{
  "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": 5,
  "pageCount": 35,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "diagnosis",
  "function": "diagnose",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Project Roosevelt slide 5, Morgan Stanley deck.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-6789-7795-a45c-32787cf5acee/5",
  "deckHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee",
  "deckJsonHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee.json",
  "deckAnchorHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.285,
        "y": 0.74
      },
      "kind": "list",
      "text": "Negative Sentiment / Confusion: Strategy uncertainty; Negative press; Burkle consent rights; Difficulty attracting contracts; Turnover; Narrow research coverage.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7002ea64-3667-46c3-8959-4e3ea8440c87",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.65,
        "x": 0.285,
        "y": 0.5
      },
      "kind": "list",
      "text": "Management Team / Board: Instability (interim CEO); Capacity concerns post-downsizing.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a6b33cc-491b-41b6-85ee-b7e285d09aae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.65,
        "x": 0.285,
        "y": 0.62
      },
      "kind": "list",
      "text": "Leverage: High leverage (16x vs 3.6x); Debt/Market Cap 76% vs 23%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb2c33dd-091d-4754-a80d-36274477ec39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.285,
        "y": 0.34
      },
      "kind": "list",
      "text": "Liquidity / Cash Availability: $14MM cash projected; Negative cash generation; Assets fully levered; Preferred securities rate rising.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecfc027e-7059-4214-af23-57b564929848",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.65,
        "x": 0.285,
        "y": 0.22
      },
      "kind": "list",
      "text": "Scale: Undersized relative to peers; High G&A load; Not enough liquidity.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fdae2d04-eb6b-4a26-9fe8-1e190b5e326d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.24,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "paragraph",
      "text": "Monroe has a number of key structural factors to consider when assessing valuation and a range of actionable alternatives. Specific challenges include: CEO, development team and other roles not currently filled; Funding required by debt-yield covenant maintenance; Preferred equity rate ratchet to 20% in Oct 2016; Difficulty transitioning to an asset-light model.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89eac76a-5c8e-4ff5-bef4-3e0a37d03b98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.285,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "1. Per management standalone projection model; includes impact of yield maintenance payment ($28.2MM) and termination fees received from Mondrian SB and Shore Club ($3.9MM). 2. Pro forma for $28.2MM loan paydown that occurred in Feb. 2016",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e793a92-e4ea-45a9-88ef-79b680c91d97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.285,
        "y": 0.135
      },
      "kind": "title",
      "text": "Monroe Today – Issues & Considerations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee71b831-7b55-4924-92e9-74b043a0242f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "df553b03-4b6f-477d-a566-86034dfc8662",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "Slides 3-5 provide an overview of Monroe's situation and context.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 7,
      "from": 5,
      "beatId": "9addfa30-a6aa-4b47-bcfd-a3d4cfdfed2a",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Slides 5-7 discuss Monroe's issues and considerations.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}