{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9d-701a1b1e61b1", "slug": "fbbd859563e5", "title": "Huntsman Corporation (HUN)", "subtitle": "Starboard Value · 2022-03", "author": "Starboard Value", "date": "2022-03-08 00:00:00", "pageCount": 90, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Huntsman Corporation", "targetTicker": "HUN", "document": { "id": "019dd923-622c-750b-8b9d-701a1b1e61b1", "slug": "fbbd859563e5", "title": "Huntsman Corporation (HUN)", "rawTitle": "ex1dfan14a06297302 030822", "authorId": "03_Starboard_Value", "authorName": null, "authorDisplay": "Starboard Value", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2022-03-ex1dfan14a06297302_030822.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2022-03-08 00:00:00", "ingestedAt": "2026-04-23 08:34:39+00", "status": "ready", "pageCount": 90, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Huntsman Corporation", "targetTicker": "HUN", "metadata": { "local_root": "/tmp/legacy-images/fbbd859563e5", "activist_firm": "Starboard Value", "origin_corpus": "contrarian", "extraction_seconds": 255.84991788864136 } }, "coverage": { "pageCount": 90, "pagesIndexed": 90, "pagesWithImages": 90, "pagesWithMetadata": 90, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 510, "chartCount": 28, "metricSlides": 0, "toolMatches": 20, "documentToolMatches": 4, "frameworkMatches": 70, "arcMatches": 1, "beatMatches": 5, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "evidence": "The document frames Huntsman's management as the 'monster' that must be overcome, with the goal of achieving change and accountability.", "isPrimary": true, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:04:18.04553+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 }, { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 }, { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "1bf6f5a4-b84a-4e8b-989c-17ae308cc864", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.267697+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "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": "61339d0c-2335-4be3-b28e-05884aca1470", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.267697+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": "4a01e706-6994-420e-934f-d6d1c18f3196", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.267697+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": "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": "4507577d-c34c-4d3d-8008-a5fa56f0b789", "evidence": "Peter Huntsman (Chairman & CEO); legacy directors Nolan Archibald and M. Anthony Burns; former CFO Kimo Esplin also quoted", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.267697+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": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "dc1be222-636d-4548-ad57-eabf629c7884", "evidence": "title/headline: Supplemental Materials, image/logo: Starboard Value logo, image/logo: Huntsman logo", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:56:01.35662+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d948cb3b-d86e-4ece-9507-11dcd1be9e35", "evidence": "The table/data component comparing peer sets across different years suggests a 2x2 matrix.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.61476+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": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49feb35f-f9d7-4a85-bec1-2ed37d766877", "evidence": "The chart/waterfall-bridge component shows a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.723527+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bfb81f73-c289-4883-91c5-dcaebf386ae7", "evidence": "The chart/waterfall-bridge component shows a comparison of Adjusted EBITDA targets and results.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.833095+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "abb4885d-06be-426f-822c-ce77e287f0a5", "evidence": "The chart/waterfall-bridge component shows a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.905771+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "fe906173-f8b3-4172-ad40-94b9c6ed461a", "evidence": "The table/data component shows a comparison of The Truth vs Huntsman's Misleading Tactics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.979727+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a56d197b-9149-4385-aedb-235923ebbd02", "evidence": "The table/data component shows a table with descriptions and per share impact.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:47.052812+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "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": "slide", "agents": null, "matchId": "87101d9b-c6f2-4973-a44a-f6ce6f26db24", "evidence": "The slide includes a headline that highlights the contradiction between Huntsman's promise and actual performance.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:57.807933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "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": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d68b6ac7-6c53-4a82-a8dd-bd5892be21cf", "evidence": "The slide includes a waterfall-bridge chart to illustrate the bridge from reported 2021 Adjusted EBITDA to organic 2021 Adjusted EBITDA.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:57.878019+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "97d90248-faea-4eda-83ba-eb9e661168c6", "evidence": "The slide includes waterfall-bridge charts to illustrate the adjusted EBITDA target bridge from 2020 to 2021 and the bridge to 2021 organic Adjusted EBITDA.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:57.946862+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "62b0510b-0542-4935-a7c2-2c2fc593f052", "evidence": "Matrix of roles (Honeywell, Alcoa, Avery Dennison, Celanese, Calisolar) against skills (Specialty Materials, Sales & Marketing, Org. Redesign, Global P&L) with commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.351355+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "NxN matrix", "slug": "matrix-nxn", "status": "active", "bestFor": null, "canonId": "019de52d-2313-71fa-bb45-a7d1a4aae23a", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "76b66128-bf83-4d94-90ab-d740b5dc090c", "evidence": "Matrix of companies, positions, and end-market experience", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.41981+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "187ffcaf-eaf0-4376-b648-75458170af5d", "evidence": "Board experience matrix showing companies, committee roles (Gov, Audit, Comp, ESG, Tech, Policy), and commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.489605+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51baca7b-f9ce-4df1-a085-6b75c73f34c2", "evidence": "Board experience table showing Versum Materials, Rockwood, and Pinnacle Gas Resources with tenure, committee checkmarks, and commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:58.591306+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "da3949f1-af8e-4e4a-8fbc-af271baf5ffb", "evidence": "Table of companies, market cap, and peer set checkmarks", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:58.836825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "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": "slide", "agents": null, "matchId": "621de525-4227-4241-8214-e0beb8689b9d", "evidence": "Management Has Made Reference to the Primary Peers as Being Most Comparable to Huntsman on Multiple Occasions, including quotes from management", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:19:00.510428+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "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 } ], "frameworks": [ { "matchId": "75a15b0d-edd5-4a4a-81bc-6724f907886a", "evidence": "Explicitly frames management as deceptive and needing replacement by independent nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "antagonist-introduction" }, { "matchId": "570648b9-f2b2-4ea7-ab12-15835d8e0192", "evidence": "Direct comparison of company claims vs. activist reality", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "expose_contradiction" }, { "matchId": "77e92ecd-baf8-4da2-9157-6305f0a0b72e", "evidence": "Visual representation of overlapping and non-overlapping peer sets", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "venn-diagram" }, { "matchId": "b88e974f-b530-4d3a-af0e-3adb9be3736f", "evidence": "The slide explicitly frames the company's actions as 'attempting to fool shareholders' and 'misleading'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "fraud-exposure" }, { "matchId": "4fd5dd2e-59e3-48b7-a026-639e0ca97b90", "evidence": "The chart visually bridges the gap between the original target and actual results through adjustments.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "waterfall-bridge" }, { "matchId": "07be5092-d1fd-4318-b810-d92775961ce3", "evidence": "The slide explicitly labels the company's claims as 'fictitious' and 'deceptive' to expose a contradiction in financial reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "bf3a04d0-0038-4619-8b23-28f8572c0a84", "evidence": "The slide explicitly frames the company's financial reporting as a 'false claim' and 'manipulation' to expose deceptive practices.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" }, { "matchId": "9836ae2e-cd37-4b60-98cd-bf64bf679fae", "evidence": "Visual reconciliation of EBITDA targets to actuals", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "waterfall-bridge" }, { "matchId": "34d173ed-5823-43bc-b264-7053e047fbc5", "evidence": "The slide explicitly sets up a 'Truth' vs 'Misleading Tactics' comparison table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "contrast-pairs" }, { "matchId": "d99f2473-22fe-4b98-b26f-450a44b7bc29", "evidence": "Systematic comparison of past promises vs. actual outcomes to demonstrate failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "673339fd-cda4-4c52-9457-260f597aa0a6", "evidence": "The slide explicitly labels management's claims as 'deceitful' and 'misleading' while breaking down the specific accounting errors.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "fcf1710e-098e-4896-bd44-6d4f1648c619", "evidence": "Contrasting past management promises with current reality to imply broken commitments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "b0960564-739b-40e4-8bfd-fea14c156e7d", "evidence": "The slide explicitly accuses the company of deception and provides a quantitative bridge to prove the overstatement.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "18f83d3f-0252-4ee5-8298-32ca0a33bf2e", "evidence": "Used to reconcile the difference between target and actual EBITDA", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "waterfall-bridge" }, { "matchId": "57691e9c-b33b-4810-994a-4f591757db04", "evidence": "The slide explicitly frames the company's performance as a failure to meet promises and accuses them of obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" }, { "matchId": "780a16d5-8e80-46af-b58b-24deb409d83b", "evidence": "Direct comparison of stated goals vs actual outcomes labeled as 'FAILED'", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "expose_contradiction" }, { "matchId": "90dd3966-b7d3-4aed-afa2-eb01969cc481", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics' in a side-by-side table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "contrast-pairs" }, { "matchId": "dae05dc2-2685-42f8-ae55-a0169fb7f9d4", "evidence": "The slide is dedicated to exposing specific misleading financial reporting tactics by management.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "445375eb-27ef-4c6e-b64d-97032b791832", "evidence": "Compares 2014 expectations against 2016 actual results to highlight failure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "before-after-framing" }, { "matchId": "3c864321-93c4-4c62-94c6-d2f5652886b4", "evidence": "Systematic comparison of past promises vs actual outcomes to demonstrate a pattern of failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" }, { "matchId": "2c3d98cb-7a20-4d30-8674-20ef633dd9cc", "evidence": "Uses CEO quote from 2021 to contrast with current performance expectations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "f724ca89-17e4-45d5-855b-8da49c380342", "evidence": "Juxtaposition of company claim against the actual text of cited analyst reports.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "e7caf9d3-43fd-4f22-ab01-b094af9d8929", "evidence": "Contrasts company targets with analyst skepticism and historical performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "698d8434-ce5b-43a3-8357-bccf8df08e44", "evidence": "Systematic documentation of broken promises to expose management credibility gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "481474d5-f682-481c-afeb-3e21fecfeeac", "evidence": "The slide explicitly sets up a 'Truth' vs 'Misleading Tactics' comparison table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "contrast-pairs" }, { "matchId": "bd020aac-4445-46c2-9c42-d2776c4d72a6", "evidence": "Contrasts the company's narrative of a turnaround with the historical reality of EBITDA decline.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "before-after-framing" }, { "matchId": "ad11105e-ac73-4100-bc2d-ed60c8654f2c", "evidence": "Uses a primary source press release to validate historical financial claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "authority-citation" }, { "matchId": "fdf31b8d-daa0-4c51-9108-01962b59b88a", "evidence": "Contrasting past management promises with current reality to expose failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": "b47aa783-c1b1-4915-a1c6-8592e52727fc", "evidence": "Contrasts a 2006 CEO promise with actual historical financial performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "c1565542-59b3-4d5e-8bfc-5d8e3d7e9b72", "evidence": "The slide explicitly calls out 'misleading date' and 'deceive shareholders' to frame management's narrative as fraudulent.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" }, { "matchId": "4d8c3a2b-ffe2-43ea-90a2-42c5c8a3d216", "evidence": "The slide explicitly frames management's actions as 'misleading' and 'disingenuous' to justify a board change.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "fraud-exposure" }, { "matchId": "adbc48d6-31d9-452a-b079-9c0c11874649", "evidence": "Uses a direct quote from the CEO to contrast with current performance or status.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "fe11b6a3-d30b-4c80-95c5-711ca24b7247", "evidence": "Contrasts management's stated promises with the actual financial outcome of the divestment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3a54f0bf-731c-410f-a113-3c26af1b5a30", "evidence": "Contrasts 'The Truth' against 'Huntsman's Misleading Tactics' to frame management as dishonest.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "expose_contradiction" }, { "matchId": "19bb8936-682a-441c-986c-9b2d45fced1e", "evidence": "The slide frames the legacy board members as the 'villains' who avoided refreshment.