{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-2ebffcf637e2", "slug": "ef179647d85b", "title": "SandRidge Energy (SD)", "subtitle": "Carl C. Icahn · 2018-05", "author": "Carl C. Icahn", "date": "2018-05-24 00:00:00", "pageCount": 24, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "SandRidge Energy", "targetTicker": "SD", "document": { "id": "019dd923-622b-71dc-a6dc-2ebffcf637e2", "slug": "ef179647d85b", "title": "SandRidge Energy (SD)", "rawTitle": "Sandridge", "authorId": "14_Icahn", "authorName": "Carl C. Icahn", "authorDisplay": "Carl C. Icahn", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2018-05-Sandridge.pdf", "sourceUrl": "https://carlicahn.com/wp-content/uploads/Sandridge.pdf", "sourceDate": "2018-05-15 00:00:00", "presentationDate": "2018-05-24 00:00:00", "ingestedAt": "2026-04-22 17:29:01+00", "status": "ready", "pageCount": 24, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "SandRidge Energy", "targetTicker": "SD", "metadata": { "local_root": "/tmp/legacy-images/ef179647d85b", "activist_firm": "Icahn Capital LP", "origin_corpus": "contrarian", "extraction_seconds": 218.5227108001709 } }, "coverage": { "pageCount": 24, "pagesIndexed": 24, "pagesWithImages": 24, "pagesWithMetadata": 24, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 140, "chartCount": 6, "metricSlides": 0, "toolMatches": 9, "documentToolMatches": 5, "frameworkMatches": 15, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "evidence": "The deck follows a clear problem-agitate-solution structure.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:58.140273+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Problem (Identify pain)", "beatId": "db9cc653-b6d3-4007-b71d-b3c0912b81e4", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The current situation is presented as unsatisfactory.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "155f8d0c-b82a-4580-94b0-79c1ccfb5243", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a5f4f6af-32f2-466d-85a4-e4e52504837a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "08a78810-f59d-4551-8220-316c23e41b94", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b96e4656-1b78-4187-b903-2eb7ec459602", "evidence": "The 'Bankruptcy Board': Bill Griffin (CEO), Michael Bennett (Chairman), Dave Kordner, Sylvia Barnes, Ken Beers; former CEO James Bennett", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2d1fe9d7-ed5b-43d2-a288-a29593d8491c", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b455be51-de69-46a2-ab89-3272c3db95de", "evidence": "This slide serves as a summary of the company's overview, including key metrics and information.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:27:08.509315+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c9cc5ec8-325e-4bc2-b145-25193852d82d", "evidence": "This slide provides a summary of the company's situation, highlighting the board and management team's track record.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:27:08.589447+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8212ae9f-9d80-4a3a-979e-21723e62fc07", "evidence": "This slide compares the company's performance to its peers, highlighting the discount at which it trades.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:27:08.708255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "0e78698d-0d43-4925-8cab-e2af29cc55a8", "evidence": "The slide mentions Carl Icahn's track record, implying that the audience values his expertise and results.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:54:07.00261+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "0820df19-030c-4392-bc21-36e0550d4124", "evidence": "Use of magazine covers to establish credibility", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" }, { "matchId": "fd232eb5-4ff6-4a09-8ffa-8c3de2e31185", "evidence": "The slide explicitly frames the board and management as the source of value destruction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:01.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "antagonist-introduction" }, { "matchId": "9b228087-ada0-4677-bc75-4f5de96ea7a2", "evidence": "Frames the board as the antagonist causing value destruction.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" }, { "matchId": "59677203-f2fb-491d-bca7-685e335dbe05", "evidence": "Comparison of intrinsic asset value vs market trading price", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "valuation_gap" }, { "matchId": "6b458fa7-dcb2-4005-acec-37abd0f8ff22", "evidence": "Contrasts company's internal valuation ($57) with market price ($13.98) to expose market failure/mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "2a73b525-f0f5-4cd1-a0fc-937dac675197", "evidence": "The slide frames the board members as the 'Bankruptcy Board' to discredit them.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "antagonist-introduction" }, { "matchId": "6026afb9-4504-49d2-b42d-f8af320ad8aa", "evidence": "Contrasts board's 'good deal' claim with market reaction and deal termination.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "f3bc2fec-237e-4108-8164-e999ba769107", "evidence": "The slide frames the board's actions as self-serving entrenchment by contrasting a rejected merger with its clear strategic benefits.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "4ef9045f-e31d-4f7e-aff8-f9faee0d791a", "evidence": "Exposing the board's restrictive and legally questionable poison pill tactics.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "31b1031d-5d90-4653-a3b2-f21b4902dd93", "evidence": "The slide explicitly frames compensation data as evidence of board failure and irresponsibility.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "a5aee1c8-33a7-4367-b3ac-35f7d7b70993", "evidence": "Contrasts a self-congratulatory board quote with a list of negative performance metrics.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "16042a65-9510-4511-8474-46c8801a437a", "evidence": "Juxtaposition of board's positive quote with negative stock performance chart.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "00a48e4a-7f7e-426b-a242-a773fe540050", "evidence": "Citing historical returns and a portfolio of successful companies to establish credibility.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" }, { "matchId": "65543ced-1126-49a8-848f-f083dcadef4a", "evidence": "Uses an academic expert quote to bolster the activist's argument.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "authority-citation" }, { "matchId": "d8d3d92b-a221-4ac1-b93d-ee63d7406097", "evidence": "Explicit instructions for shareholders on how to vote and contact information for support.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "call-to-action" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Icahn proxy-fight deck for the June 19, 2018 SandRidge annual meeting. Co-branded layout uses SandRidge's own logo and palette in the header/footer rather than Icahn branding — a subtle rhetorical move framing the deck as 'on behalf of' the company. Heavy use of the 'bankruptcy board' epithet and a side-by-side of management's self-praise quote ('We are proud of the results') against a stock chart showing -34% vs peers +48%. Page 11 names every director with personal track-record critiques (an unusually direct villain table). Page 9 stacks three peer-gap bar charts (EV/EBITDA, EV/PV-10, EV/flowing barrel) — useful swipe. Stake explicitly disclosed at 13.6%. Icahn signals he might himself bid all-cash subject to a disinterested-shareholder vote — an unusual pre-commitment.", "kpisCited": [ { "detail": "~13.6% of SandRidge shares outstanding since November 2017", "metric": "Stake (Icahn ownership)" }, { "detail": "$13.98 vs 52-week high of $21.90 (-32%)", "metric": "Stock price (5/24/18)" }, { "detail": "$495mm market cap, $477mm EV", "metric": "Market cap / Enterprise Value" }, { "detail": "$871mm — implies SandRidge EV trades ~45% below proved reserves alone", "metric": "PV-10 (proved reserves at 5/1/18 strip)" }, { "detail": "$57.54/share per management's own December 2017 analysis", "metric": "PV-10 per share (proved + risked unproved)" }, { "detail": "SandRidge 2.4x vs peer average 5.2x", "metric": "EV / NTM EBITDA" }, { "detail": "SandRidge 0.6x vs peer average 1.7x", "metric": "EV / PV-10" }, { "detail": "SandRidge $12,909 vs peer average $53,148", "metric": "EV / Flowing Barrel" }, { "detail": "~50% underperformance since 5/22/17", "metric": "Stock underperformance vs peers post-Bonanza" }, { "detail": "-27% (post-emergence)", "metric": "TSR Oct 2016 – Dec 2017" }, { "detail": "-26%", "metric": "Production decline (post-emergence)" }, { "detail": "-43%", "metric": "EBITDA decline (post-emergence)" }, { "detail": "137% of Midstates Petroleum", "metric": "Adjusted G&A per barrel vs closest peer" }, { "detail": "$736mm purchase price at 9.1x TEV/LTM