Claim Extraction Gym: assertions

{"entities":[{"id":"e1","name":"Trailer Bridge","type":"company"},{"id":"e2","name":"TRBR","type":"stock_ticker"},{"id":"e3","name":"Puerto Rico market","type":"market"},{"id":"e4","name":"Jones Act","type":"regulation"},{"id":"e5","name":"Crowley Lines","type":"company"},{"id":"e6","name":"SeaStar","type":"company"},{"id":"e7","name":"Horizon","type":"company"},{"id":"e8","name":"Horizon Lines","type":"company"},{"id":"e9","name":"Navieras","type":"company"},{"id":"e10","name":"John McCown","type":"person"},{"id":"e11","name":"Bill Gottimer","type":"person"},{"id":"e12","name":"Malcolm McLean","type":"person"},{"id":"e13","name":"McLean family","type":"group"},{"id":"e14","name":"Goldman","type":"company"},{"id":"e15","name":"UBS","type":"company"},{"id":"e16","name":"HRZ","type":"stock_ticker"},{"id":"e17","name":"VIC","type":"platform"},{"id":"e18","name":"Alaska","type":"market"},{"id":"e19","name":"Hawaii/Guam","type":"market"}],"claims":[{"id":"c1","claim_type":"atom","text":"Trailer Bridge is a Jones Act shipper operating in the Puerto Rico market.","confidence":0.99,"source_quote":"Trailer Bridge is a Jones Act shipper operating in the Puerto Rico market.","subject":"e1"},{"id":"c2","claim_type":"atom","text":"The company is the low cost provider in a protected market.","confidence":0.9,"source_quote":"The company is the low cost provider in a protected market","subject":"e1"},{"id":"c3","claim_type":"atom","text":"Trailer Bridge is trading below 9x 2005 free cash flow after netting out cash.","confidence":0.87,"source_quote":"trading below 9x 05 FCF","subject":"e1"},{"id":"c4","claim_type":"atom","text":"Trailer Bridge is trading at less than 7x 2006 free cash flow after netting out cash, by the author's estimates.","confidence":0.83,"source_quote":"and less than 7x 06 FCF (by my estimates, after netting out cash)","subject":"e1"},{"id":"c5","claim_type":"atom","text":"The company has idle assets which may start to be deployed soon.","confidence":0.78,"source_quote":"The company has idle assets which may start to be deployed soon","subject":"e1"},{"id":"c6","claim_type":"atom","text":"Insiders own the majority of the shares.","confidence":0.96,"source_quote":"Insiders own the majority of the shares","subject":"e1"},{"id":"c7","claim_type":"atom","text":"With the stock at $9, the author believes there is 70%+ upside based on current operations.","confidence":0.82,"source_quote":"With the stock at $9, I believe that there is 70%+ upside based on current operations","subject":"e2"},{"id":"c8","claim_type":"atom","text":"Trailer Bridge is one of four operators in the Puerto Rico market.","confidence":0.98,"source_quote":"Trailer Bridge is one of four operators in the Puerto Rico market","subject":"e1"},{"id":"c9","claim_type":"atom","text":"The Jones Act requires that all vessels operating between two US ports be US built, owned and crewed.","confidence":0.98,"source_quote":"The Jones Act requires in essence that all vessels operating betwee

```json
{
  "entities": [
    {"id": "e1", "name": "Artesian Resources Corporation (ARTNA)", "type": "company"},
    {"id": "e2", "name": "ARTNA Class A Shares", "type": "entity"},
    {"id": "e3", "name": "ARTNB Class B Shares", "type": "entity"},
    {"id": "e4", "name": "Middlesex Water Company (MSEX)", "type": "company"},
    {"id": "e5", "name": "York Water Company (YORW)", "type": "company"},
    {"id": "e6", "name": "Chester Water Authority", "type": "company"},
    {"id": "e7", "name": "Allen Harim", "type": "company"},
    {"id": "e8", "name": "Delaware Public Service Commission (DEPSC)", "type": "entity"},
    {"id": "e9", "name": "Dian Taylor", "type": "person"},
    {"id": "e10", "name": "Nicki Taylor", "type": "person"},
    {"id": "e11", "name": "Taylor Family", "type": "entity"},
    {"id": "e12", "name": "Tidewater Utilities", "type": "company"},
    {"id": "e13", "name": "Sussex County, Delaware", "type": "entity"},
    {"id": "e14", "name": "New Castle County, Delaware", "type": "entity"},
    {"id": "e15", "name": "Tax Cuts and Jobs Act (TCJA)", "type": "entity"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "ARTNA is a small cap water and wastewater utility company in Delaware servicing New Castle and Sussex counties",
      "confidence": 0.99,