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "antagonist-introduction" }, { "matchId": "2ceb8df5-ca90-43a8-88aa-3c9042f75382", "evidence": "Exposing the contradiction between stated policy and actual board behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" }, { "matchId": "8478043b-b60c-40b1-8df2-3927f0bed147", "evidence": "Frames the board as an antagonist that avoids refreshment until forced.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "antagonist-introduction" }, { "matchId": "bfdbd3dd-4b87-4b2f-ac8b-ad5ec4add6a8", "evidence": "The slide frames specific board members as lacking the necessary experience to provide oversight.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "antagonist-introduction" }, { "matchId": "4aee3010-8ce6-4c6a-8d08-dbc5735c2033", "evidence": "Chronological presentation of board appointments", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "timeline" }, { "matchId": "17df24ed-eba2-4762-b2b9-6c7e0c67bde5", "evidence": "Contrasting management claims with reality to expose deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "fraud-exposure" }, { "matchId": "9264a74c-da82-4ce4-a1e5-a766a3e81e9e", "evidence": "Contrasts company claims with internal data to expose deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "a6419f63-c12c-4d09-82ee-df833b0b5a24", "evidence": "The slide frames management as the antagonist that is misleading the board and shareholders.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "antagonist-introduction" }, { "matchId": "a34d37e3-b1ff-4cfc-bbe1-ec170faec6e0", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics' in a table format.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "contrast-pairs" }, { "matchId": "4c8f757d-68eb-49b1-b9f2-16ec30ed9b31", "evidence": "Contrasting 2007 CEO quote with 2021 financial data to highlight lack of progress.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "918a56a5-a367-4b8e-8b84-2ae99ed3ed81", "evidence": "Side-by-side comparison of 2007 vs 2022 slides to show narrative recycling.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "expose_contradiction" }, { "matchId": "923474ae-5131-4e70-8e8d-1a22a4f83f6f", "evidence": "Direct comparison of company performance against peer benchmarks over time.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "comparison_frame" }, { "matchId": "ed98d3c8-e1f4-4590-b6db-031d400da97b", "evidence": "The slide explicitly accuses the company of 'fooling shareholders' and 'conflating' metrics to hide poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" }, { "matchId": "7c82555d-fb9a-4ac0-94f8-a4ad3f07462f", "evidence": "Highlights arbitrary selection of data points to manipulate benchmarking results.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "fraud-exposure" }, { "matchId": "e76461fa-6767-4e05-b9df-faf277c38e9c", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "contrast-pairs" }, { "matchId": "b85bb371-6121-4d80-947e-d73a96f36dbb", "evidence": "Direct comparison of EBITDA margins against a peer group to expose performance gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "comparison_frame" }, { "matchId": "87de5f5b-61ce-421e-97a3-9d7a82ac2b0d", "evidence": "Uses peer CEO quotes to contradict Huntsman's internal narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "ba38829b-a6e7-4c3f-9029-d191476b100b", "evidence": "The callout box explicitly addresses and refutes a potential counter-argument regarding cherry-picked time periods.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "preempt_rebuttal" }, { "matchId": "a7547943-e824-4bbd-9ac8-643109c6b5e9", "evidence": "Contrasts company's stated 'track record' with activist's critique of data selection.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "c50ce4f2-4022-41fe-8ab4-f5356fe978c7", "evidence": "Uses a 'Truth vs. Tactics' table to contrast performance claims.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "comparison-frame" }, { "matchId": "87465b8a-34bc-414b-b913-1368430f7e30", "evidence": "Directly accuses management of misleading shareholders and board members.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" }, { "matchId": "a315179c-eb98-4227-a1e4-eeb85ae120b3", "evidence": "Uses a past engagement (GCP) to validate current activist strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "precedent-case-study" }, { "matchId": "c8a0332f-263f-4006-ab57-4338bcfb8d56", "evidence": "Chronological sequence of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "timeline" }, { "matchId": "ef9a8a10-3efd-45c0-8047-752ed1cb3d2b", "evidence": "Visual representation of events over time", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "timeline" }, { "matchId": "b39f6c85-90ae-4e0a-b20c-ee33072e52f5", "evidence": "The slide explicitly states it is addressing accusations and setting the record straight.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "preempt_rebuttal" }, { "matchId": "f9ef9d19-c2ec-416f-a8eb-7db6fbbd6920", "evidence": "Frames Huntsman as the antagonist misleading shareholders.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "antagonist-introduction" }, { "matchId": "0738eb31-b9bb-4064-9d8c-ca639f502944", "evidence": "Chronological sequence of events plotted on a horizontal axis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "timeline" }, { "matchId": "b61de6a2-bbd7-44e3-be91-51627fc727ad", "evidence": "Citing BofA, Barclays, and KeyBanc to validate the nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "authority-citation" }, { "matchId": "c9b8b0e4-10eb-461a-bcfc-383888d86934", "evidence": "Uses quotes from Fermium Research and Morgan Stanley to validate director nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "authority-citation" }, { "matchId": "4fa74b2b-ddae-4023-bc30-8d3a865471fe", "evidence": "Using a quote from a competitor to validate the nominee's performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "authority-citation" }, { "matchId": "a93a6b81-7f1e-4587-97e6-a1d380481daf", "evidence": "The slide frames the nominee's background specifically to address the needs of the Huntsman Board.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "audience-persona" }, { "matchId": "023b146e-96c7-4650-bd77-3d0a4554abb7", "evidence": "The slide uses a matrix to map nominee experience to company-relevant categories.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "evidence-matrix" }, { "matchId": "42b2a58c-d4cb-4e4f-a028-93bf1b4fd600", "evidence": "Using past board performance to validate nominee capability", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "authority-citation" }, { "matchId": "05d611fb-85c3-4917-82b2-16c940efcc79", "evidence": "Uses company's own historical investor day slides to contradict current positioning.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 86, "frameworkName": "expose_contradiction" }, { "matchId": "3c7413e1-3a80-45ed-acc6-3387da321af7", "evidence": "Uses executive quotes to establish peer group credibility", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "authority-citation" }, { "matchId": "d6341fce-627b-49a6-bdac-cecee7c81346", "evidence": "The slide explicitly accuses the company of 'cherry-picking' and 'fooling shareholders' using a comparative matrix.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 90, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Supplemental proxy-fight materials (DFAN14A) dated March 2022, explicitly framed as companion to Starboard's 2022-02-28 investor presentation and as point-by-point rebuttal to Huntsman management's recent investor deck. Rhetorical spine is a repeating 'The Truth vs. Huntsman's Misleading Tactics → CHANGE IS NECESSARY' two-column motif that closes each of the six numbered sections (Failed Shareholder Commitments, Poor Capital Allocation / Textile Effects, Governance and Compensation, Financial Underperformance, Share Price Underperformance, Starboard's Past Investments). Heavy use of highlighted verbatim Peter Huntsman and Kimo Esplin CEO/CFO quotes from 2006, 2013, 2016, 2017, 2018 to expose broken promises. Stake % not disclosed in this particular document (Starboard filed 13D September 2021 per page 57). No sum-of-parts or explicit target price — this is a governance/accountability deck, not a valuation deck. Visual template is Starboard-standard institutional blue/red with underline-emphasis typography; dense but readable.", "kpisCited": [ { "detail": "Pro-forma target $1,272M; actual $1,134M; missed by 11%", "metric": "2017 Adjusted EBITDA vs. 2016 Investor Day target" }, { "detail": "Acquired 2006 at $92M; promised $150M by 2008; only $97M in 2021 — 16 years to recover to starting level", "metric": "Textile Effects Adjusted EBITDA trajectory" }, { "detail": "$156M decline from $92M (2005) to -$64M (2011 trough) post-acquisition", "metric": "Textile Effects cumulative EBITDA decline" }, { "detail": "Promised ~$1bn for remaining 53% stake (May 2018); realized only $140M in 2020 'fire sale' to SK Capital", "metric": "Venator monetization promise vs. realized" }, { "detail": "Committed to ~$60/share by 2020; FAILED on all four value-creation levers", "metric": "2018 Investor Day share-price goal" }, { "detail": "~500bps deficit vs. Primary Peers in 2005; widened to ~900bps by 2021", "metric": "Adjusted EBITDA margin vs. peers" }, { "detail": "Huntsman 80% vs. Primary Peers 822%, S&P 500 417%, S&P Chemicals 411%", "metric": "TSR since IPO" }, { "detail": "HUN 6.1x vs. Celanese 8.3x and Eastman 9.2x (Deutsche Bank, Feb 2022)", "metric": "EV/EBITDA multiple vs. diversified peers (2022E)" }, { "detail": "Bottom-quartile long-term performance but top-quartile executive pay per full ISS report", "metric": "CEO pay-for-performance" }, { "detail": "75-year mandatory retirement policy waived three consecutive years (2019-2021) for Archibald (78) and Burns (79)", "metric": "Board refreshment" } ], "closingAsk": "Shareholders should reject Huntsman's disingenuous tactics and elect Starboard's independent, experienced director nominees at the 2022 annual meeting.", "extraction": { "at": "2026-04-23 08:34:39+00", "model": "unknown-legacy", "runId": null, "seconds": 255.84991, "promptVersion": null }, "scqaReward": "Close the 500-900bps EBITDA margin deficit versus peers and recover chronic TSR underperformance; Starboard's GCP playbook delivered a 57% post-vote TSR and a 39%-premium sale to Saint-Gobain.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Huntsman missed every investor-day target since 2006 — EBITDA, share price, Venator monetization", "Board waived its 75-year retirement rule three years straight to keep legacy directors", "Huntsman trails chemical peers by 500-900bps EBITDA margin and has lagged TSR since IPO" ], "scqaSituation": "Huntsman Corporation is a ~$9bn diversified chemicals company operating polyurethanes, performance products, advanced materials, and textile effects since its 2005 IPO, run by CEO Peter Huntsman and an entrenched, interlocked legacy board.", "thesisSummary": "Starboard argues Huntsman Corporation has repeatedly misled shareholders about operating performance and portfolio transformation since its 2005 IPO, and a legacy board interlocked with CEO Peter Huntsman has enabled it. The deck documents that Huntsman missed its 2016 Investor Day EBITDA target by 11%, failed every 2018 Investor Day commitment (including the ~$60-per-share goal), destroyed the Textile Effects business acquired in 2006 (EBITDA only returned to its 2005 starting level 16 years later), and fire-sold its 53% Venator stake for $140 million after promising ~$1 billion. The Board waived its 75-year retirement policy three consecutive years to keep Nolan Archibald and M. Anthony Burns entrenched, and only rushed a sham refreshment under Starboard pressure. This supplemental deck rebuts Huntsman's February 28 defense point-by-point and asks shareholders to elect Starboard's independent nominees at the 2022 annual meeting.", "primaryDemands": [ "Elect Starboard's independent director nominees at the 2022 annual meeting", "Replace entrenched legacy directors (Archibald, Burns) protected by repeated waivers of the 75-year mandatory retirement policy", "Hold management accountable for 15+ years of missed Investor Day commitments", "Refresh the Board with directors who have real public-company oversight experience" ], "scqaResolution": "Elect Starboard's slate of independent, experienced director nominees at the 2022 annual meeting to replace entrenched legacy directors and hold management accountable for repeated broken promises.", "thesisOneLiner": "Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.", "precedentsCited": [ "GCP Applied Technologies (Starboard majority slate, 2020 → sale to Saint-Gobain at 39% premium, 2021)", "Corteva (Starboard chemicals investment, three independent directors appointed, 2021)" ], "scqaComplication": "Management has missed every Investor Day commitment since 2006 — EBITDA targets, share price, Venator monetization — while the Board waived its own 75-year retirement policy three consecutive years to protect legacy directors.", "narrativeInterest": 4, "notableSlidePages": [ 3, 4, 32, 39, 50 ], "peerCompaniesCited": [ "Celanese", "Eastman Chemical", "Dow Inc", "Albemarle", "Ashland Global Holdings", "Clariant AG", "Covestro AG", "H.B. Fuller", "Kraton", "Lanxess", "Air Products & Chemicals", "Avery Dennison", "Chemours", "Ecolab", "LyondellBasell", "Mosaic", "Olin", "PPG Industries", "RPM International", "Sealed Air", "Sherwin-Williams", "Westlake Chemical", "Evonik", "Trinseo", "BASF", "Carlisle" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/dgr0SiJvqVWwluKfWE5w_iw5oB5rij3HBxSAyobuEFo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYmJkODU5NTYzZTUvcDAwMS5wbmc", "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": 16, "componentCount": 5, "textChars": 158, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:57.07+00", "seconds": 7.087, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/1", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.32, "x": 0.638, "y": 0.19 }, "kind": "image", "text": "Huntsman 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 20:58:57.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99beaaf9-bc3b-4fcf-ae48-f433a7dabc69", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.05, "y": 0.18 }, "kind": "image", "text": "Starboard Value 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 20:58:57.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f613dd21-1fa7-4763-9a8e-f51171be1f73", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.2, "x": 0.4, "y": 0.76 }, "kind": "paragraph", "text": "March 2022", "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 20:58:57.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec498fe-fab0-447e-8552-793edb3a2e3c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.52 }, "kind": "paragraph", "text": "(To Be Viewed in Combination With Starboard Investor Presentation Filed on February 28, 2022)", "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 20:58:57.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "844aebdd-0ec7-4359-aadf-9e97c15062d3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.2, "y": 0.45 }, "kind": "title", "text": "Supplemental Materials", "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 20:58:57.