EBITDA, ~50% stock / 50% debt; $100mm market value lost on announcement", "metric": "Bonanza Creek transaction value" }, { "detail": "$70mm in potential synergies dismissed without negotiation", "metric": "Midstates synergies foregone" }, { "detail": "$7.3mm; base salary in 90th percentile of peers while EBITDA fell 18% and production fell 23%", "metric": "James Bennett 2017 total compensation" }, { "detail": "Bennett $17.1mm + Bott $6.5mm = $23.7mm cash severance paid", "metric": "Cumulative CEO/CFO severance" }, { "detail": "Over 1500% cumulative, 16.4% annualized", "metric": "Icahn Enterprises return since 2000" } ], "closingAsk": "Vote FOR Icahn's seven nominees and AGAINST the bankruptcy board, the dilutive poison pill ratification, and the egregious executive compensation proposal at the June 19, 2018 annual meeting.", "extraction": { "at": "2026-04-22 17:29:01+00", "model": "unknown-legacy", "runId": null, "seconds": 218.5227, "promptVersion": null }, "scqaReward": "Closing the discount to PV-10 implies up to ~$57/share versus today's $13.98 — a ~4x move; even pricing at peer NTM EBITDA multiples (5.2x vs. SandRidge's 2.4x) re-rates the equity dramatically.", "thesisTypes": [ "governance_board", "management_change", "sale_of_company", "undervaluation" ], "top3Reasons": [ "SandRidge trades at a ~45% discount to its own PV-10 of ~$57/share vs $13.98 stock", "Board approved dilutive Bonanza deal, rejected Midstates merger, paid $23.7mm severance to fired CEO", "Adopted a 'wolf pack' poison pill so egregious even Wachtell publicly criticized the structure" ], "scqaSituation": "SandRidge Energy is a pure-play E&P that emerged debt-free from Chapter 11 in October 2016 with assets in the Mississippian Lime, NW STACK, and North Park Niobrara, run by a board largely seated through the bankruptcy process.", "thesisSummary": "SandRidge Energy emerged from bankruptcy in October 2016, but its newly constituted 'bankruptcy board' has destroyed roughly 27% of shareholder value while crude oil rallied 50%. Icahn — SandRidge's largest individual holder at 13.6% — argues the board approved a dilutive Bonanza Creek acquisition that nuked $100mm of market cap, summarily rejected a Midstates Petroleum merger with $70mm of synergies, paid $23.7mm in severance to a CEO it terminated 'without cause,' and adopted an unprecedented 'wolf pack' poison pill that even Wachtell criticized. The stock trades at $13.98 versus management's own PV-10 of $57/share, a ~45% discount to proved reserves alone. Icahn is nominating seven directors at the June 19, 2018 annual meeting to run a genuine strategic sale process or, failing that, redirect capital from the dying Mississippian Lime to the NW STACK and North Park inventory.", "primaryDemands": [ "Replace the five-member 'bankruptcy board' with Icahn's slate of seven director nominees at the June 19, 2018 annual meeting", "Run a true strategic sale process open to all bidders (including a potential all-cash Icahn offer subject to disinterested-shareholder approval)", "Reject ratification of the dilutive 'wolf pack' poison pill", "Vote against the say-on-pay proposal covering egregious executive compensation", "Refocus capital away from the dying Mississippian Lime toward NW STACK and North Park inventory" ], "scqaResolution": "Vote out the five-member 'bankruptcy board' at the June 19 annual meeting, install Icahn's slate of seven nominees, reject the poison pill ratification and executive comp plan, and run a true strategic sale process.", "thesisOneLiner": "SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.", "precedentsCited": [ "Apple (improved capital allocation)", "eBay (spun off PayPal)", "Forest Labs (sold to Actavis)", "Motorola (split up and sold to Google)", "ImClone (sold to Eli Lilly)", "Kerr McGee (sold to Anadarko)", "Chesapeake Energy", "Netflix", "Herbalife", "Federal Mogul", "CVR Energy" ], "scqaComplication": "In 18 months the board approved a dilutive Bonanza Creek deal that vaporized $100mm of market cap, rejected a Midstates merger with $70mm of synergies, awarded $23.7mm in severance, and adopted an unprecedented poison pill — while shares fell 27%.", "narrativeInterest": 4, "notableSlidePages": [ 1, 7, 9, 11, 17, 24 ], "peerCompaniesCited": [ "AXAS", "BCEI", "ECR", "ESTE", "HK", "HPR", "MPO", "PVAC", "REI", "REN", "SBOW", "Midstates Petroleum", "Bonanza Creek Energy", "Stone Energy", "S&P Oil & Gas Index (XOP)" ], "valuationFrameworks": [ "sum_of_parts", "asset_value", "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/LeAqr2XPEBLU7cYCdHZyk7rD-d7-PF-jJAYEN16hjeA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lZjE3OTY0N2Q4NWIvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 5, "textChars": 101, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.741+00", "seconds": 4.749, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/1", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.35, "x": 0.625, "y": 0.058 }, "kind": "image", "text": "SandRidge Energy logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce4d9afa-560e-44f9-820a-f1fb77109d68", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 1, "x": 0, "y": 0.79 }, "kind": "image", "text": "Oil rig landscape", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05ac3af6-c3ac-4345-96e2-8db71010631b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.13, "x": 0.835, "y": 0.495 }, "kind": "paragraph", "text": "May 2018", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ce0e81d-32aa-4c44-a3f2-5c15fc6e09b6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.29, "x": 0.675, "y": 0.565 }, "kind": "paragraph", "text": "Prepared by Icahn Capital LP", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d13f066a-9b4b-46cd-824f-d33bc2218224", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.58, "x": 0.385, "y": 0.385 }, "kind": "title", "text": "The Case for New Leadership", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5beae9a5-8ee3-4671-a33b-8d955d45790c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/KJtrQzjG4NtXU2ZIDrvM1k0WbnLJZjAOk9hzhKD3RJI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lZjE3OTY0N2Q4NWIvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/XWUhvf_40uKOt9WImXARTRHkevjMuJEbvl2h__U7Wi0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lZjE3OTY0N2Q4NWIvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/V2u7uWjxERf2FEj_KUvw12691T-iBuzWqxdM6h3euUw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lZjE3OTY0N2Q4NWIvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 5, "componentCount": 2, "textChars": 150, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:00.339+00", "seconds": 2.274, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/2", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "disclaimer", "text": "CARL C. ICAHN AND THE OTHER PARTICIPANTS... [Full legal text regarding proxy solicitation, forward-looking statements, and investment risks]", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:00.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99451855-0efc-43a9-928a-8e995805e49c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.18, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:00.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "986c2ae1-8c09-4f95-b8ac-79e1da32f89a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "Includes images of Time and Forbes magazine covers featuring Carl Icahn to establish authority.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 8, "textChars": 856, "nDataPoints": 1, "notes": "Includes images of Time and Forbes magazine covers featuring Carl Icahn to establish authority.", "elementsJson": [ "headline_text", "bullet_list", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:01.166+00", "seconds": 2.92, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/3", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Responsible for creating hundreds of billions of dollars of shareholder value over the last 40+ years at a large number of companies", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-02d46fd43042", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.16, "x": 0.725, "y": 0.175 }, "kind": "image", "text": "Time Magazine cover featuring Carl Icahn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e1502d2-7bb1-413d-90bc-0c8b63af100f", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.16, "x": 0.725, "y": 0.535 }, "kind": "image", "text": "Forbes Magazine cover featuring Carl Icahn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c11a2f00-1caf-4a65-9de3-b34846beb877", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.02, "y": 0.15 }, "kind": "list", "text": "Famed Activist Investor and Proponent of Shareholder Rights. Five decades on Wall Street identifying poor corporate governance and effecting change in the boardroom. Responsible for creating