      "source_quote": "ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Since 2014, ARTNA has increased corporate ROE from 7.7% to 9.5%",
      "confidence": 0.99,
      "source_quote": "Since 2014, ARTNA has maintained a conservative balance sheet, increased corporate ROE from 7.7% to 9.5%",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "ARTNA has increased TBV/share at a 4% CAGR since 2014",
      "confidence": 0.99,
      "source_quote": "increased TBV/share at a 4% CAGR",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "ARTNA has grown EPS at an 8% CAGR since 2014",
      "confidence": 0.99,
      "source_quote": "grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "ARTNA pays a dividend equal to approximately 60% of earnings",
      "confidence": 0.99,
      "source_quote": "paying a dividend equal to ~60% of earnings",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "ARTNA trades at approximately 20x LTM P/E",
      "confidence": 0.97,
      "source_quote": "ARTNA remains reasonably priced given the stability and growth of the business (~20x LTM P/E; 3% dividend yield; ~2.0x TBV)",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "ARTNA trades at a 3% dividend yield",
      "confidenc

```json
{
  "entities": [
    {
      "id": "E1",
      "name": "Artesian Resources Corporation (ARTNA)",
      "type": "company",
      "description": "Small cap water & wastewater utility company in Delaware"
    },
    {
      "id": "E2",
      "name": "ARTNB",
      "type": "security",
      "description": "Class B voting shares of Artesian Resources, controlled by Taylor family"
    },
    {
      "id": "E3",
      "name": "ARTNA Class A Shares",
      "type": "security",
      "description": "Non-voting Class A shares, 90% of shares outstanding"
    },
    {
      "id": "E4",
      "name": "Taylor Family",
      "type": "entity",
      "description": "Controlling family of ARTNA; own >50% of Class B shares"
    },
    {
      "id": "E5",
      "name": "Dian Taylor",
      "type": "person",
      "description": "CEO of ARTNA, Taylor family member"
    },
    {
      "id": "E6",
      "name": "Nicki Taylor",
      "type": "person",
      "description": "COO of ARTNA, niece of Dian Taylor"
    },
    {
      "id": "E7",
      "name": "MSEX (Middlesex Water Company)",
      "type": "company",
      "description": "Closest peer of ARTNA; also owns Tidewater Utilities in Delaware"
    },
    {
      "id": "E8",
      "name": "YORW (York Water Company)",
      "type": "company",
      "description": "Closest peer of ARTNA"
    },
    {
      "id": "E9",
      "name": "Chester Water Authority",
      "type": "entity",
      "description": "Water supplier under take-or-pay contract with ARTNA terminating December 2021"
    },
    {
      "id": "E10",
      "name": "Allen Harim",
      "type": "company",
      "description": "Poultry facility for which ARTNA built a wastewater project"
    },
    {
      "id": "E11",
      "name": "Delaware Public Service Commission (DEPSC)",
      "type": "regulator",
      "description": "Regulatory body governing ARTNA's operations in Delaware"
    },
    {
      "id": "E12",
      "name": "Tidewater Utilities",
      "type": "company",
      "description": "Other private water utility operating in Delaware, owned by MSEX"
    },
    {
      "id": "E13",
      "name": "New Castle County, Delaware",
      "type": "geography",
      "description": "ARTNA's largest service area, essentially a suburb of Philadelphia"
    },
    {
      "id": "E14",
      "name": "Sussex County, Delaware",
      "type": "geography",
      "description": "ARTNA's largest growth area; popular with retirees"
    },
    {
      "id": "E15",
      "name": "TCJA (Tax Cuts and Jobs Act)",
      "type": "legislation",
      "description": "Corporate tax cut that caused a one-time step down in ARTNA pricing"
    },
    {
      "id": "E16",
      "name": "DSIC (Distribution System Improvement Charge)",
      "type": "regulatory_mechanism",
      "description": "Temporary charges used by water utilities between general rate cases"
    },
    {
      "id": "E17",
      "name": "Author/Analyst",
      "type": "person",
      "description": "Investm