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93a80f8c-5995-4569-a2b6-43e6ce0833a9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "dc1be222-636d-4548-ad57-eabf629c7884", "evidence": "title/headline: Supplemental Materials, image/logo: Starboard Value logo, image/logo: Huntsman logo", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:56:01.35662+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/rTR55ir2hFmCqqM4epkdMujGsaDupjajAU_BoY1Sv5U/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYmJkODU5NTYzZTUvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/p626hx8pEV1eg7UC2OPR_FYyOjkCmhg1IVO4wAT793k/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYmJkODU5NTYzZTUvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/lReAC3_3s5zCFLgYM8Bynoj0kHgOcDXm2BrYIsFQiK4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYmJkODU5NTYzZTUvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "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": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 307, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:52.248+00", "seconds": 1.966, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/2", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.914, "x": 0.043, "y": 0.155 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation...", "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 20:58:52.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f3461df-09c2-47d2-91a6-37418c073272", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.14, "x": 0.43, "y": 0.89 }, "kind": "disclaimer", "text": "© Starboard Value 2022 All Rights Reserved", "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 20:58:52.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5129bd17-24cb-4e5f-806a-0446e3679916", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.185, "x": 0.043, "y": 0.078 }, "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 20:58:52.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "249abd86-5110-4bc4-ae01-8cce38c0885c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 } ], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "Uses strong, accusatory language ('deceive', 'disingenuous', 'mislead', 'fooled') to frame the incumbent management as a villain.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 6, "textChars": 1235, "nDataPoints": 0, "notes": "Uses strong, accusatory language ('deceive', 'disingenuous', 'mislead', 'fooled') to frame the incumbent management as a villain.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:54.93+00", "seconds": 3.602, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/3", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "callout", "text": "CHANGE IS NECESSARY. Huntsman has proven it is are more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1d1fd20-d46a-4d75-b11d-98a69100fd61", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "In its recent investor presentation, we believe Huntsman Corporation (“Huntsman” of the “Company”) makes numerous disingenuous and misleading claims to shareholders. If management is willing to mislead shareholders, we believe management may also be willing to mislead the Board. Huntsman NEEDS directors that are experienced and independent enough to hold management accountable.", "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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19a834bc-16a5-4311-842e-dad93aee2f3f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "500e0631-c31a-40c7-9c81-38d323b76a47", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "Huntsman Is Willing to Mislead Shareholders On the Following: Investor Day Promises, Financial Underperformance, Governance and Compensation, Share Price Underperformance, Starboard and its 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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a85eb5f-29bc-48a8-8fd7-db59ae379dc6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "We believe management’s willingness to mislead its board and shareholders further emphasizes the dire need for change.", "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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf025c8c-020b-469e-9b70-bd1677db4ef3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Huntsman’s Willingness to Deceive Both Shareholders and the Board Highlights an Urgent Need For Change", "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 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7337e10-0053-4ba1-bd4b-fb509fa9032b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "75a15b0d-edd5-4a4a-81bc-6724f907886a", "evidence": "Explicitly frames management as deceptive and needing replacement by independent nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:54.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 } ], "loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "Uses a classic 'Claim vs. Reality' structure to frame the target company's narrative as deceptive.", "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": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 477, "nDataPoints": 0, "notes": "Uses a classic 'Claim vs. Reality' structure to frame the target company's narrative as deceptive.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:55.413+00", "seconds": 2.971, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/4", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "callout", "text": "Please do not be fooled by Huntsman’s many misleading, revisionist, and disingenuous claims!", "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 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2de9fc1-0757-47ad-bae3-ffc437827b10", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman recently released an investor presentation with highly misleading claims that we will address in this presentation for the benefit of all shareholders.", "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 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bafd4236-3cb1-480a-a437-7d58fe80a437", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "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 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "270b2215-e003-4acd-8530-61a9aaf4e8d5", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "table", "text": "Comparison table with columns: Category, Highly Misleading Claims, Reality", "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 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48ec7b95-afda-428a-b33a-177224198d90", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Huntsman’s Recent Presentation Contains Numerous Lies and Disingenuous Claims", "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 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b45c8cda-ec94-48e1-85e8-d79876c2685c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "570648b9-f2b2-4ea7-ab12-15835d8e0192", "evidence": "Direct comparison of company claims vs. activist reality", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:55.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 } ], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "Uses a Venn diagram to visually demonstrate the lack of overlap between two peer groups.", "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": 40, "componentCount": 6, "textChars": 721, "nDataPoints": 0, "notes": "Uses a Venn diagram to visually demonstrate the lack of overlap between two peer groups.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:55.949+00", "seconds": 2.805, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/5", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.3, "x": 0.18, "y": 0.8 }, "kind": "callout", "text": "Company also frequently changes Performance Peers every year!", "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 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79c5eecc-f5f6-424f-ab82-079c8068b43a", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.6, "x": 0.2, "y": 0.25 }, "kind": "diagram", "text": "Venn diagram showing Performance Peers vs Proxy Peers", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Venn diagram", "slug": "venn", "status": "active", "canonId": "019de52d-0463-710d-b529-cce18d828d2f", "version": 1, "description": null }, "framework": null }, "subkind": "venn", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a7d554c-faba-4de6-9de9-a7b32e46d07c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings. (1) Performance Peers and Proxy Peers as detailed in the Company's 2021 Proxy. Please see the Appendix for a more fulsome discussion of peers used in this presentation.", "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 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4b76f0f-e632-4b84-a77f-65e1be1f3b99", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "subtitle", "text": "As detailed in Starboard's presentation filed on February 28, 2022, Huntsman utilizes two significantly different peer sets to benchmark performance and compensation, while also changing its Performance Peers every year.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "424b1096-dcbb-486b-8b72-576cf87fb21d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "title", "text": "We believe Huntsman has a pattern of picking different peer sets to fit its desired narrative.", "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 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70e74646-2366-4145-8f2c-79803de7dd9d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Beware: Huntsman Has a History of Inconsistency When Selecting Peers to Benchmark Performance", "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 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebcfa44f-c24e-4963-a4c4-ab64ff2ae1bf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "77e92ecd-baf8-4da2-9157-6305f0a0b72e", "evidence": "Visual representation of overlapping and non-overlapping peer sets", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:55.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "venn-diagram" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Call", "beatId": "80c4b25b-2ec2-4bed-8fe1-b514826441a4", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The document begins by critiquing Huntsman's management and calling for change.", "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": 0.9 }, { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 6, "type": "tension", "title": "The slide uses a checkmark/cross matrix to visually expose the lack of consistency in peer benchmarking.", "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": 46, "componentCount": 6, "textChars": 930, "nDataPoints": 0, "notes": "The slide uses a checkmark/cross matrix to visually expose the lack of consistency in peer benchmarking.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:57.878+00", "seconds": 3.595, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/6", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "callout", "text": "Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative", "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 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af50a4f0-6ce3-4e88-bff3-188bd3e46dab", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Please see the Appendix for a more fulsome discussion of peers used in this presentation. Source: Public company filings. (1) Referenced on page 23 of the Company’s shareholder presentation dated March 2, 2022. (2) Referenced on page 12 of the Company’s shareholder presentation dated March 2, 2022.", "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 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac6455cd-48c1-413c-8467-f26af7dacfbd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "subtitle", "text": "In its latest shareholder presentation, we believe Huntsman is attempting to fool shareholders by cherry-picking “peers” to fit its narrative. There is seemingly no consistency or logic as to how peers are chosen.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69dfdbc3-3d82-4a91-bdf6-4ffc7e70b472", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "table", "text": "Comparison matrix of peer sets across 2021 Proxy, 2022 Proxy, TSR, and SG&A benchmarking.", "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 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47bf3759-a702-4bda-a163-ab2b43ea189b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "title", "text": "We believe shareholders should be wary of Huntsman’s highly misleading and arbitrary peer comparisons.", "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 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "769f8fed-7667-4443-aa02-1b1643ac8c05", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Huntsman Has Also Now Introduced Even More Peer Sets to Seemingly Fit Its Narrative and Obscure Poor Performance", "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 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42f51cb6-a39b-43e2-8920-f2125b0af69f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d948cb3b-d86e-4ece-9507-11dcd1be9e35", "evidence": "The table/data component comparing peer sets across different years suggests a 2x2 matrix.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.61476+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": [ { "matchId": "b88e974f-b530-4d3a-af0e-3adb9be3736f", "evidence": "The slide explicitly frames the company's actions as 'attempting to fool shareholders' and 'misleading'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:57.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 7, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 33, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:56.946+00", "seconds": 1.615, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/7", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.69, "x": 0.14, "y": 0.48 }, "kind": "title", "text": "1. Failed Shareholder Commitments", "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 20:58:56.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "549cb652-f8d0-48dd-81ab-bfb2ad8fc3ff", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses a waterfall-style bridge to adjust the original target for divestitures, then compares the pro-forma target to the actual result.", "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": 40, "componentCount": 6, "textChars": 567, "nDataPoints": 4, "notes": "The slide uses a waterfall-style bridge to adjust the original target for divestitures, then compares the pro-forma target to the actual result.