hundreds of billions of dollars of shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "230fc902-5dca-4ef5-aaf8-f6553a2fd545", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.02, "y": 0.65 }, "kind": "list", "text": "SandRidge's largest individual shareholder. Owns approximately 13.6% of the outstanding shares since November 2017. Championing the fight against the board in support of all shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27cec7da-bee5-46b1-97e7-2e51b4c30cc7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.07, "y": 0.4 }, "kind": "list", "text": "Apple (improved capital allocation), eBay (spun off PayPal), Forest Labs (sold to Actavis), Motorola (split up and sold to Google), ImClone (sold to Eli Lilly), Kerr McGee (sold to Anadarko)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e21e5ab-7cc3-440e-8257-adb977ed31d2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "About Us", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65886ab1-87a5-4b11-865c-4cc67bc0330e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "CARL C. ICAHN", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a9f8be6-f099-444b-9e72-dfb474155410", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0820df19-030c-4392-bc21-36e0550d4124", "evidence": "Use of magazine covers to establish credibility", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:01.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 241, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:00.338+00", "seconds": 1.877, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/4", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "COMPANY OVERVIEW 5\nEXECUTIVE SUMMARY 7\nCURRENT SITUATION 8\nUNDERLYING VALUE 9\nTHE CURRENT BOARD 11\nTHE CURRENT BOARD'S TRACK RECORD 12\nHOW WE CAN DO BETTER 18\nOUR CANDIDATES 20\nOUR CONSULTANT 22\nIT'S TIME FOR SOMEONE ELSE 23", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:00.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f78d2df6-3d00-4e98-9403-5e9abbac4f75", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.28, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:00.338+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77f921e8-d4f5-43fd-8aa7-4fb578dd353c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Includes a pie chart breakdown of PV-10 value by asset.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 1159, "nDataPoints": 15, "notes": "Includes a pie chart breakdown of PV-10 value by asset.", "elementsJson": [ "headline_text", "bullet_list", "paragraph", "kpi_table", "pie_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:05.8+00", "seconds": 7.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/5", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.3, "x": 0.6, "y": 0.6 }, "kind": "chart", "text": "PV-10 ($'s millions) breakdown by asset: Mississippi Lime, NW STACK, North Park.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f37ad74-f883-49d3-9a2c-f9c866eb9553", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "SandRidge Energy (NYSE:SD) is a pure-play E&P focused on the Niobrara formation in Colorado, the Northwest STACK in Oklahoma, and the Mississippian Lime in Oklahoma and Kansas.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27f3ae69-ddd2-460c-95a5-0241f6929270", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "The current board consists of three members appointed upon emergence and two members appointed by the three incumbent directors following the resignation of the Chairman and the termination of the CEO in February, 2018.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6abcad4b-8833-4736-9b19-6a5340d134d3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.25 }, "kind": "list", "text": "The company emerged debt-free from Chapter 11 protection in October 2016, with a shareholder base consisting of many previous 2nd lien debt holders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70f9d41c-47a2-4cd0-9caf-585bc556cc9d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "Sandridge once ran over 35 rigs and had an Enterprise Value (EV) over $9 billion, while it currently runs 3 to 4 rigs and has an EV of ~$500 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fb0d096-1bf7-417b-bc38-1f97ac4dd02b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $477", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-2837f25f523b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Company History: In 2006, Tom Ward, co-founder of Chesapeake Energy, purchased Riata Energy... Following the crude price crash in early 2016, the company filed for Bankruptcy until emerging debt-free in October of the same year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3a73b9a-d431-433d-ae6f-d4aa381f27e1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.1 }, "kind": "table", "text": "Financial metrics table including 52-week high/low, market cap, enterprise value, revenue, EBITDA, production, and PV-10.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91cd787e-f302-4048-a6fb-2c0ec8f04fa5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Company Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b703ccbf-701e-4968-917b-bd20771b1fcb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "The slide uses a map to show geographic concentration and a line chart to demonstrate IRR potential at current oil prices.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 7, "textChars": 552, "nDataPoints": 4, "notes": "The slide uses a map to show geographic concentration and a line chart to demonstrate IRR potential at current oil prices.", "elementsJson": [ "headline_text", "bullet_list", "map", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:05.108+00", "seconds": 6.432, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/6", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite its high growth potential and IRRs in these two plays, and its cash generating core MS Lime position, SandRidge trades at a deep discount to its Peers and its own PV-10 proved reserve base.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-55c9e0d8a4dc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.4, "x": 0.55, "y": 0.55 }, "kind": "chart", "text": "North Park Well IRRs", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09535ee0-30a8-4097-a29e-8e974ff0ab58", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.55, "y": 0.08 }, "kind": "image", "text": "Sandridge Mid-Con Acreage", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b90044ba-9dc1-467d-a2f6-7d7fb4a25fda", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "SandRidge derives over 80% of its production from the Mississippian Lime. The play fell out of favor but certain areas remain productive. The company also holds positions in NW STACK and North Park. Despite potential, it trades at a deep discount.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0aa79793-dee7-4188-823f-d217fb4724cc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "IRR: 80%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-59996f968327", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "(1) As of quarter ended March 31, 2018.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19d17cd9-f8f0-40b2-9aa2-044646d683f3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Company Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bccf815-c695-410a-9557-e25fa90a01ed", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b455be51-de69-46a2-ab89-3272c3db95de", "evidence": "This slide serves as a summary of the company's overview, including key metrics and information.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:27:08.509315+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "analysis", "title": "This slide uses a strong 'villain' framing to establish the need for change.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 797, "nDataPoints": 0, "notes": "This slide uses a strong 'villain' framing to establish the need for change.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:01.976+00", "seconds": 3.019, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/7", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.12 }, "kind": "callout", "text": "Current Board and Management Team's Track Record of Value Destruction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a9015f0-1489-4768-b2cc-8ad81df57631", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Current Board and Management Team’s Track Record of Value Destruction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-445622da256b", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "list", "text": "Unable to execute on existing assets (Miss Lime, NW STACK, North Park Niobrara) pre- and post-bankruptcy. Unable to deliver a clear value enhancing strategy to investors. Unable to align management compensation with company performance. Unable to act with financial discipline (proposed dilutive Bonanza Creek transaction). Unable to recognize and fully evaluate potential value-adding opportunities (Midstates Petroleum Merger). Unable to act in the best interest of shareholders (adopted a “one-sided” Poison Pill to minimize major stockholders’ influence while allowing management and the board to continue to campaign and act recklessly).