{"entities":[{"id":"e1","name":"ARTNA","type":"company"},{"id":"e2","name":"Artesian","type":"company"},{"id":"e3","name":"Delaware Public Service Commission","type":"regulator"},{"id":"e4","name":"New Castle County","type":"place"},{"id":"e5","name":"Sussex County","type":"place"},{"id":"e6","name":"Pennsylvania","type":"place"},{"id":"e7","name":"Maryland","type":"place"},{"id":"e8","name":"Philadelphia","type":"place"},{"id":"e9","name":"MSEX","type":"company"},{"id":"e10","name":"YORW","type":"company"},{"id":"e11","name":"Tidewater Utilities","type":"company"},{"id":"e12","name":"Allen Harim","type":"company"},{"id":"e13","name":"Chester Water Authority","type":"company"},{"id":"e14","name":"Taylor family","type":"group"},{"id":"e15","name":"Dian Taylor","type":"person"},{"id":"e16","name":"Nicki Taylor","type":"person"},{"id":"e17","name":"Covid-19","type":"event"},{"id":"e18","name":"TCJA corporate tax cut","type":"policy"},{"id":"e19","name":"Delaware","type":"place"}],"claims":[{"id":"c1","claim_type":"atom","text":"ARTNA is a small cap water and wastewater utility company in Delaware servicing New Castle and Sussex counties.","confidence":0.99,"source_quote":"ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties.","subject":"e1"},{"id":"c2","claim_type":"assertion","text":"ARTNA is one of the lowest risk 9% IRR opportunities the author is aware of, with a reasonable probability of 20%+ IRR over the next two years.","confidence":0.84,"direction":"bullish","source_quote":"It is one of the lowest risk 9% IRR’s with a reasonable probability of 20%+ IRR over the next two years that I am aware of.","subject":"e1"},{"id":"c3","claim_type":"atom","text":"Since 2014, ARTNA has maintained a conservative balance sheet.","confidence":0.92,"source_quote":"Since 2014, ARTNA has maintained a conservative balance sheet","subject":"e1"},{"id":"c4","claim_type":"atom","text":"Since 2014, ARTNA increased corporate ROE from 7.7% to 9.5%.","confidence":0.97,"source_quote":"increased corporate ROE from 7.7% to 9.5%","subject":"e1"},{"id":"c5","claim_type":"atom","text":"Since 2014, ARTNA increased TBV per share at a 4% CAGR.","confidence":0.97,"source_quote":"increased TBV/share at a 4% CAGR","subject":"e1"},{"id":"c6","claim_type":"atom","text":"Since 2014, ARTNA grew EPS at an 8% CAGR while paying a dividend equal to about 60% of earnings.","confidence":0.97,"source_quote":"grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings","subject":"e1"},{"id":"c7","claim_type":"assertion","text":"ARTNA remains reasonably priced given the stability and growth of the business.","confidence":0.88,"direction":"bullish","source_quote":"Despite these accomplishments, ARTNA remains reasonably priced given the stability and growth of the business (~20x LTM P/E; 3% dividend yield; ~2.0x TBV)","subject":"e1","evidence":["c4","c5","c6","c8","c9","c10"]},{"id":"c8","claim_type":"atom","text":"ARTNA trade

{"entities":[{"id":"e1","name":"ARTNA","type":"company"},{"id":"e2","name":"Delaware Public Service Commission","type":"regulator"},{"id":"e3","name":"New Castle County","type":"region"},{"id":"e4","name":"Sussex County","type":"region"},{"id":"e5","name":"MSEX","type":"company"},{"id":"e6","name":"YORW","type":"company"},{"id":"e7","name":"Allen Harim","type":"company"},{"id":"e8","name":"Chester Water Authority","type":"organization"},{"id":"e9","name":"Taylor family","type":"group"},{"id":"e10","name":"Dian Taylor","type":"person"},{"id":"e11","name":"Nicki Taylor","type":"person"},{"id":"e12","name":"ARTNB","type":"share_class"},{"id":"e13","name":"ARTNA Class A shares","type":"share_class"}],"claims":[{"id":"c1","claim_type":"atom","text":"ARTNA is a small cap water and wastewater utility company in Delaware servicing New Castle and Sussex counties.","confidence":0.99,"source_quote":"ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties.","subject":"e1"},{"id":"c2","claim_type":"atom","text":"Since 2014, ARTNA has maintained a conservative balance sheet.","confidence":0.91,"source_quote":"Since 2014, ARTNA has maintained a conservative balance sheet","subject":"e1"},{"id":"c3","claim_type":"atom","text":"Since 2014, ARTNA increased corporate ROE from 7.7% to 9.5%.","confidence":0.98,"source_quote":"increased corporate ROE from 7.7% to 9.5%","subject":"e1"},{"id":"c4","claim_type":"atom","text":"Since 2014, ARTNA increased TBV per share at a 4% CAGR.","confidence":0.97,"source_quote":"increased TBV/share at a 