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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 90 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "Includes detailed tax calculations for average unitholders vs IPO investors and a 4-year post-tax distribution forecast.",
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      "text": "Source: FactSet as of 6/8/18 and Wall Street research. (1) Provided by management. (2) Assumed passive activity loss... (3) Based on average unitholder basis... (4) Statutory ordinary income tax rate...",
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      "text": "Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017. The average public AM unit holder would need to receive cash consideration of $1.65 per unit, or $156MM in aggregate, to avoid having to sell shares post-transaction to pay transaction related taxes",
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      "text": "Transaction Tax Implications",
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