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92bc334c-b4ff-44b8-a81a-419cf982b654", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:01.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bd11057-6ab5-4556-a288-e282ec68c744", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c9cc5ec8-325e-4bc2-b145-25193852d82d", "evidence": "This slide provides a summary of the company's situation, highlighting the board and management team's track record.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:27:08.589447+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "fd232eb5-4ff6-4a09-8ffa-8c3de2e31185", "evidence": "The slide explicitly frames the board and management as the source of value destruction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:01.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses a narrative of board incompetence and value destruction to justify a director nomination.", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 1344, "nDataPoints": 3, "notes": "The slide uses a narrative of board incompetence and value destruction to justify a director nomination.", "elementsJson": [ "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.29+00", "seconds": 3.88, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/8", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Sandridge Has Underperformed by ~50%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-9f571788a226", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.4, "x": 0.57, "y": 0.1 }, "kind": "chart", "text": "SandRidge Price vs Peers (Post-Bonanza)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3600ac3-8b3d-45ce-9bed-8106ac108f5a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.88 }, "kind": "disclaimer", "text": "(1)Based on the volume weighted average price for 30 days preceding the Bonanza transaction of $19.01 and the closing price as of May 22, 2018. Crude prices are based on WTI as of the day of the announcement through May 22, 2018. (2)Peer group consists of AXAS, BCEI, ECR, ESTE, HK, HPR, MPO, PVAC, REI, REN and SBOW.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f972cb6a-17a7-4648-b54c-e4a6bdad8c02", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.52, "x": 0.03, "y": 0.1 }, "kind": "list", "text": "On November 2017 SandRidge and its Board announced the dilutive acquisition of Bonanza Creek Energy which was subsequently cancelled after near unanimous stockholder revolt. Soon after, Icahn wrote a letter to the board asking for two shareholder appointed director seats, essentially asking for a minority check on any new value-destructive deals. On January 23, the board denied Icahn's request, deciding not to add any shareholder representation. Meanwhile, shares of Sandridge have fallen 26% from before the announcement, while the price of crude oil has risen 30%. The Bonanza approval and several subsequent actions detailed below, prove the board is unable to act in the best interest of the shareholders, create a strong stand-alone strategy, or run a proper strategic sale process. As such, we've nominated a capable slate of directors which will represent the best interests of ALL shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24c58838-ac61-401d-852c-e54640aa51d1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price performance: ~50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-a1f7fc014aac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.28, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Current Situation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "001a8b8a-5d12-4a88-bce4-aa09e835ec4b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9b228087-ada0-4677-bc75-4f5de96ea7a2", "evidence": "Frames the board as the antagonist causing value destruction.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Problem (Identify pain)", "beatId": "db9cc653-b6d3-4007-b71d-b3c0912b81e4", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The current situation is presented as unsatisfactory.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "analysis", "title": "The slide uses a combination of a horizontal bar chart for asset value comparison and a grouped bar chart for peer valuation multiples.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 921, "nDataPoints": 10, "notes": "The slide uses a combination of a horizontal bar chart for asset value comparison and a grouped bar chart for peer valuation multiples.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_horizontal", "bar_chart_grouped", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.8+00", "seconds": 3.083, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/9", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "callout", "text": "We believe the board and management's aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf729598-2713-42eb-9209-821585422550", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the board and management’s aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-83e330965fa4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.5, "y": 0.24 }, "kind": "chart", "text": "Discount to Peer Values", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "645bdcf4-f869-451b-b827-408280121e3c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.24 }, "kind": "chart", "text": "Discount to Proved Reserves", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "372d73b5-bbc2-4ecf-802e-1cf3e5ea3618", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.71 }, "kind": "list", "text": "If its peers trade at a premium to PV-10, and much higher compared to EBITDA and Production, why does SandRidge trade at such a discount to its intrinsic value?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5417bdaa-9bde-4454-b397-b17ea8f70dc0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "Compared to its Peers, SandRidge trades a significant discount on almost every measure.\nEven compared to its own Proved Reserves PV-10 value, Sandridge trades at a ~45% discount.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "723db506-45a1-4448-a902-6dd3d4d18c95", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/NTM EBITDA: ~45%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-855ddf603ba2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Underlying Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6aea38f8-7f38-4ad8-8538-6c338934179e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8212ae9f-9d80-4a3a-979e-21723e62fc07", "evidence": "This slide compares the company's performance to its peers, highlighting the discount at which it trades.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:27:08.708255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "59677203-f2fb-491d-bca7-685e335dbe05", "evidence": "Comparison of intrinsic asset value vs market trading price", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "valuation_gap" } ], "arcBeats": [], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses the company's own data to argue that the stock is significantly undervalued.", "function": "expose_contradiction", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 6, "textChars": 868, "nDataPoints": 45, "notes": "The slide uses the company's own data to argue that the stock is significantly undervalued.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.478+00", "seconds": 2.711, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/10", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-ee49471c6a95", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.09 }, "kind": "list", "text": "SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share.\nYet the stock continues to trend downwards, settling at $13.98 as of May 24, 2018.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc445399-2fb8-489f-b298-a5136a4672fd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "PV-10 value per share: $57.54", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-f2839666b555", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "source-note", "text": "Note: TPUD (Technical PUDs) are undeveloped locations that meet the technical criteria to be considered proved reserves, but have not been determined to meet SEC criteria.\nSource: SandRidge December 2017 investor presentation filed Nov 15, 2017.