4% CAGR","subject":"e1"},{"id":"c5","claim_type":"atom","text":"Since 2014, ARTNA grew EPS at an 8% CAGR while paying a dividend equal to about 60% of earnings.","confidence":0.97,"source_quote":"grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings","subject":"e1"},{"id":"c6","claim_type":"atom","text":"ARTNA trades at about 20x LTM P/E, with a 3% dividend yield and about 2.0x TBV.","confidence":0.97,"source_quote":"(~20x LTM P/E; 3% dividend yield; ~2.0x TBV)","subject":"e1"},{"id":"c7","claim_type":"atom","text":"Liquidity in ARTNA is about $900k per day.","confidence":0.96,"source_quote":"Liquidity is ~$900k/day.","subject":"e1"},{"id":"c8","claim_type":"atom","text":"The vast majority of ARTNA's assets are in Delaware and are regulated by the DEPSC.","confidence":0.98,"source_quote":"The vast majority of ARTNA’s assets are in the state of Delaware and are regulated by the DEPSC.","subject":"e1"},{"id":"c9","claim_type":"atom","text":"95% of ARTNA corporate EBITDA is generated by the regulated side of the business.","confidence":0.99,"source_quote":"95% of Corporate EBITDA is generated by the regulated side of the business.","subject":"e1"},{"id":"c10","claim_type":"atom","text":"ARTNA's regulated revenue is about 93% water sales and about 7% wastewater treatment and disposal.","confidence":0.99,"source_quote":"Regulated revenue is ~93% water sales and ~7% was

{
  "entities": [
    {
      "id": "e1",
      "name": "Heliad Equity Partners",
      "type": "company"
    },
    {
      "id": "e2",
      "name": "Germany",
      "type": "country"
    },
    {
      "id": "e3",
      "name": "Andreas Lange",
      "type": "person"
    },
    {
      "id": "e4",
      "name": "German private equity community",
      "type": "community"
    },
    {
      "id": "e5",
      "name": "German accounting regulations",
      "type": "regulation"
    },
    {
      "id": "e6",
      "name": "GreenPark Investments",
      "type": "company"
    },
    {
      "id": "e7",
      "name": "German small-caps",
      "type": "market_segment"
    },
    {
      "id": "e8",
      "name": "German financial stocks",
      "type": "market_segment"
    },
    {
      "id": "e9",
      "name": "VIC members",
      "type": "investor_group"
    },
    {
      "id": "e10",
      "name": "Heliad management",
      "type": "management_team"
    },
    {
      "id": "e11",
      "name": "Heliad portfolio",
      "type": "investment_portfolio"
    },
    {
      "id": "e12",
      "name": "Company X",
      "type": "company"
    }
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "confidence": 0.99,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "assertion",
      "text": "Heliad is a great long-term investment under a stellar but young management team.",
      "confidence": 0.84,
      "direction": "bullish",
      "source_quote": "I will make the argument that this is a great long-term investment under a stellar but young management team.",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "Heliad may be an even better short-term trade with 100%+ upside potential within three months.",
      "confidence": 0.82,
      "direction": "bullish",
      "source_quote": "However, as I will detail, it may be an even better short-term trade with 100% + upside potential within three months.",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "assertion",
      "text": "At current prices, VIC members can profit from the short-term opportunity in Heliad.",
      "confidence": 0.78,
      "direction": "bullish",
      "source_quote": "I like the story for the former but at these prices, I think VIC members can profit from the latter.",
      "subject": "e9"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Heliad is run by Andreas Lange.",
      "confidence": 0.99,
      "source_quote": "Heliad is run by Andreas Lange, a mid 30s executive",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "Andreas Lange is a mid 30s

```json
{
  "entities": [
    {
      "id": "E1",
      "name": "Trailer Bridge (TRBR)",
      "type": "company",
      "description": "Small Jones Act shipper operating in the Puerto Rico market"
    },
    {
      "id": "E2",
      "name": "Jones Act",
      "type": "regulation",
      "description": "US law requiring vessels operating between two US ports to be US built, owned, and crewed"
