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  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 22 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2019-08-01 00:00:00",
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  "notes": "The slide highlights negative equity values across all valuation methodologies.",
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      "kind": "callout",
      "text": "The illustrative analysis results in negative equity value for the common shareholders",
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      "text": "The table below outlines value ranges for Empire based on Selected Publicly Traded Companies Analysis and DCF equity Analysis",
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      "text": "Source: Management Case. 1. Balance sheet figures as of June 30, 2019... 2. Balance sheet include projected figures... 3. Includes $29 million of value from NOLs...",
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      "text": "Valuation table showing Equity Value and Implied Share Price for three methods: Selected Publicly Traded Companies, DCF (Excl. Online Sports Betting), and DCF (Incl. Online Sports Betting).",
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      "text": "Valuation Summary - Equity Value",
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