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7aeb24f6-14fd-48fe-9f32-0f8f3cc41edf", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.5, "x": 0.25, "y": 0.24 }, "kind": "table", "text": "SandRidge Proved Reserves table showing MM Boe, PV-10, and Per Share values for North Park, Mid-Con, and Consolidated assets.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c0e375a-2a51-4db9-a24a-9ad49fe43abb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Underlying Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e146673a-3e4a-49af-9890-d3001fb812ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6b458fa7-dcb2-4005-acec-37abd0f8ff22", "evidence": "Contrasts company's internal valuation ($57) with market price ($13.98) to expose market failure/mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "title": "The slide uses a table format to list board members and provide negative context for each, framing them as the 'Bankruptcy Board'.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 142, "nDataPoints": 0, "notes": "The slide uses a table format to list board members and provide negative context for each, framing them as the 'Bankruptcy Board'.", "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.258+00", "seconds": 2.369, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/11", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "table", "text": "Table of board members with names, roles, and descriptions of their past performance and controversies.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ebaf847-516d-426f-84a8-fa702412b106", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "The \"Bankruptcy Board\"", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1686d976-a7d6-4c6b-94ba-ba59dc4ec18c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e08b78f-4c5c-4f0d-ac41-8373f3db64fc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2a73b525-f0f5-4cd1-a0fc-937dac675197", "evidence": "The slide frames the board members as the 'Bankruptcy Board' to discredit them.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "Uses a specific case study to undermine board credibility.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 7, "textChars": 1572, "nDataPoints": 8, "notes": "Uses a specific case study to undermine board credibility.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.855+00", "seconds": 3.792, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/12", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.35, "x": 0.6, "y": 0.1 }, "kind": "callout", "text": "Bonanza Transaction\nEstimated NAV Accretion (Mgmt/Board): 4%\nPurchase Price: $736 million\nSources of Funds: ~50% Stock / 50% Debt\nSandRidge LTM EBITDA Multiple: 2.8x\nTEV(2) LTM EBITDA Multiple: 9.1x\nPF Leverage: ~$450 million\nOverlapping Acreage: None\nSynergies Cited in Presentations: ~$20mm (basic overhead/purchasing)\nMonths Since Bankruptcy: ~12\nMarket value lost: $100 million\nCash Termination Cost: $3.7 million", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "603e038e-6374-4af2-96b1-6dbda906bb5d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "SandRidge’s stock price immediately dropped 16%, destroying over $100 million of market value(1), but the board still argues it was a “good deal.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-083b341c942a", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.5, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "On November 15, 2017, SandRidge announced that it had entered into an agreement to acquire Bonanza Creek Energy in a massively dilutive and overpriced transaction. Until the surprise announcement, management's guidance had been to protect the balance sheet, reduce operating costs, generate free cash flow and develop its significant remaining inventory in the NW STACK and North Park Basin in a disciplined manner. SandRidge's stock price immediately dropped 16%, destroying over $100 million of market value(1), but the board still argues it was a \"good deal.\" Because the deal was met with overwhelming opposition from stockholders, it was terminated on December 28th.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bb6060f-238a-4210-8907-9e4b7d5fe69e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "market value lost: $100 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-0ecc4f2c4ba6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "(1) Based on SandRidge's closing price following the announcement and the volume weighted average price over the 30 days preceding the announcement (November 15, 2017).\n(2) Total Enterpriser Value (TEV), represents the transaction value of Bonanza ($736mm)", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33706825-852c-4d0c-87de-8ef03881daea", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2513699d-bd82-4a2b-9832-bbeb3d9c2023", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.1 }, "kind": "title", "text": "Bonanza Transaction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1343c3c6-e6fe-426d-9ad9-6797eee76f28", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6026afb9-4504-49d2-b42d-f8af320ad8aa", "evidence": "Contrasts board's 'good deal' claim with market reaction and deal termination.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.855+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses a two-column layout to contrast the board's dismissal with the strategic rationale for the merger.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 719, "nDataPoints": 1, "notes": "The slide uses a two-column layout to contrast the board's dismissal with the strategic rationale for the merger.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.95+00", "seconds": 2.806, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/13", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.35, "x": 0.6, "y": 0.12 }, "kind": "callout", "text": "Midstates Rationale", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df40b991-8c34-459a-9714-1c796bf6af69", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Despite the obvious potential fit, the board presumably dismissed the transaction to entrench itself, as Midstates publicly stated they would be open to replacing the board with shareholder representation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a970-1dd26f541a01", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "On February 6, 2018, Midstates Petroleum... announced an offer to merge... It is our understanding that Midstates was forced to make the offer public... SandRidge flatly rejected the offer... board presumably dismissed the transaction to entrench itself", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66d020a9-9f47-43d7-a056-74f33755608f", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.35, "x": 0.6, "y": 0.2 }, "kind": "list", "text": "$70 million in potential synergies; Significant overlapping acreage; Shared experience; Management team with track record; Increased market liquidity; Board open to shareholder representation", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d08d754-cefe-4f0f-80b3-5f32f545c23c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "125d518c-6fea-4d0b-a3f2-4f8861ba7131", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.1 }, "kind": "title", "text": "Midstates Dismissal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54b93298-38a2-4b94-b24d-a7e4b2f5fea1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f3bc2fec-237e-4108-8164-e999ba769107", "evidence": "The slide frames the board's actions as self-serving entrenchment by contrasting a rejected merger with its clear strategic benefits.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:01:02.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a callout box to define and critique the 'wolf pack' clause.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 1406, "nDataPoints": 0, "notes": "The slide uses a callout box to define and critique the 'wolf pack' clause.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:04.076+00", "seconds": 3.789, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/14", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.3, "x": 0.66, "y": 0.09 }, "kind": "callout", "text": "Breaking Ground For Poor Corporate Governance: A 'wolf pack' or 'acting in concert' clause is a type of poison pill... shows complete disregard for the rights of shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "431a8351-b014-47bf-845c-34ff714a773f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The clause could very well breach fiduciary duties on a number of levels but, at a minimum, shows complete disregard for the rights of shareholders to make their own decisions and freely associate with each other.