    },
    {
      "id": "E3",
      "name": "Puerto Rico Market",
      "type": "market",
      "description": "Jones Act shipping market serving Puerto Rico"
    },
    {
      "id": "E4",
      "name": "John McCown",
      "type": "person",
      "description": "CEO of Trailer Bridge"
    },
    {
      "id": "E5",
      "name": "Horizon Lines (HRZ)",
      "type": "company",
      "description": "Competitor Jones Act shipper in the Puerto Rico market, recently IPO'd"
    },
    {
      "id": "E6",
      "name": "Crowley Lines",
      "type": "company",
      "description": "Competitor Jones Act barge operator in the Puerto Rico market"
    },
    {
      "id": "E7",
      "name": "SeaStar",
      "type": "company",
      "description": "Competitor Jones Act self-propelled ship operator in the Puerto Rico market"
    },
    {
      "id": "E8",
      "name": "Navieras",
      "type": "company",
      "description": "Former fifth operator in the Puerto Rico Jones Act market that went bankrupt"
    },
    {
      "id": "E9",
      "name": "Malcolm McLean Estate",
      "type": "entity",
      "description": "Estate of the founder of Trailer Bridge, previously held 44.7% of shares outstanding"
    },
    {
      "id": "E10",
      "name": "Bill Gottimer",
      "type": "person",
      "description": "Secretary and General Counsel of Trailer Bridge, also an insider buyer"
    },
    {
      "id": "E11",
      "name": "TRBR 9.25% High Yield Debt",
      "type": "financial_instrument",
      "description": "$85MM 9.25% high yield bond issued to buy out leases and preferred stock"
    },
    {
      "id": "E12",
      "name": "Title XI Debt",
      "type": "financial_instrument",
      "description": "$23MM Title XI government-backed debt on TRBR barges"
    },
    {
      "id": "E13",
      "name": "McLean Family",
      "type": "entity",
      "description": "Family of founder Malcolm McLean, received shares from the estate"
    },
    {
      "id": "E14",
      "name": "Goldman Sachs / UBS",
      "type": "company",
      "description": "Investment banks that underwrote the Horizon Lines IPO"
    },
    {
      "id": "E15",
      "name": "jon64 / rosie918",
      "type": "person",
      "description": "Previous VIC write-up authors who covered TRBR in 2001, 2003, and December (prior year)"
    }
  ],
  "claims": [
    {
      "id": "A1",
      "claim_type": "atom",
      "text": "Trailer Bridge is the low cost provider in the Puerto Rico Jones Act shipping market.",
      "confidence": 0.95,
      "source_quote": "The company is the low cost provider in a prot

```json
{
  "entities": [
    {
      "id": "e1",
      "name": "Heliad Equity Partners",
      "type": "company"
    },
    {
      "id": "e2",
      "name": "Andreas Lange",
      "type": "person"
    },
    {
      "id": "e3",
      "name": "GreenPark Investments",
      "type": "company"
    },
    {
      "id": "e4",
      "name": "German small-caps",
      "type": "market_segment"
    },
    {
      "id": "e5",
      "name": "German financial stocks",
      "type": "market_segment"
    }
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners has a market cap of 37M Euro",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "Three exits to date have generated IRRs in excess of 25%",
      "confidence": 0.95,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Current Heliad share price is 0.53 Euro",
      "confidence": 0.95,
      "source_quote": "current share price 0.53 Euro",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "Andreas Lange is in his mid 30s",
      "confidence": 0.95,
      "source_quote": "Andreas Lange, a mid 30s executive",
      "subject": "e2"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "Management plans to exit almost all current investments in 2009 and 2010",
      "confidence": 0.95,
      "source_quote": "management plans to exit almost all of their current investments in 2009 and 2010",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value",
      "confidence": 0.95,
      "source_quote": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value given the recent vintage of the investments",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_type": "atom",
      "text": "Heliad sold half of its current portfolio to GreenPark Investments at a valuation of 1.32 Euro",