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:58.857+00", "seconds": 3.072, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/8", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.23, "x": 0.69, "y": 0.38 }, "kind": "callout", "text": "Huntsman MISSED its 2017 Adjusted EBITDA target by 11%", "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 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f61857ed-c4c6-4c2c-a476-9d65ab3e5fe6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.27 }, "kind": "chart", "text": "2017 Adjusted EBITDA Target v. Actual Reported Results", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "964c0b61-61dd-4c1d-8a00-ccd63dd6d829", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "At its 2016 Investor Day, Huntsman promised shareholders it would reach $1.3 billion of Adjusted EBITDA by 2017. However, Huntsman ultimately FAILED to deliver on its promise to shareholders, MISSING the target by 11%.", "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 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b6e6612-5f86-4373-8cf5-0584cc5fd768", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "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 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "494eaa5c-e173-47d4-a5c1-b311fedb6a8e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "Huntsman FAILED to deliver on its 2016 Investor Day target by a substantial margin.", "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 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c37432d1-440a-4e72-9dc6-1f57bfb17798", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Huntsman FAILED to Deliver on the 2017 Adjusted EBITDA Target Promised at Its 2016 Investor Day", "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 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f5f80f5-41f7-4ae4-a346-0ed48c6c260b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49feb35f-f9d7-4a85-bec1-2ed37d766877", "evidence": "The chart/waterfall-bridge component shows a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.723527+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "4fd5dd2e-59e3-48b7-a026-639e0ca97b90", "evidence": "The chart visually bridges the gap between the original target and actual results through adjustments.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:58:58.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "waterfall-bridge" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "Uses red callout boxes and arrows to highlight specific deceptive elements in a chart.", "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": 66, "componentCount": 7, "textChars": 1229, "nDataPoints": 3, "notes": "Uses red callout boxes and arrows to highlight specific deceptive elements in a chart.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:00.242+00", "seconds": 3.901, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/9", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.25, "x": 0.02, "y": 0.4 }, "kind": "callout", "text": "$896 million is a FICTITIOUS NUMBER that the Company has NEVER been presented as a target to 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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68b826e2-4ad5-4ae4-b0a4-b91281d2d068", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.25, "x": 0.73, "y": 0.32 }, "kind": "callout", "text": "Huntsman is arbitrarily excluding the Chemical Intermediates business which was a core part of the Company’s portfolio in 2017. Huntsman is playing make-believe and crafting a deceptive narrative based on a fictitious portfolio.", "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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc0ee0a4-0583-4868-9bf6-017dc1e50680", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.3, "y": 0.3 }, "kind": "chart", "text": "Bar chart showing 2017 Target Adj. EBITDA ($896M), 2017 Pro Forma Adj. EBITDA excluding MDI ($915M), and including MDI ($1,040M).", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff0f3313-8cef-44a0-8ef2-3b260fa27164", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "After FAILING to deliver on its 2016 Investor Day Adjusted EBITDA target, Huntsman is now attempting to rewrite history by claiming that its hypothetical portfolio of businesses would have beat a make-believe Adjusted EBITDA target. We find these claims highly disingenuous and misleading.", "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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a201b0a-dbec-45f8-a782-ea44ca715dd6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman falsely claims to have beat its 2017 Adjusted EBITDA target set at the 2016 Investor Day. To justify this narrative, the Company is not only pretending that it had a different product portfolio in 2017, but also pretending it had a different Adjusted EBITDA target than what was presented to shareholders at the time.", "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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caa099f1-aa9a-414c-bf10-766cdfdcbc1b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78658e64-af87-4b7e-bdd7-731aa48f05a1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Huntsman Now Falsely Claims to Have Achieved Its Adjusted EBITDA Target by Pretending It Had Different Businesses in 2017", "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 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b5c4d3-e336-4d59-b4b1-fc339e127ada", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "07be5092-d1fd-4318-b810-d92775961ce3", "evidence": "The slide explicitly labels the company's claims as 'fictitious' and 'deceptive' to expose a contradiction in financial reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:00.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "Uses a waterfall-style logic to show how 'fictional' numbers are derived from actuals by removing business units.", "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": 42, "componentCount": 6, "textChars": 618, "nDataPoints": 4, "notes": "Uses a waterfall-style logic to show how 'fictional' numbers are derived from actuals by removing business units.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:05.84+00", "seconds": 8.764, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/10", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "callout", "text": "Transparent attempt to rewrite history and exclude underperforming businesses in order to fit its narrative. CHANGE IS NECESSARY!", "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 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dba48a9-5ead-4a4c-881b-800a277a92ef", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "Comparison of Adjusted EBITDA targets and results showing the removal of business units.", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa09aaaf-042f-4fd5-aaf9-9d2274dea1c4", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "The Company is pretending it exceeded its 2017 Adjusted EBITDA target by making a highly misleading comparison to a hypothetical Huntsman. The REAL Huntsman FAILED to deliver on its promises.", "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 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc23c022-2db3-4d23-8c04-7b989762f53f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cee078b7-814c-4883-b7f0-f496f1e2572c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "Huntsman has manipulated targets and results to fit its misleading narrative.", "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 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d346649-70e4-404e-b961-57df12ed179c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Huntsman’s False Claim Relies On Rewriting History to Pretend It Had a Different Portfolio Mix in 2017", "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 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e799b76b-70c8-4e8d-81ea-2191214be7da", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bfb81f73-c289-4883-91c5-dcaebf386ae7", "evidence": "The chart/waterfall-bridge component shows a comparison of Adjusted EBITDA targets and results.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.833095+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "bf3a04d0-0038-4619-8b23-28f8572c0a84", "evidence": "The slide explicitly frames the company's financial reporting as a 'false claim' and 'manipulation' to expose deceptive practices.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:05.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 11, "type": "tension", "title": "Uses a waterfall-bridge style to reconcile original targets with actual performance.", "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": 48, "componentCount": 6, "textChars": 803, "nDataPoints": 4, "notes": "Uses a waterfall-bridge style to reconcile original targets with actual performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:00.751+00", "seconds": 3.242, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/11", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.2, "x": 0.69, "y": 0.34 }, "kind": "callout", "text": "Huntsman MISSED its 2017 Adjusted EBITDA target by 11%", "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 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "951ee08a-dd70-47d6-8b8b-16cf56f0d194", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.84, "x": 0.08, "y": 0.25 }, "kind": "chart", "text": "Waterfall chart showing Original Target ($1,300), Sale adjustment ($28), Pro Forma Target ($1,272), and Actual ($1,134)", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6aac1e21-948d-419d-9f8a-757db85edd64", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "In 2017, the REAL Huntsman, which included the Chemical Intermediates business, FAILED to deliver on its 2016 Investor Day Adjusted EBITDA promise to shareholders.", "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 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6246b263-892c-4d5b-bf09-fa9cf9151d67", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "paragraph", "text": "Huntsman FAILED to deliver on its 2016 Investor Day target. The Company cannot now claim otherwise by pretending that it had a different set of businesses in 2017. Huntsman's current narrative is a fiction and a shameless attempt to rewrite history based on a hypothetical portfolio of assets that does not reflect reality.", "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 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "842a5f57-62f3-403d-b7a0-6b2ec71e2064", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "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 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb1187fe-81c8-483a-bb92-8fb9b4fdfdfb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Again, To Be Clear, Huntsman FAILED to Deliver on Its 2017 Adjusted EBITDA Target", "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 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec580730-6d7c-4032-b3cb-a1a09ee1c0f7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "abb4885d-06be-426f-822c-ce77e287f0a5", "evidence": "The chart/waterfall-bridge component shows a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.905771+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "9836ae2e-cd37-4b60-98cd-bf64bf679fae", "evidence": "Visual reconciliation of EBITDA targets to actuals", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:00.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "waterfall-bridge" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "Uses a contrast-pair framework to highlight management's alleged dishonesty.", "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": 47, "componentCount": 6, "textChars": 1002, "nDataPoints": 0, "notes": "Uses a contrast-pair framework to highlight management's alleged dishonesty.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:04.734+00", "seconds": 6.426, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/12", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY. Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e107646-155b-41ae-baaa-e940ed9e467b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7eff0a23-52ed-49c8-9742-e0b5184c4f0a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edee04de-cf8b-4cba-9342-9989bf3aec46", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "The Truth vs Huntsman's Misleading Tactics", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "970991e0-2039-43d9-a607-b34c5e78e43a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Huntsman NEEDS strong, capable, and independent nominees to hold management accountable.", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e1ef481-0cc8-4cbc-8bf1-b4e4194d72fd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b66511c8-efc9-4818-b8b0-0848f0029198", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "fe906173-f8b3-4172-ad40-94b9c6ed461a", "evidence": "The table/data component shows a comparison of The Truth vs Huntsman's Misleading Tactics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:46.979727+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "34d173ed-5823-43bc-b264-7053e047fbc5", "evidence": "The slide explicitly sets up a 'Truth' vs 'Misleading Tactics' comparison table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:04.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "contrast-pairs" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses a 'FAILED' callout repeatedly to emphasize the lack of execution.", "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": 5, "textChars": 874, "nDataPoints": 8, "notes": "The slide uses a 'FAILED' callout repeatedly to emphasize the lack of execution.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:02.4+00", "seconds": 3.116, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/13", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.87 }, "kind": "callout", "text": "Huntsman failed to achieve its 2018 Investor Day share price improvement goal.", "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 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be439f50-5481-439e-b00b-74b7c89c3876", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "In its 2018 Investor Day, the Company expressed confidence that it could improve its share price to ~$60 per share by 2020. The Company ultimately FAILED to deliver on its commitment.(1)", "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 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6123aa14-5749-466b-a499-5ccef07ce534", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "See Section 4 for additional detail. Source: Public company filings, presentations, and transcripts, CapitalIQ. (1) The Company's closing share price on the day prior to the 2018 Investor Day was $32.02. The Company committed to improving share price by at least $27 per share by 2020, which implied a 2020 target share price of approximately $60 per share by December 31, 2020.", "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 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cf05b39-e355-41de-aca9-4eeb107d0d98", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.94, "x": 0.03, "y": 0.26 }, "kind": "table", "text": "Table showing 2018 Investor Day Goal and four specific value creation levers (A, B, C, D) with descriptions, per share impact, and 'FAILED' status.", "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 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ab2179f-b682-4ff4-baac-c1e7427b8e7c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Huntsman Also Failed to Execute on ALL Its 2018 Investor Day Promises to Shareholders", "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 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74fabc29-be0f-41c4-9925-f9896cc80708", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a56d197b-9149-4385-aedb-235923ebbd02", "evidence": "The table/data component shows a table with descriptions and per share impact.