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a970-0427e481a503", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "On November 27, 2017, the board adopted a poison pill with highly unusual terms in an attempt to limit the shareholders' ability to stop the Bonanza transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08725b7a-3c5f-4784-96d2-63d30bcf1ac9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.24 }, "kind": "paragraph", "text": "Specifically, the board's Pill prohibited stockholders from even speaking with one another to discuss opposition to the deal, while explicitly giving management the right to campaign in its favor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbc1a363-4713-4baf-8e61-f3a86526f420", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "David Katz, a partner at Wachtell, Lipton, Rosen & Katz... told The Deal that ambiguity 'is not a good idea' when it comes to the acting in concert provision.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f38e61d-e26d-401c-93ff-6fc68f2a52d7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"is not a good idea\" — David Katz, Wachtell, Lipton, Rosen & Katz; \"the whole idea is you are trying to draw a sharp line in the sand that people aren't going to go over, so you need to have clarity not ambiguity in these types of pills.\" — David Katz, Wachtell, Lipton, Rosen & Katz", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a970-0b1ce61d9d5d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "(1) See Ronald Orol, Icahn Helps Shift the Lines of Defense: How SandRidge may have helped change the structure and use of poison pills, The Deal (February 01, 2018).", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c18fd96-ff2d-4f2c-8735-f7f0dad37244", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9f270f1-81d9-40a9-90dd-6cb88410d060", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Unorthodox Poison Pill", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6c2c05f-334f-4b2d-8fbe-9b485df4f51d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4ef9045f-e31d-4f7e-aff8-f9faee0d791a", "evidence": "Exposing the board's restrictive and legally questionable poison pill tactics.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:04.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses a combination of narrative critique and a supporting data table to frame the board's compensation decisions as irresponsible.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1198, "nDataPoints": 18, "notes": "The slide uses a combination of narrative critique and a supporting data table to frame the board's compensation decisions as irresponsible.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.829+00", "seconds": 3.366, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/15", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As unfathomable as this is, Bennett's employment was terminated \"without cause\" (a \"for cause\" termination would have reduced the payment), a shocking decision considering he led the company through both a bankruptcy and the Bonanza Creek debacle.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a972-7d4b719f8995", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "list", "text": "Following the bankruptcy... board approved a base salary for James Bennett in the 90th percentile... stock price dropped 10%, Adjusted EBITDA fell 18%, and production fell 23%. Additionally, under Bennett's employment agreement... $17.1 million in severance... As unfathomable as this is, Bennett's employment was terminated 'without cause'... Finally, in an effort to avoid responsibility, the board has consistently stated that these egregious compensation plans were the work of the pre-bankruptcy board...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7ae3a55-9bae-47de-866a-414b09f7c21c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Compensation: $55.8 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a972-81461cec74e1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "table", "text": "Select Historical Compensation (See SandRidge Proxy Statements for details): James D. Bennett, CEO 2011-2017 5,803,843 3,167,001 31,955,266 13,459,885 1,422,784 55,814,815 Julian Bott, CFO 2015-2017 1,013,462 300,000 5,543,073 3,376,631 155,762 10,388,928 Duane Grubert, Investor relations 2015-2017 942,274 225,001 3,564,442 2,317,433 2,592,773 9,641,924", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "967e59d5-e4af-4c10-be48-d31646c1def2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Excessive Compensation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f40609e8-282b-4109-9275-34405c5190c0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bb1341b-1e9f-4230-9a27-a8f6800386a3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "31b1031d-5d90-4653-a3b2-f21b4902dd93", "evidence": "The slide explicitly frames compensation data as evidence of board failure and irresponsibility.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:03.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "tension", "title": "Uses a quote-contradiction framework to undermine the Board's credibility.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 1171, "nDataPoints": 10, "notes": "Uses a quote-contradiction framework to undermine the Board's credibility.", "elementsJson": [ "headline_text", "quote_block", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:05.847+00", "seconds": 5.258, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/16", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.42 }, "kind": "list", "text": "No known progress building necessary infrastructure in the North Park\nHad one board member resign and another terminated\nMissed out on full benefit of ~50% run up in oil price\nUnclear long-term vision or strategy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4dc4f02-90fb-48a6-ba96-7dcee732ff7c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Total Shareholder Return: -27%\nProduction Decline: -26%\nEBITDA Decline: -43%\nEnterprise Value Decline: -25%\nAcreage Position Decline: -43%\nDeal Breakup Fees Spent: $3.7 million\nCash Severance Paid: $23.7 million\nAdjusted G&A per Barrel vs Closest Peer: 137%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e98e165f-7dbb-4f7d-99f7-180f84622f2e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: -27%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-cfae119294d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.55, "y": 0.28 }, "kind": "paragraph", "text": "- The SandRidge Board, 2017 Proxy Statement", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9ee8c6a-dc9d-400a-a83e-aae05069c69c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "quote", "text": "Since [emerging from bankruptcy], the Board has overseen significant accomplishments, and we are proud of the results that our Company delivered during a challenging period.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f1c0287-90e7-401b-a6a7-91843af935b9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Since [emerging from bankruptcy], the Board has overseen significant accomplishments, and we are proud of the results that our Company delivered during a challenging period. — The SandRidge Board, 2017 Proxy Statement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96e-c9b9636a8e71", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Note Q1 2018 period ended figures are most recent quarter Q1 2018 vs first quarter post bankruptcy Q4 2016. (1)Midstates Petroleum is SandRidge's only public peer focused on the Mississippian Lime formation.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e62c138-5d4a-46d6-b502-757c3cd01540", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "342565b3-4e87-4723-8ad6-ecf176160014", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a5aee1c8-33a7-4367-b3ac-35f7d7b70993", "evidence": "Contrasts a self-congratulatory board quote with a list of negative performance metrics.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:05.847+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "tension", "title": "The slide uses a quote from the board to contrast with the negative stock performance data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 7, "textChars": 289, "nDataPoints": 3, "notes": "The slide uses a quote from the board to contrast with the negative stock performance data.", "elementsJson": [ "headline_text", "quote_block", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.022+00", "seconds": 2.406, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/17", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "SandRidge -34%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-3950b3dfede7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.8, "x": 0.1, "y": 0.24 }, "kind": "chart", "text": "Sandridge's Stock Price vs Oil Price (Since Bankruptcy Emergence)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7571467b-4048-444e-9019-ea5453e47cf5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "indexed return: -34%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-42c3a5097ee8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.3, "y": 0.14 }, "kind": "quote", "text": "We are proud of the results", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19629e2f-d273-4816-be26-fb96ab9959bd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We are proud of the results — The Current Board", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-3f9132a0a43c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Peer group consists of AXAS, BCEI, ECR, ESTE, HK, HPR, MPO, PVAC, REI, REN and SBOW.