      "confidence": 0.95,
      "source_quote": "they sold half of their current portfolio to GreenPark Investments (a $

```json
{
  "entities": [
    {"id": "e1", "name": "Heliad Equity Partners", "type": "company"},
    {"id": "e2", "name": "Andreas Lange", "type": "person"},
    {"id": "e3", "name": "GreenPark Investments", "type": "company"},
    {"id": "e4", "name": "VIC members", "type": "entity"},
    {"id": "e5", "name": "German private equity market", "type": "concept"},
    {"id": "e6", "name": "Heliad portfolio companies", "type": "entity"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners has a market cap of 37M Euro",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Heliad's current share price is 0.53 Euro",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006, so given the typical private equity 3-5 year time frame there have been few exits to date.",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Heliad's three exits to date have generated IRRs in excess of 25%",
      "confidence": 0.90,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "GreenPark Investments is a $2 billion London-based investment firm",
      "confidence": 0.95,
      "source_quote": "they sold half of their current portfolio to GreenPark Investments (a $2 billion London-based investment firm)",
      "subject": "e3"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "Heliad sold 50% of each portfolio company to GreenPark at a valuation of 1.32 Euro per share",
      "confidence": 0.95,
      "source_quote": "this past summer they sold half of their current portfolio to GreenPark Investments (a $2 billion London-based investment firm) at a valuation of 1.32 Euro.",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "The GreenPark transaction results in Heliad receiving approximately 0.65 Euro per share in cash",
      "confidence": 0.90,
      "source_quote": "Heliad will receive nearly 0.65 per share in cash (minimal tax leakage)",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_t

```json
{
  "entities": [
    {
      "id": "E1",
      "type": "entity",
      "name": "Heliad Equity Partners",
      "description": "Publicly traded German investment firm"
    },
    {
      "id": "E2",
      "type": "entity",
      "name": "Andreas Lange",
      "description": "CEO/Management, mid-30s executive"
    },
    {
      "id": "E3",
      "type": "entity",
      "name": "GreenPark Investments",
      "description": "$2 billion London-based investment firm"
    },
    {
      "id": "E4",
      "type": "entity",
      "name": "Heliad Portfolio",
      "description": "Collection of portfolio investments"
    },
    {
      "id": "E5",
      "type": "entity",
      "name": "German small-cap market",
      "description": "German small-cap equities market"
    },
    {
      "id": "E6",
      "type": "entity",
      "name": "German financial stocks",
      "description": "German financial sector equities"
    },
    {
      "id": "E7",
      "type": "entity",
      "name": "VIC members",
      "description": "Target investment audience"
    }
  ],
  "claims": [
    {
      "id": "A1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners has a market cap of 37M Euro",
      "confidence": 0.95,
      "source_quote": "publicly traded investment firm in Germany with a market cap of 37M Euro",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A2",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A3",
      "claim_type": "atom",
      "text": "Three exits to date have generated IRRs in excess of 25%",
      "confidence": 0.90,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "E4",
      "direction": "bullish"
    },
    {
      "id": "A4",
      "claim_type": "atom",
      "text": "Management plans to exit almost all current investments in 2009 and 2010",
      "confidence": 0.90,
      "source_quote": "management plans to exit almost all of their current investments in 2009 and 2010",
      "subject": "E2",
      "direction": "bullish"
    },
    {
      "id": "A5",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A6",
      "claim_type": "atom",
      "text": "Current share price is 0.53 Euro",
      "confidence": 0.95,
      "source_quote": "current share price 0.53 Euro",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A7",
      "claim_type": "assertion",
