
        "y": 0.63
      },
      "kind": "table",
      "text": "Sources & Uses",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32dcaabc-720c-47aa-922b-1e24e48539ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.67,
        "x": 0.29,
        "y": 0.28
      },
      "kind": "table",
      "text": "Cash Flow - Sell Only Delano Management Projections",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c57bd6f1-c7d8-4b47-965e-58bda4d54dd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.33,
        "x": 0.63,
        "y": 0.63
      },
      "kind": "table",
      "text": "Value of Standalone Company (Sell Delano)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96830e8f-a8c2-45e5-8279-9376f520b2a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.31,
        "y": 0.13
      },
      "kind": "title",
      "text": "Post-Asset Sale Standalone Monroe (cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11a22f47-c051-46fb-b38f-d04690051dfa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "c8feecc5-96f0-4e82-93c5-58e8c353efde",
      "evidence": "Multiple tables with financial data",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}