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daac2fd8-2f21-4336-858d-6f4f6f3a4808", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "The Current Board's Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3404169-0ad7-47f4-982f-487dc8a0c284", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "16042a65-9510-4511-8474-46c8801a437a", "evidence": "Juxtaposition of board's positive quote with negative stock performance chart.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:03.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 17, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Agitate (Make it worse)", "beatId": "7aad5786-8b12-46fa-97ea-b3d0ac30cf9c", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The current board's track record is exposed and criticized.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 8, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2", "evidence": "The current board's failure is highlighted.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.275864+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "appendix", "title": "The slide uses a logo grid to establish credibility and historical success.", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 640, "nDataPoints": 3, "notes": "The slide uses a logo grid to establish credibility and historical success.", "elementsJson": [ "headline_text", "paragraph", "logo_grid" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:02.92+00", "seconds": 2.288, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/18", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "callout", "text": "Icahn's Track Record", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78c10268-d815-4da1-a32d-453b238271d8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Over the years, Carl Icahn has created hundreds of billions of dollars in value for fellow shareholders through profitably buying and selling companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-22804f3ac1d9", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d54aaf67-6446-4217-acd5-f16fdd368ece", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "annualized return: 16.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-27083c867b4c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.22 }, "kind": "paragraph", "text": "Over the years, Carl Icahn has created hundreds of billions of dollars in value for fellow shareholders through profitably buying and selling companies. When a sale is not warranted, he has also created value running and growing companies, having owned more than 35 businesses for periods of 3 to 34 years. Icahn Enterprises, L.P., his main holding company, has returned over 1500% since 2000, an annualized return of 16.4%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e46c8c5f-91b7-4f6d-ba4c-90665b3cbc7b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "How We Can Do Better", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "869d2dbf-0537-4454-89a2-adb10bbc0f6f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "0e78698d-0d43-4925-8cab-e2af29cc55a8", "evidence": "The slide mentions Carl Icahn's track record, implying that the audience values his expertise and results.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:54:07.00261+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "00a48e4a-7f7e-426b-a242-a773fe540050", "evidence": "Citing historical returns and a portfolio of successful companies to establish credibility.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:01:02.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 507, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "subtitle_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:06.466+00", "seconds": 5.527, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/19", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our board would run a process to maximize value for ALL SHAREHOLDERS", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-77508717cc39", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "list", "text": "Create Stand Alone Value: Our board would evaluate all stand-alone opportunities, including repositioning the company, focusing on high-potential inventory, and implementing a best-in-class management team.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:06.466+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32703004-a4b7-44bf-b484-85077d3b9adc", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "Run A True Process: Our board would run a process to maximize value for ALL SHAREHOLDERS, including leveraging industry expertise and submitting offers to stockholder votes.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:06.466+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca552dc1-cac9-4f8d-b1d8-cdff779e7622", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "How We Can Do Better", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:06.466+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3faad244-771c-4fb3-88db-40259cedd09e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.32, "y": 0.09 }, "kind": "title", "text": "With Icahn's support, our board would...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:06.466+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8eb798b-4dc2-47e3-ba83-ac815b018c76", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 4, "textChars": 160, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.554+00", "seconds": 2.566, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/20", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "For detailed bios see our Proxy statement filed May 11, 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-544336de3b32", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.88 }, "kind": "paragraph", "text": "For detailed bios see our Proxy statement filed May 11, 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8eec76-cbd6-478f-8b9a-7217c1c160de", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "table", "text": "Snapshot of Our Nominees", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ae0b7be-a9bd-4845-811e-94e549aa7ec3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Our Candidates", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "701746d0-f6e6-4f87-b53c-a7ca9480cf15", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 12, "componentCount": 4, "textChars": 211, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:03.423+00", "seconds": 2.331, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/21", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "For detailed bios see our Proxy statement filed May 11, 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-67d1a2d63138", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.85 }, "kind": "paragraph", "text": "For detailed bios see our Proxy statement filed May 11, 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f26449d-c7ee-4083-8ad0-5960e37cc642", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "table", "text": "Snapshot of Our Nominees: Randolph Read, Nicholas Graziano, Jonathan Frates", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "441d9163-12dc-4704-9d58-2b618404c80a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Our Candidates", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:03.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62b9d942-ad25-4f01-9f3f-08715da27a2e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 5, "textChars": 1519, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "callout_box", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:04.375+00", "seconds": 3.183, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/22", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-22", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Matt’s experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach and the execution of next steps after the company's annual meeting.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-8bbde83cb616", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "list", "text": "Matthew Grubb, current CEO of Compass Production Partners, and former President and COO of Sandridge, has been engaged to help assist us in our campaign, develop a strategy and explore strategic alternatives. Matt’s experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach and the execution of next steps after the company’s annual meeting.