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:47.052812+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "d99f2473-22fe-4b98-b26f-450a44b7bc29", "evidence": "Systematic comparison of past promises vs. actual outcomes to demonstrate failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:02.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "Uses a side-by-side comparison of a chart and a list of bulleted critiques to dismantle management's narrative.", "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": 38, "componentCount": 6, "textChars": 532, "nDataPoints": 2, "notes": "Uses a side-by-side comparison of a chart and a list of bulleted critiques to dismantle management's narrative.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:04.458+00", "seconds": 3.692, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/14", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "callout", "text": "We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false.", "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 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "091431e3-606c-4b23-8b78-e4a7012dfe56", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "Comparison of 2020 Target vs 2021 Actual EBITDA", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba1e35ac-0e5f-4cac-9394-e197a14480f8", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.48, "x": 0.48, "y": 0.55 }, "kind": "list", "text": "2nd Mistake: Organic Target v. Inorganic Actuals", "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 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2056e43e-ec6e-4afd-97db-212cafe814b2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.48, "y": 0.23 }, "kind": "list", "text": "1st Mistake: 2020 Target v. 2021 Actuals", "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 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60c4088c-0321-49ac-996e-5340112b335f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "Huntsman claims to have almost met its 2018 Investor Day target by extending the timeline to achieve (i.e. from 2020 to 2021) and by including contributions from acquired businesses.", "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 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dab0b049-c6b7-4fc6-8e20-7bb4dcdd4ca5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "However, Huntsman Now Deceitfully Claims to Have Almost Achieved Its 2018 Investor Day Adjusted EBITDA Target", "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 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6747773-e949-431a-9391-1adfdf74daee", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "673339fd-cda4-4c52-9457-260f597aa0a6", "evidence": "The slide explicitly labels management's claims as 'deceitful' and 'misleading' while breaking down the specific accounting errors.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:04.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "Uses a red dashed callout to emphasize the 'organic' and 'no M&A' constraints of the original promise.", "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": 53, "componentCount": 7, "textChars": 612, "nDataPoints": 10, "notes": "Uses a red dashed callout to emphasize the 'organic' and 'no M&A' constraints of the original promise.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:04.314+00", "seconds": 3.148, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/15", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.15, "x": 0.32, "y": 0.41 }, "kind": "callout", "text": ">10% CAGR '17 adj-'20", "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 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f514f63-9deb-43a8-a79d-fa694941f04d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.58, "x": 0.21, "y": 0.24 }, "kind": "chart", "text": "Strong Earnings Growth", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76338935-2ba1-4be2-983f-4cebee83806a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.56, "x": 0.22, "y": 0.72 }, "kind": "list", "text": "Based only on organic growth; No additional M&A; Current share count – no share repurchases included; Unused cash, including Venator proceeds, used to reduce debt; Effective adj. tax rate of 23%-25%", "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 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7df327e2-dbad-4adf-a926-3dcacdb132f9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "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 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8087c0bc-4916-4e99-865b-34f14cce169c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "subtitle", "text": "At the 2018 Investor Day, Huntsman committed to 10% organic Adjusted EBITDA growth with “no additional M&A” through 2020.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "372c7417-6909-49ae-b271-8e9f9b7977f0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.91 }, "kind": "title", "text": "Huntsman promised organic annual Adjusted EBITDA growth of 10% from 2018 – 2020.", "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 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28d21e9e-1e03-4be5-bd8c-baa28a9c881d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Again, to Be Clear, In 2018 Huntsman Promised Investors Adjusted EBITDA Would Grow 10% Per Year ORGANICALLY", "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 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e8404d8-f381-49e0-92c3-167958b37f25", "parentComponentId": null } ], "metrics": [], "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": "slide", "agents": null, "matchId": "87101d9b-c6f2-4973-a44a-f6ce6f26db24", "evidence": "The slide includes a headline that highlights the contradiction between Huntsman's promise and actual performance.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:57.807933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "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 } ], "frameworks": [ { "matchId": "fcf1710e-098e-4896-bd44-6d4f1648c619", "evidence": "Contrasting past management promises with current reality to imply broken commitments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:04.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "The slide uses a waterfall bridge to visually subtract M&A impacts from reported EBITDA.", "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": 49, "componentCount": 5, "textChars": 1183, "nDataPoints": 5, "notes": "The slide uses a waterfall bridge to visually subtract M&A impacts from reported EBITDA.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:05.914+00", "seconds": 3.148, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/16", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "chart", "text": "Bridge From Reported 2021 Adjusted EBITDA to Organic 2021 Adjusted EBITDA", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88cc0ff8-f2f0-4f4d-ba74-8322ffd9dffa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "At the 2018 Investor Day, Huntsman clearly promised investors it would achieve Adjusted EBITDA growth of 10% per year without relying on M&A. The Company is now attempting to include positive contribution from M&A in Adjusted EBITDA in order to fool shareholders into believing the Company almost achieved its target.", "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 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59647b02-6f6b-4268-9ea6-643293be542b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "paragraph", "text": "We believe Huntsman is deliberately including the positive impact of M&A in order to overstate its 2021 Adjusted EBITDA results by $92 million, in order to fool shareholders into believing its FALSE narrative of almost having achieved its 2018 Investor Day target.", "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 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7ddd55a-e559-494b-a66c-9044a36297ad", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Public company filings. (1) Based upon $350 million purchase price and 10x purchase multiple per the Q4 2019 investor call. In additional, allocated 50% of Huntsman Building Solutions synergies delivered to date (per 2021 Investor Day). (2) $53 million of pre-synergy EBITDA per the 2021 Investor day plus $10 million of synergies realized to date per the Q2 2021 investor call. (3) Per the 2021 Investor Day.", "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 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca83f607-7fce-47ef-afbd-79d0ff5a213f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "However, Huntsman Is Now Attempting to Deceive Investors By Including M&A to Claim It Achieved an Organic Target", "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 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "502d13ae-cd11-463f-9824-a23b0b3c4dcb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d68b6ac7-6c53-4a82-a8dd-bd5892be21cf", "evidence": "The slide includes a waterfall-bridge chart to illustrate the bridge from reported 2021 Adjusted EBITDA to organic 2021 Adjusted EBITDA.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:57.878019+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b0960564-739b-40e4-8bfd-fea14c156e7d", "evidence": "The slide explicitly accuses the company of deception and provides a quantitative bridge to prove the overstatement.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:05.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "Uses a 'bridge' visualization to expose the gap between management's claims and actual performance.", "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": 65, "componentCount": 7, "textChars": 1058, "nDataPoints": 10, "notes": "Uses a 'bridge' visualization to expose the gap between management's claims and actual performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:12.485+00", "seconds": 7.727, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/17", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.38, "x": 0.44, "y": 0.77 }, "kind": "callout", "text": "We believe an apples-to-apples comparison reveals that the Company MISSED its 2018 Investor Day Adjusted EBITDA target by 18%", "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 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21a295cd-2126-434d-8717-ea34c2ec9814", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.46, "x": 0.51, "y": 0.26 }, "kind": "chart", "text": "Bridge to 2021 Organic Adjusted EBITDA", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7aac0afa-e1e6-4a43-9540-237e68de1951", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.46, "x": 0.03, "y": 0.26 }, "kind": "chart", "text": "Adjusted EBITDA Target Bridge From 2020 to 2021", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9addaebb-a4f1-4494-9d92-2af1a499a638", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "We believe Huntsman is making a fundamentally flawed comparison to claim it nearly achieved its 2018 Investor Day target. Huntsman is understating its Adjusted EBITDA target while overstating its actual Adjusted EBITDA.", "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 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "667330d3-52a7-4959-8fbf-2ee15022d9ea", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings. (1) Based upon $350 million purchase price and 10x purchase multiple per the Q4 2019 investor call. In additional, allocated 50% of Huntsman Building Solutions synergies delivered to date (per 2021 Investor Day). (2) $53 million of pre-synergy EBITDA per the 2021 Investor day plus $10 million of synergies realized to date per the Q2 2021 investor call. (3) Per the 2021 Investor Day.", "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 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "726f11ef-bcb7-4b6f-8a1f-17eb58debebd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "Huntsman is making a highly disingenuous comparison to claim it delivered on its 2018 Investor Day target.", "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 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f735a8cf-cead-46e9-94ce-7772cb5023ea", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Even When Extending the Analysis to 2021, Huntsman STILL FAILED to Deliver on Its 2018 Investor Day Target", "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 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21c94b08-63f1-41d4-a011-c47d6f81df7e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "97d90248-faea-4eda-83ba-eb9e661168c6", "evidence": "The slide includes waterfall-bridge charts to illustrate the adjusted EBITDA target bridge from 2020 to 2021 and the bridge to 2021 organic Adjusted EBITDA.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:57.946862+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "18f83d3f-0252-4ee5-8298-32ca0a33bf2e", "evidence": "Used to reconcile the difference between target and actual EBITDA", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:12.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "waterfall-bridge" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "Uses a waterfall-style comparison to highlight the gap between the target and the consensus estimate.", "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": 51, "componentCount": 5, "textChars": 1274, "nDataPoints": 8, "notes": "Uses a waterfall-style comparison to highlight the gap between the target and the consensus estimate.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:12.337+00", "seconds": 7.451, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/18", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.35 }, "kind": "chart", "text": "Adjusted EBITDA vs. 2018 Investor Day Target", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c27ffe78-df50-4920-8d4a-07067e4c3abb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "We believe shareholders should be asking whether the Company was expected to deliver on its 2018 Investor Day target prior to the pandemic. The answer is a resounding NO. At the end of 2019, Wall Street analysts expected the Company's 2020 Adjusted EBITDA target to MISS its target by ~$470 million. We believe it is clear that the Company FAILED to deliver on its 2018 Investor Day promise.", "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 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04002128-d57c-4178-aef7-d6a84253633c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "paragraph", "text": "Even prior to the global pandemic, Wall Street analysts believed Huntsman would FAIL to deliver on its 2018 Investor Day target. We believe the Company's attempts to retroactively revise its promises and obfuscate the truth in order to mislead shareholders is highly disingenuous.", "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 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c0caeb1-9cbc-40fb-b629-1c04047895dc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: CapitalIQ, Public company filings and presentations, Wall Street consensus. (1) Adjusted EBITDA pro forma for the sale of Huntsman's Chemical Intermediates business. (2) 2020 target as disclosed in the Company's March 2022 presentation to shareholders. (3) $125 million commodity price spike in 2017 per page 4 of the Company's Q4 2017 earnings presentation. $80 million commodity price spike in 2018 per Q1 to Q3 2018 earnings presentations.", "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 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b82638d9-ffac-4c1d-b832-a96a96012ee2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "In Fact, the Company Was Expected to Significantly MISS Its 2018 Investor Day Target Even Before the Pandemic", "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 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "184e2586-1420-4223-9afc-72ea2dccc920", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "57691e9c-b33b-4810-994a-4f591757db04", "evidence": "The slide explicitly frames the company's performance as a failure to meet promises and accuses them of obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:12.