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  "documentTitle": "AMC | Mergers and Acquisitions Presentation Deck | 16 slides",
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  "authorName": "AMC",
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  "presentationDate": "2016-07-01 00:00:00",
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  "pageNumber": 14,
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  "notes": "The slide uses a structured list format to present qualitative arguments regarding valuation adjustments.",
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      "kind": "list",
      "text": "NOLs: Usage of Carmike's NOLs is limited based on prior Carmike acquisitions, which diminishes the value of the NOLs to AMC significantly; Carmike transaction generates no material value from accelerating AMC's own NOL utilization",
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      "text": "Screenvision: Carmike's Screenvision investment is a minority stake in a privately held company, valued at $7 million as of March 31, 2016; AMC is currently a 18% owner of NCMI, a publicly traded competitor to Screenvision",
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      "text": "Additional Investment Required: The deployment of growth initiatives is to be funded by AMC's capital and is at its own risk",
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      "text": "Significant Integration & Transaction Costs: The public discussion to date has erroneously neglected to factor in that the Carmike transaction's value to AMC is materially reduced by the value leakage from: Regulatory driven theatre and other potential divestitures; Tax implications regarding the receipt of NCMI founders shares; Required quarterly make-whole payments to be made to NCMI; Significant company integration and transaction costs",
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      "kind": "source-note",
      "text": "Source: Company filings. (1) Including 200,000 shares of NCM, Inc.",
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      "text": "Other Factors Influencing AMC's Valuation",
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