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "472b76ca-4ee9-47d1-ac79-84afd87dad47", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "Matthew Grubb has almost 30 years of experience in the oil and gas industry and is currently President and Chief Executive Officer of Compass Production Partners, LP, a private oil and gas company with operations in Northern Louisiana and the Midland Basin of West Texas. Prior to joining Compass Production Partners in January 2014, Mr. Grubb was President and Chief Operating Officer of SandRidge, where he was employed from 2006 to 2013. Mr. Grubb was employed by Samson Resources from 1995 to 2006 and last served as Division Operations Manager of East Texas and Southeast U.S. Regions for Samson Resources. Mr. Grubb currently serves as a board member on the Foundation Board of the Children's Center Rehabilitation Hospital, a non-profit organization. Mr. Grubb earned a Bachelor of Science degree in Petroleum Engineering in 1986 and a Master of Science degree in Mechanical Engineering in 1988, both from Texas A&M University.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c70e920-2df1-4532-ac77-4eb9e5ee280c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Our Consultant", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96b1ddb9-c986-47bb-81e4-a0040ff6ef7d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.36 }, "kind": "title", "text": "Matt’s Bio", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c5c555e-ca2c-45fc-a49e-21f9f8156909", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "evidence", "title": "The slide uses a quote from a finance professor to validate the activist's argument against the incumbent board.", "function": "cite_precedent", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 2328, "nDataPoints": 3, "notes": "The slide uses a quote from a finance professor to validate the activist's argument against the incumbent board.", "elementsJson": [ "headline_text", "bullet_list", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:04.604+00", "seconds": 3.372, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/23", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-c656602c94e8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock return: -32.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-cd230c2f6b97", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "paragraph", "text": "The board's track record over its ~18 month tenure speaks for itself. The stock continues to drop, large shareholders continue to bail out (Fir Tree Partners, Apollo Management), and little progress has been made. The decision is yours, but don't take it from us:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f0af0a2-7d04-4a15-b833-ae0da42d70bc", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "quote", "text": "In the case of SandRidge Energy, Carl Icahn may be just the treatment the company needs.....If one takes a close look at the performance of SandRidge in the cold, hard light of reality, it is difficult to make a case for management or to argue that their performance is serving shareholders well.....Between Oct. 1, 2016 and May 1, 2018, shares in SandRidge fell from $21.27 to $14.35. This means the management and directors at SandRidge have produced a return of -32.5 percent for investors.....When a company is performing as far below industry averages as SandRidge, a shakeup is warranted.....If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f867570-c2fe-44f9-b77c-4d0d9b625c8f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In the case of SandRidge Energy, Carl Icahn may be just the treatment the company needs.....If one takes a close look at the performance of SandRidge in the cold, hard light of reality, it is difficult to make a case for management or to argue that their performance is serving shareholders well.....Between Oct. 1, 2016 and May 1, 2018, shares in SandRidge fell from $21.27 to $14.35. This means the management and directors at SandRidge have produced a return of -32.5 percent for investors.....When a company is performing as far below industry averages as SandRidge, a shakeup is warranted.....If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try. — Stuart T. MacDonald, Professor of Finance, University of Central Oklahoma, What is good for you isn’t always pleasant, The Journal Record (May 8, 2018).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a96f-c9b4383859f0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "source-note", "text": "Stuart T. MacDonald, Professor of Finance, University of Central Oklahoma, What is good for you isn't always pleasant, The Journal Record (May 8, 2018).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4758c100-a811-4530-ab4f-07e8abee6ee0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "It’s Time For Someone Else", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c11f7acb-8bdd-45fb-a411-1a685ab2c103", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "65543ced-1126-49a8-848f-f083dcadef4a", "evidence": "Uses an academic expert quote to bolster the activist's argument.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "setup", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 737, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:01:05.065+00", "seconds": 3.688, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/24", "deck": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "callout", "text": "Vote FOR our highly qualified nominees and AGAINST the incumbent \"bankruptcy board\"!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a21d0ff4-33ac-4e25-865c-30f895d7bd68", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Vote FOR our highly qualified nominees and AGAINST the incumbent “bankruptcy board”!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5377-73e2-a972-4c049f14988b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "Vote AGAINST the bankruptcy board's proposal to entrench themselves by ratifying and extending the dilutive poison pill! Vote AGAINST the bankruptcy board's proposal to approve the Company's egregious executive compensation!", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "636ffde8-79ce-4acb-aa67-f2edf7d1c8e5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "The Annual Meeting of Shareholders is June 19th. Your vote is important!", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e01a02de-c40c-4db0-8a23-d2296d108d73", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.2, "y": 0.7 }, "kind": "table", "text": "If you have any questions, please contact the following individuals: Icahn Capital LP Susan Gordon +1 (212) 702-4309 Harkins Kovler, LLC Banks and Brokers Call: +1 (212) 468-5380 All Others Call Toll-Free: +1 (800) 339-9883 Email: sd@harkinskovler.com", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "404d6777-c4b5-4c78-858c-2ae481f844ed", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Vote To Save SandRidge", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a4a4448-1147-4ad2-aafa-0c38055cd501", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d8d3d92b-a221-4ac1-b93d-ee63d7406097", "evidence": "Explicit instructions for shareholders on how to vote and contact information for support.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:01:05.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "call-to-action" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 19, "name": "Solution (Provide relief)", "beatId": "33515bb7-3898-4c0d-bed3-3541f9508da8", "matchId": "7670efe3-aef0-4b3c-b672-b7bce557919d", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "New leadership with Icahn's support is proposed as the solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 24, "from": 19, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "dbe9955c-32e4-420b-b0f6-ac4a09ae729d", "evidence": "The proposed solution is presented as a quick win and big bet.", "position": 1, "objective": "What is the potential upside of new leadership?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:58.310613+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 8, "to": 8, "label": "Problem (Identify pain)", "description": "The current situation is presented as unsatisfactory." }, { "from": 12, "to": 17, "label": "Agitate (Make it worse)", "description": "The current board's track record is exposed and criticized." }, { "from": 19, "to": 24, "label": "Solution (Provide relief)", "description": "New leadership with Icahn's support is proposed as the solution." } ], "loops": [ { "from": 8, "to": 17, "label": "Cost Of Inaction", "description": "What is the cost of inaction?" }, { "from": 19, "to": 24, "label": "Quick Win Big Bet", "description": "What is the potential upside of new leadership?" } ] }