      "text": "Actual fair market value is closer to 1.35 Euro per share",
      "confidence": 0.70,
      "source_quote": "the actu

```json
{
  "entities": [
    {
      "id": "ARTNA",
      "name": "Artesian Resources Corporation",
      "type": "entity"
    },
    {
      "id": "DEPSC",
      "name": "Delaware Public Service Commission",
      "type": "entity"
    },
    {
      "id": "MSEX",
      "name": "Middlesex Water Company",
      "type": "entity"
    },
    {
      "id": "YORW",
      "name": "The York Water Company",
      "type": "entity"
    },
    {
      "id": "CWA",
      "name": "Chester Water Authority",
      "type": "entity"
    },
    {
      "id": "AH_Project",
      "name": "Allen Harim wastewater project",
      "type": "entity"
    },
    {
      "id": "Taylor_Family",
      "name": "Taylor Family",
      "type": "entity"
    }
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "ARTNA has increased corporate ROE from 7.7% to 9.5% since 2014.",
      "confidence": 1.0,
      "source_quote": "Since 2014, ARTNA has maintained a conservative balance sheet, increased corporate ROE from 7.7% to 9.5%",
      "subject": "ARTNA"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "ARTNA's dividend payout is approximately 60% of earnings.",
      "confidence": 1.0,
      "source_quote": "grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings.",
      "subject": "ARTNA"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "ARTNA is poised to increase corporate returns to over 10% following the expiration of a water supply contract in late 2021.",
      "confidence": 0.9,
      "source_quote": "ARTNA’s corporate returns are poised to increase to >10% as an uneconomic water supply contract rolls off at YE2021",
      "subject": "ARTNA"
    },
    {
      "id": "c4",
      "claim_type": "relationship",
      "text": "The termination of the Chester Water Authority contract will reduce annual costs by $4 million.",
      "confidence": 0.95,
      "source_quote": "ARTNA now has sufficient water sources to self supply 100% of their water requirements and will not renew this contract when it terminates in December 2021... ARTNA has been forced to pay $4mm/year to Chester Water Authority.",
      "subject": "ARTNA",
      "influences": [
        {
          "from": "CWA",
          "influence": 0.8,
          "slot": "operating_expenses"
        }
      ]
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Regulated business accounts for 95% of Corporate EBITDA.",
      "confidence": 1.0,
      "source_quote": "95% of Corporate EBITDA is generated by the regulated side of the business.",
      "subject": "ARTNA"
    },
    {
      "id": "c6",
      "claim_type": "assertion",
      "text": "Unregulated business lines allow ARTNA to exceed its regulated ROE ceiling by 125-150bps.",
      "confidence": 0.85,
      "source_quote": "at their current size would theoretically allow ARTNA to over-earn its regulated ROE by ~125-150bps at the corporate level",

{
  "entities": [
    {"id": "e1", "name": "Trailer Bridge (TRBR)", "type": "company"},
    {"id": "e2", "name": "John McCown", "type": "person"},
    {"id": "e3", "name": "Puerto Rico Market", "type": "market"},
    {"id": "e4", "name": "Jones Act", "type": "regulation"},
    {"id": "e5", "name": "Horizon Lines (HRZ)", "type": "company"},
    {"id": "e6", "name": "Malcolm McLean", "type": "person"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Trailer Bridge operates as a Jones Act shipper in the Puerto Rico market.",
      "confidence": 1.0,
      "source_quote": "Trailer Bridge is a Jones Act shipper operating in the Puerto Rico market.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "TRBR EBITDA grew from $0.8M in 2003 to $11.7M in 2004.",
      "confidence": 1.0,
      "source_quote": "EBITDA... 2003: 0.8, 2004: 11.7",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "The company has $109 million in total debt and $12 million in cash.",
      "confidence": 1.0,
      "source_quote": "Total Debt is $109 million Cash is $12 million",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "CEO John McCown buys shares in the open market nearly every month.",
      "confidence": 0.95,
      "source_quote": "Literally EVERY month going back years... he buys shares in the open market with his own money.",
