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CNX Resources (CNX) gave a "poster child" demonstration as to how to manipulate free cash flow. Since there is no uniform standard of free cash flow, management felt free to dump in a lot of one time items to raise that free cash flow to the standards of Mr. Market. Today that got the applause of Mr. Market as the stock price went up on the earnings announcement.
Surprise!
Then came the announcement of a $345 million convertible bond offering. That was in addition to some cash payments from the midstream company to