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 19, "type": "tension", "title": "The slide uses a 'FAILED' callout repeatedly to emphasize the gap between promise and performance.", "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": 47, "componentCount": 6, "textChars": 738, "nDataPoints": 8, "notes": "The slide uses a 'FAILED' callout repeatedly to emphasize the gap between promise and performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:08.634+00", "seconds": 3.168, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/19", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "callout", "text": "Huntsman failed to achieve its 2018 Investor Day share price improvement goal.", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "161bac3f-c9a9-4ff9-85c7-f5bdce6250de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "In its 2018 Investor Day, the Company and expressed confidence that it could improve its share price to ~$60 per share by 2020. The Company ultimately FAILED to deliver on its commitment.(1)", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bacda0-1b27-4604-b5c0-4de7c77b3703", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "See Section 4 for additional detail. Source: Public company filings, presentations, and transcripts, CapitalIQ. (1) The Company's closing share price on the day prior to the 2018 Investor Day was $32.02.", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f050e9c9-f1dc-46e6-a4f6-33358e71cbe3", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "table", "text": "Value Creation Levers A, B, C, D with descriptions, per share impact, and FAILED status", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b40e406-b105-46ef-a1e4-d8fc3b0eedf5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "2018 Investor Day Goal: Improve Share Price to ~$60 per Share by 2020(1) - FAILED", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd9f549e-e256-4d18-9b2e-eb5036720cbb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Again, In Addition to Adjusted EBITDA, Huntsman Failed to Execute on ALL 2018 Investor Day Promises", "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 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccd584e9-8d99-485e-a494-99047cf1fe5c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "780a16d5-8e80-46af-b58b-24deb409d83b", "evidence": "Direct comparison of stated goals vs actual outcomes labeled as 'FAILED'", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:08.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "Uses a contrast-pair structure to highlight specific misleading claims vs. the truth.", "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": 51, "componentCount": 6, "textChars": 1182, "nDataPoints": 0, "notes": "Uses a contrast-pair structure to highlight specific misleading claims vs. the truth.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:09.59+00", "seconds": 3.288, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/20", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY. Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "987c688c-9b45-4c74-ad47-19a07b8a71c4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience.", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ad1d3b1-8778-4426-9ccd-7511d353a5dd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da411754-672b-4581-8443-2403b6ed007e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c0a1164-2025-4f85-a55a-fbc35140e03a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "The Truth: Huntsman FAILED to achieve its 2018 Investor Day Adjusted EBITDA Target by a wide margin. Huntsman’s Misleading Tactics: Huntsman claims to have almost achieved its target by (i) comparing 2021 results to a 2020 target and (ii) including M&A in results despite initially stating that its target was organic and excluded M&A.", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b38f5e1-b15b-49ed-a1ea-e1c4173e2aa6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead Its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac5e64b6-6040-4b26-9c59-0b39471cbcb3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "90dd3966-b7d3-4aed-afa2-eb01969cc481", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics' in a side-by-side table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "contrast-pairs" }, { "matchId": "dae05dc2-2685-42f8-ae55-a0169fb7f9d4", "evidence": "The slide is dedicated to exposing specific misleading financial reporting tactics by management.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:09.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "Uses a before-after framing to highlight the gap between management promises and actual results.", "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": 60, "componentCount": 7, "textChars": 875, "nDataPoints": 8, "notes": "Uses a before-after framing to highlight the gap between management promises and actual results.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:13.606+00", "seconds": 7.261, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/21", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.22, "x": 0.64, "y": 0.38 }, "kind": "callout", "text": "44% BELOW Target", "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 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea9fd0a1-b950-4350-83eb-2b8bf952145b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.04, "y": 0.33 }, "kind": "chart", "text": "Company Expectations (2014 Investor Day)", "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": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f702b6d-2e30-4c98-b823-e864770d0d37", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.52, "y": 0.33 }, "kind": "chart", "text": "Actual Results Significantly Below Expectations", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a25950-016e-4372-939f-1e2618cf698a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "At the 2014 Investor Day, the Company targeted achieving $2.0 billion of Adjusted EBITDA by 2016, and not only FAILED to achieve its initial target, but Adjusted EBITDA actually declined in each year following 2014, meaning the Company made no progress towards its goal.", "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 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eb48a25-9db6-4ac5-96ce-fd2e634971f1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "See Section 4 for additional detail. Source: Public company filings and presentations. (1) Pro forma for acquisition of Rockwood's Performance Additives and Titanium Dioxide business, Adjusted EBITDA reflects contribution from the Rockwood asset as if it had been acquired on January 1, 2014.", "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 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a39595d-a462-46a1-9781-c198029e46f5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "title", "text": "The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016.", "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 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ec4e96d-6ff4-4fc8-9f4d-22896b317938", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Huntsman Also Failed to Execute on Its 2014 Investor Day Promise (Which Is Conveniently Ignored by the Company)", "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 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05063398-37cb-4553-9fe0-158ee20b4da1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "445375eb-27ef-4c6e-b64d-97032b791832", "evidence": "Compares 2014 expectations against 2016 actual results to highlight failure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:13.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "The slide uses a 'failed' label to emphasize the gap between management promises and actual performance.", "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": 39, "componentCount": 5, "textChars": 773, "nDataPoints": 3, "notes": "The slide uses a 'failed' label to emphasize the gap between management promises and actual performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:11.897+00", "seconds": 2.766, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/22", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.88 }, "kind": "callout", "text": "Huntsman made new promises at three consecutive investor days, and each time, failed to deliver.", "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 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f475744c-d2f3-4888-a6be-a36b173a9251", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "The Company hosted three investor days prior to 2021 – one in 2014, 2016, and 2018. At each investor day, the Company repeatedly made commitments to shareholders but ultimately failed to deliver.", "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 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "313885f4-181f-4c2a-900e-bb88efc25f60", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.01, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts, CapitalIQ. (1) The Company's closing share price on the day prior to the 2018 Investor Day was $32.02. The Company committed to improving share price by at least $27 per share by 2020, which implied a 2020 target share price of approximately $60 per share by December 31, 2020.", "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 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24e2e3ab-5843-4eba-917c-fe87bfd4cbe8", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.94, "x": 0.03, "y": 0.23 }, "kind": "table", "text": "Summary of Past Investor Day Commitments and Actual Results", "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 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ca6b48c-ed20-4660-a8a9-a8cd4e865bc4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Again, This Is a Company That Is Quick to Make Promises But Never Seems to Deliver", "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 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1618cbef-df36-4198-b03c-5a52970fb241", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3c864321-93c4-4c62-94c6-d2f5652886b4", "evidence": "Systematic comparison of past promises vs actual outcomes to demonstrate a pattern of failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:11.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "Uses a CEO quote and a screenshot of a past presentation to establish a pattern of broken promises.", "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": 66, "componentCount": 7, "textChars": 1138, "nDataPoints": 6, "notes": "Uses a CEO quote and a screenshot of a past presentation to establish a pattern of broken promises.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:13.447+00", "seconds": 3.281, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/23", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.18, "x": 0.78, "y": 0.61 }, "kind": "callout", "text": "The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7910eed-5e8f-4f69-b497-6da84eecc6ba", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.25, "y": 0.41 }, "kind": "image", "text": "Excerpt From 2021 Investor Day Presentation", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4b16773-312d-4b32-9802-9fbdc8e87b4c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "In November 2021, the Company hosted an Investor Day, again committed to improving financial performance, and expressed confidence that the Company would finally be able to deliver on its commitments.", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07087b1c-262e-4b0d-8905-9f082a97b731", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "quote", "text": "We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business.", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f2b8f13-ef48-409a-aed2-6194f365c784", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts. Note: Quotes are underlined and bolded for emphasis.", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4013823e-295d-47f5-b11c-48d1ce5afb66", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "The Company is again making commitments to shareholders that it will meaningfully improve performance.", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc38c3d4-04c4-45c0-82e7-fe295bbd3a77", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "In November 2021, Huntsman Hosted Yet Another Investor Day and Made Even More Promises to Shareholders", "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 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "101a16de-b817-4ae8-b24e-858608c44e29", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2c3d98cb-7a20-4d30-8674-20ef633dd9cc", "evidence": "Uses CEO quote from 2021 to contrast with current performance expectations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:13.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Uses a 'before-after' style juxtaposition of the company's claim vs. the reality of the cited analyst reports.", "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": 57, "componentCount": 8, "textChars": 724, "nDataPoints": 0, "notes": "Uses a 'before-after' style juxtaposition of the company's claim vs. the reality of the cited analyst reports.