- The company is a "serial issuer of stock" that has allowed insiders to cash out $172 million of shares at an average price of near $90 a share.
- The company's capital spending "is growing much faster than the business, when the business should be growing faster than spending." According to Einhorn's crunching of forecasts, Green Mountain is set to spend $740 million in 2012, $431 million of which he says is "unexplained" and also twice as much as forecast net income.
- His final, and most damning concern, is of accounting "shenanigans" in acquisitions which Einhorn argues is a reflection of a wider symptom in revenue recognition. In past acquisitions of Tully, Timothy's, Diedrich and Van Houtte, nearly the entire price paid for targets has been accounted for as goodwill, he says.