      "subject": "e2"
    },
    {
      "id": "c5",
      "claim_type": "assertion",
      "text": "Trailer Bridge is the low-cost provider in its market.",
      "confidence": 0.9,
      "direction": "bullish",
      "source_quote": "The company is the low cost provider in a protected market",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "assertion",
      "text": "The stock has 70%+ upside potential to a price of $14.95.",
      "confidence": 0.75,
      "direction": "bullish",
      "source_quote": "I believe that there is 70%+ upside based on current operations... That would give you... $14.95 / share",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "assertion",
      "text": "Limited stock liquidity is a significant drawback for investors.",
      "confidence": 0.85,
      "direction": "bearish",
      "source_quote": "So what was that drawback thing? Liquidity. Insiders own the majority of the shares, and at these low prices, you’re not prying them loose.",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "assertion",
      "text": "A repeal of the Jones Act is highly unlikely.",
      "confidence": 0.9,
      "direction": "neutral",
      "source_quote": "Repeal of the Jones Act. Highly unlikely - hasn’t happened in 85 years.",
      "subject": "e4"
    },
    {
      "id": "c9",
      "claim_type": "atom",
      "text": "TRBR owns three idle barges that are not currently in the Puerto Rico 

```json
{
  "entities": [
    {
      "id": "trbr",
      "name": "Trailer Bridge",
      "type": "company"
    },
    {
      "id": "mccown",
      "name": "John McCown",
      "type": "person"
    },
    {
      "id": "hrz",
      "name": "Horizon Lines",
      "type": "company"
    },
    {
      "id": "jones_act",
      "name": "Jones Act",
      "type": "regulation"
    },
    {
      "id": "puerto_rico_market",
      "name": "Puerto Rico shipping market",
      "type": "market"
    }
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Trailer Bridge operates as the low-cost provider in its market.",
      "confidence": 0.95,
      "source_quote": "The company is the low cost provider in a protected market",
      "subject": "trbr"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Trailer Bridge owns three idle barges not currently used in Puerto Rico service.",
      "confidence": 1.0,
      "source_quote": "only 4 of the 7 barges are currently used in the PR service. The other 3 are either laid up, or chartered part of the time",
      "subject": "trbr"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "The stock has a 70% upside potential based on current operations.",
      "confidence": 0.8,
      "source_quote": "I believe that there is 70%+ upside based on current operations",
      "subject": "trbr"
    },
    {
      "id": "c4",
      "claim_type": "relationship",
      "text": "The Jones Act restricts market entry by requiring US-built and crewed vessels.",
      "confidence": 1.0,
      "source_quote": "The Jones Act requires in essence that all vessels operating between two US ports be US built, owned and crewed",
      "subject": "jones_act",
      "influences": [
        {
          "from": "jones_act",
          "influence": 0.9,
          "slot": "puerto_rico_market"
        }
      ]
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "CEO John McCown purchased shares in the open market nearly every month for years.",
      "confidence": 1.0,
      "source_quote": "Literally EVERY month going back years... he buys shares in the open market with his own money.",
      "subject": "mccown"
    },
    {
      "id": "c6",
      "claim_type": "assertion",
      "text": "Deployment of an idle barge could produce incremental EBITDA of $2-$3 million per year.",
      "confidence": 0.7,
      "source_quote": "This could produce incremental EBITDA of $2-$3 million/year, conservatively.",
      "subject": "trbr"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "Trailer Bridge has approximately $20 million in tax assets.",
      "confidence": 1.0,
      "source_quote": "TRBR also has about $20MM of tax assets.",
      "subject": "trbr"
    },
    {
      "id": "c8",
      "claim_type": "relationship",
      "text": "The high concentration of insider ownership limits share liquidity.",
      "confidence": 0.9,

ERROR: 

ERROR: