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The BearCave reported on AMR, that "Spruce Point Capital said a forensic review of Alpha Metallurgical Resources found: staggering evidence of misstated production, revenues and expenses, up to $690 million of ‘hidden’ debt obligations, overstated cash and recent cash shortfalls, inflated inventories, and shrinking economic reserves. In short, despite recent strength in coal markets driving its share price to all-time highs, we believe AMR is masking significant financial stress in its core mining operations and has used aggressive tax refunds to drive cash flow."