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:15.799+00", "seconds": 3.448, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/24", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.28, "x": 0.68, "y": 0.7 }, "kind": "callout", "text": "The market is discounting Huntsman precisely because the Company lacks credibility!", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d340a73-4e46-4662-ae00-e702d10e331c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.68, "y": 0.3 }, "kind": "callout", "text": "“Despite the portfolio upgrading effort, a valuation gain has been elusive”", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4be58592-5e08-446d-99f5-a1c9a8ce846c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.68, "y": 0.52 }, "kind": "callout", "text": "“the market is currently discounting the potential for Huntsman to achieve these goals.”", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ae22901-9c3d-4289-8a57-6b417da1bb8f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.62, "x": 0.04, "y": 0.24 }, "kind": "image", "text": "Excerpt from Huntsman Investor Deck", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2201be6-a052-4263-a7f9-b961794ab71f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Huntsman claims it has credibility with shareholders and Wall Street analysts, yet its own “evidence” demonstrates the market does not believe the Company will achieve its latest set of promises.", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cb9a7d4-5c01-4a5d-b5f3-c808a1117f02", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings and Wall Street research.", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf4d2f75-c713-4b39-bd13-9c2eff2d0557", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "title", "text": "Huntsman’s own “evidence” demonstrates that the Company lacks credibility with shareholders.", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8188b41c-49c2-4c03-b397-4bbcd6c98dd3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Huntsman Claims Its Promises Are Credible, Yet the “Evidence” It Cites Seems to Refute Its Own Claim", "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 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b52af77a-585e-43d7-9ddb-7307f0c10f42", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f724ca89-17e4-45d5-855b-8da49c380342", "evidence": "Juxtaposition of company claim against the actual text of cited analyst reports.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:15.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "Includes a quote from Barclays (Nov 2021) reinforcing the skepticism regarding management's ability to execute.", "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": 48, "componentCount": 6, "textChars": 819, "nDataPoints": 3, "notes": "Includes a quote from Barclays (Nov 2021) reinforcing the skepticism regarding management's ability to execute.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:21.088+00", "seconds": 8.37, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/25", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "callout", "text": "Wall Street consensus estimates for Adjusted EBITDA margins are WELL BELOW the Company’s targeted range", "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 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e56e51be-c192-4edd-8316-8db4aa88cd15", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "chart", "text": "Huntsman 2021 Investor Day Adjusted EBITDA Margin Target versus Consensus Estimates", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef920a48-1f17-4f6a-ae0c-7c68a53e9732", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "paragraph", "text": "There seems to be significant skepticism among Wall Street analysts that Huntsman will achieve its targets.", "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 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2186cdf0-1d56-47de-9254-8f9087b70a70", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "We believe Wall Street consensus estimates suggest a high degree of skepticism regarding the Company’s 2021 Investor Day targets as estimated Adjusted EBITDA margins continue to be well below the low-end of the Company’s targeted range.", "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 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd5f6d90-f6f9-4236-b967-7e11b7341708", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "quote", "text": "For some cynics in Chemicals who have more grey hairs than ourselves, they’ve sat through previous HUN investor days that also felt compelling but ultimately didn’t translate into 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 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3feb1198-a2a3-4366-887d-a5174a5f3bbe", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Wall Street Consensus Agrees: Huntsman Does Not Have Credibility On Its Latest Investor Day Promises", "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 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac544162-e0bb-4bda-a637-c88d83df1a7d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e7caf9d3-43fd-4f22-ab01-b094af9d8929", "evidence": "Contrasts company targets with analyst skepticism and historical performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:21.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "Uses the 'definition of insanity' trope to frame management's repeated failures as a systemic issue requiring oversight.", "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": 48, "componentCount": 6, "textChars": 814, "nDataPoints": 3, "notes": "Uses the 'definition of insanity' trope to frame management's repeated failures as a systemic issue requiring oversight.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:17.206+00", "seconds": 4.152, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/26", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.79 }, "kind": "callout", "text": "The definition of insanity is doing the same thing over and over and expecting different results!", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "588dd6ab-2689-44fd-95c7-49c717dcf1cb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "The Company has already fooled shareholders three times since 2014 – why will this time be different?", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d9de3a5-069f-4bf5-99e5-0647de3e6847", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "paragraph", "text": "Without change and significantly greater oversight, shareholders will end up incredibly disappointed again.", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa8acf02-f4e1-4cc9-ac85-7d094a1952fe", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts. (1) The Company’s closing share price on the day prior to the 2018 Investor Day was $32.02. The Company committed to improving share price by at least $27 per share by 2020, which implied a 2020 target share price of approximately $60 per share by December 31, 2020.", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6721210-2abf-4bae-a471-4d26028f41a6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.94, "x": 0.03, "y": 0.21 }, "kind": "table", "text": "Table comparing 2014, 2016, and 2018 Investor Day commitments vs outcomes.", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9313323f-e98d-4a82-bee5-e9f5e97d043f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "After Years of Failure, Why Should Shareholders Believe the Company’s Promises Will Finally Be Fulfilled?", "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 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a9403a2-cb48-42a4-b53b-4815d56aed06", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "698d8434-ce5b-43a3-8357-bccf8df08e44", "evidence": "Systematic documentation of broken promises to expose management credibility gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:17.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "Uses a contrast-pairs framework to highlight the gap between management claims and reality.", "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": 51, "componentCount": 7, "textChars": 778, "nDataPoints": 0, "notes": "Uses a contrast-pairs framework to highlight the gap between management claims and reality.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:17.194+00", "seconds": 3.229, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/27", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ae7ec9c-7d04-4fa9-b982-9d0b18965f74", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "callout", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf3c91df-1646-43c1-a12d-05e3083b3254", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience.", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87497f1d-d4e0-44d2-83cf-3eaab53d97f0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.63 }, "kind": "paragraph", "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance.", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e2ce53c-965b-4579-b732-a041b6fee4b9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b8d4461-92e9-4f5c-9d82-b23070ae3818", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "table", "text": "The Truth vs Huntsman's Misleading Tactics", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d5d6195-7e5d-4fde-812b-6c36c60d8369", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "154c04fe-67f1-48c7-a3d1-7f08454d9718", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "481474d5-f682-481c-afeb-3e21fecfeeac", "evidence": "The slide explicitly sets up a 'Truth' vs 'Misleading Tactics' comparison table.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:17.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "contrast-pairs" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Huntsman's management and its actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 28, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 26, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:17.696+00", "seconds": 3.618, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/28", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.47 }, "kind": "title", "text": "2. Poor Capital Allocation", "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 20:59:17.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5387e30b-7e48-4a27-8f45-883ba4a9695e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "Uses a 'before-after' framing to expose a contradiction in corporate narrative.", "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": 67, "componentCount": 7, "textChars": 1201, "nDataPoints": 8, "notes": "Uses a 'before-after' framing to expose a contradiction in corporate narrative.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:23.715+00", "seconds": 7.42, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/29", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.65, "x": 0.3, "y": 0.73 }, "kind": "callout", "text": "Textile Effects was a healthy business that was purchased in 2006, NOT in 2011. Huntsman then mismanaged the business and subsequently spent years trying to fix the problems it created", "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 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df5f8508-bc7d-4ebf-989d-152f7e1a2e72", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.33 }, "kind": "chart", "text": "Huntsman's presentation chart showing 2011 vs 2021 EBITDA", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4cbc396-2276-433d-b928-eab6f2d74886", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "chart", "text": "Reality chart showing EBITDA decline from 2005 to 2011", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e808fa1f-764a-4fb5-add6-742da265280b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "We believe Huntsman is using an arbitrary date to falsely portray Textile Effects as a turnaround. This is a LIE. Huntsman acquired the business in 2006 when it had $92 million of Adj. EBITDA. This was NOT a turnaround.", "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 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83d08b97-63e0-4d39-8a8f-9b1a108ae403", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "paragraph", "text": "We believe Huntsman is using an arbitrary and highly misleading date to falsely portray a turnaround. The Company acquired Textile Effects in 2006 when it was generating $92 million of Adjusted EBITDA, NOT in 2011 as the Company’s presentation seems to suggest!", "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 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6396699-cfaa-4baa-be04-a8c53bdc1e35", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Source: Public company filings and presentations. (1) Per press release at time of acquisition announcement. (2) Acquisition of Textile Effects was completed on July, 3, 2006. In December 2006, management commented that the business had a run-rate Adjusted EBITDA of $75 - $85 million. $80 million represents the midpoint.", "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 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49b3bd22-967f-468a-93be-79c88e07e62f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Huntsman Is Attempting to Deceive Shareholders By Suggesting It Turned Around Textile Effects", "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 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4dacb91-dbe0-42a2-894c-d585aa0d01d9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bd020aac-4445-46c2-9c42-d2776c4d72a6", "evidence": "Contrasts the company's narrative of a turnaround with the historical reality of EBITDA decline.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:59:23.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 30, "type": "evidence", "title": "The slide uses a highlighted excerpt from a 2006 press release to provide evidence for the acquisition metrics.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 542, "nDataPoints": 4, "notes": "The slide uses a highlighted excerpt from a 2006 press release to provide evidence for the acquisition metrics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:20.756+00", "seconds": 3.098, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/30", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.58, "w": 0.82, "x": 0.09, "y": 0.24 }, "kind": "image", "text": "Huntsman to purchase Ciba Textile Effects business press release excerpt", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bda4e5c-749b-48b9-b6df-2e6f5aa3b640", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "In 2006, Huntsman acquired a manufacturer of textile dyes and chemicals from Ciba Specialty Chemicals that had $1 billion of revenue and $92 million of Adjusted EBITDA.", "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 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19c25be1-a9a8-4e9a-83f0-b7c4217f7b39", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.86 }, "kind": "paragraph", "text": "When Huntsman first acquired Textile Effects in 2006, the business was healthy and profitable, with $92 million of Adjusted EBITDA, and strong growth prospects.", "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 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f6737ac-74a6-4659-b509-0682f19117eb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings and press releases.", "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 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8428b2e7-d690-4cce-b74f-559186c9c096", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "The Reality Is That Textile Effects Was Acquired in 2006 With $92 Million of Adjusted EBITDA", "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 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c25689-e885-459b-8ae7-e84371d892c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ad11105e-ac73-4100-bc2d-ed60c8654f2c", "evidence": "Uses a primary source press release to validate historical financial claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:20.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "Uses a highlighted excerpt from a 2006 press release to establish the baseline promise.", "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": 42, "componentCount": 6, "textChars": 660, "nDataPoints": 2, "notes": "Uses a highlighted excerpt from a 2006 press release to establish the baseline promise.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:20.434+00", "seconds": 2.736, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/31", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.82, "x": 0.09, "y": 0.27 }, "kind": "callout", "text": "Huntsman Told Shareholders That Textile Effects Would Be a “High Return Growth Project”", "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 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21088332-6ae2-47b9-888f-4a075cbada95", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.72, "x": 0.14, "y": 0.32 }, "kind": "image", "text": "Huntsman to purchase Ciba Textile Effects business Feb 20, 2006 [Press Release Text]", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd0d6f77-a026-4bef-ba90-be19808daaa9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Huntsman promised shareholders that Textile Effects would have an immediate positive impact on the Company’s financial performance, and was consistent with the Company’s strategy to expand its downstream capabilities.", "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 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43cd31e2-9e4f-486e-9b79-5b52bbe24625", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings and press releases.", "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 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3a6d8e7-087f-43a0-86fc-4eb24d92e7ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "The Company expected Textile Effects to be “an integral part of [its] differentiated business portfolio.”", "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 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a40c1a94-a7ed-4b57-aa98-64c04b62962b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Textile Effects Was Pitched to Shareholders As a “High Return Growth Project” and “Immediately Accretive” to Earnings", "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 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6aad7fad-b68d-45e0-98db-d593531adee6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fdf31b8d-daa0-4c51-9108-01962b59b88a", "evidence": "Contrasting past management promises with current reality to expose failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:20.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "Uses a bar chart to contrast a CEO quote/promise against actual 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": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1218, "nDataPoints": 17, "notes": "Uses a bar chart to contrast a CEO quote/promise against actual performance data.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:21.792+00", "seconds": 3.951, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/32", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.23, "x": 0.25, "y": 0.53 }, "kind": "callout", "text": "Company conveniently picks low point as the start of its analysis, while ignoring the significant value destruction over the preceding years", "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 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0f4963d-2ee6-435a-88e0-282b0c61f002", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "chart", "text": "Historical Adjusted EBITDA performance from 2005 to 2021", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d80ac036-5c43-4165-b2cc-76b68d579b28", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.87 }, "kind": "paragraph", "text": "The Company acquired Textile Effects as a healthy business, broke it, failed to deliver on its promises of improved profitability, yet is now attempting to take credit for a turnaround that should never have been needed.", "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 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8745382c-9803-4f0c-bb22-006bef08cd9a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.15 }, "kind": "paragraph", "text": "The Company was so optimistic about Textile Effects that it even promised shareholders Adjusted EBITDA would improve ~70% to $150 million WITHIN TWO YEARS of acquisition. Unfortunately, over the past fifteen years, this promise has never been fulfilled.", "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 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5aeb32b-825a-4def-9c2e-cdccc62af8e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "quote", "text": "…we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate.", "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 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc117976-c205-40b1-aaf3-4ce0e6253fcf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Textile Effects Was Even Expected to Improve Profitability by 70% Post-Acquisition to $150 Million", "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 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4590f632-b8f7-4a37-abb7-12dfa7b9d757", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b47aa783-c1b1-4915-a1c6-8592e52727fc", "evidence": "Contrasts a 2006 CEO promise with actual historical financial performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:21.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "The slide uses a red dashed box to frame the entire period and red callouts to highlight the 'decline' and the 'deceptive' baseline selection.", "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": 78, "componentCount": 8, "textChars": 1303, "nDataPoints": 17, "notes": "The slide uses a red dashed box to frame the entire period and red callouts to highlight the 'decline' and the 'deceptive' baseline selection.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:29.321+00", "seconds": 8.46, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/33", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.28, "x": 0.52, "y": 0.62 }, "kind": "callout", "text": "Company conveniently picks the 2011 low point as the start of its analysis to seemingly deceive 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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad97f711-bc2e-455b-a879-7bb712926980", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.18, "x": 0.22, "y": 0.44 }, "kind": "callout", "text": "Huntsman oversaw a $156 million DECLINE in Adjusted EBITDA", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e196c4b2-8e4b-4b19-8ad8-7be1992a5a5e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.77 }, "kind": "callout", "text": "After 16 years, Textile Effects is finally generating a similar level of Adjusted EBITDA as at acquisition. This is NOT what success looks like!", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4c9ac6c-216e-4a37-bc0f-8fcb278b9d10", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.31 }, "kind": "chart", "text": "Historical Adjusted EBITDA for Huntsman's Textile Effects Business", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4537f84-a196-4990-a246-480caa2a25c9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.86 }, "kind": "paragraph", "text": "Huntsman did not create value at Textile Effects. In fact, Adjusted EBITDA has only finally recovered to its original state after 16 years.", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e31bb87-d3cf-4062-915b-9d3bdb630616", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Huntsman is using an arbitrary and highly misleading date to falsely portray a turnaround. The Company acquired Textile Effects in mid-2006 when the business had been generating $92 million of Adjusted EBITDA, proceeded to destroy value through poor execution over the next five years, and completely failed in its promise to increase Adjusted EBITDA to $150 million.", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbfa2679-a6ee-49d2-8cdc-d79d6ad1ec01", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings and presentations. (1) Per press release at time of acquisition announcement. (2) Acquisition of Textile Effects was completed on July, 3, 2006. In December 2006, management commented that the business had a run-rate Adjusted EBITDA of $75 - $85 million. $80 million represents the midpoint.", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a973f4db-4821-46eb-bead-fcad612094ff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Over 16 Years, Huntsman Failed to Execute on Its Promise to Improve Adjusted EBITDA to $150 Million", "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 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feb2d0a4-3735-43e6-a37e-58c972790e4c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c1565542-59b3-4d5e-8bfc-5d8e3d7e9b72", "evidence": "The slide explicitly calls out 'misleading date' and 'deceive shareholders' to frame management's narrative as fraudulent.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:29.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 34, "type": "tension", "title": "Uses a comparison table to frame management's narrative as a 'misleading tactic'.", "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": 50, "componentCount": 6, "textChars": 913, "nDataPoints": 2, "notes": "Uses a comparison table to frame management's narrative as a 'misleading tactic'.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:24.656+00", "seconds": 3.495, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/34", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0e44db6-b520-42d1-b979-298e3ce82ea2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a0f6991-65cc-42d5-8827-9a0a3b8c7cdf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aef624de-c504-4822-a369-a7f04473e070", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4982533-b742-4933-ae66-4133bb4492c8", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.94, "x": 0.03, "y": 0.28 }, "kind": "table", "text": "The Truth vs Huntsman's Misleading Tactics", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db79f40a-38e1-454e-b39f-4586e3ba0e14", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c6fdefe-2c36-4c4c-8fe8-de6f85053347", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4d8c3a2b-ffe2-43ea-90a2-42c5c8a3d216", "evidence": "The slide explicitly frames management's actions as 'misleading' and 'disingenuous' to justify a board change.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:24.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 35, "type": "tension", "title": "Uses a waterfall chart to illustrate potential value creation per share.", "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": 73, "componentCount": 8, "textChars": 1110, "nDataPoints": 6, "notes": "Uses a waterfall chart to illustrate potential value creation per share.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:30.775+00", "seconds": 9.267, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/35", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.21, "x": 0.04, "y": 0.58 }, "kind": "callout", "text": "The Company CLEARLY promises shareholders that its Venator stake will be monetized for ~$1 BILLION", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e18ec0e-c900-4a6e-8a23-58edc944a185", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "callout", "text": "Huntsman CLEARLY Promises to Monetize Its REMAINING Stake in Venator for ~$1 Billion", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7723699-3611-4864-9705-d83148b91a5f", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.42, "x": 0.29, "y": 0.45 }, "kind": "chart", "text": "Significant Value Creation Upside", "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": "Waterfall chart", "slug": "waterfall", "status": "active", "canonId": "019de52d-002e-733e-b5cf-dd3beb6692cc", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f014ee48-3d28-4391-aa47-c03daa837dfd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "In May 2018, when Huntsman hosted its 2018 Investor Day, the Company owned a 53% stake in Venator. The Company promised shareholders that it would monetize this REMAINING 53% stake for ~$1 billion.", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbdf69df-0ae9-4f12-9e2e-39d4d1bde450", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "quote", "text": "So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company.", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d27b4b0-0314-49b4-b398-f68f3a9992a0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts, CapitalIQ. Note: Quotes are underlined and bolded for emphasis.", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcba199a-920c-4c0f-b1e0-e410762520b4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "Huntsman CLEARLY promised it would monetize its REMAINING stake in Venator for ~$1 BILLION.", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e832918-9b12-48d7-b268-36df13a2cb99", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "At Its 2018 Investor Day, the Company Promised to Monetize Its REMAINING 53% Interest in Venator for ~$1 Billion", "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 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10ad6789-5bd6-4ac2-962a-30aa729a8c18", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "adbc48d6-31d9-452a-b079-9c0c11874649", "evidence": "Uses a direct quote from the CEO to contrast with current performance or status.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:30.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "Uses red boxes to highlight the contradiction between management's stated intent and the final transaction price.", "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": 87, "componentCount": 10, "textChars": 1478, "nDataPoints": 6, "notes": "Uses red boxes to highlight the contradiction between management's stated intent and the final transaction price.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:26.258+00", "seconds": 4.045, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/36", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.15, "x": 0.5, "y": 0.49 }, "kind": "callout", "text": "Huntsman monetized 4% of its Venator shares in 2019 in order to deconsolidate Venator results, but the lion's share was sold at significantly lower prices", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a45450f-c46d-4c4a-bc7e-0051fb05534b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.15, "x": 0.34, "y": 0.49 }, "kind": "callout", "text": "December 3, 2018 ($5.28/share) Sells 4% stake in Venator for $19 million and deconsolidates from Huntsman financials", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "440e81cf-6e09-41bb-9a77-fc8aed6c5d79", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.66, "y": 0.45 }, "kind": "callout", "text": "August 28, 2020 ($1.99/share) Announces sale of its remaining ownership to SK Capital for $100 million (i.e. ~$2.15 per share) with a 30-month option for SK Capital to purchase Huntsman's remaining shares in Venator for ~$20 million (i.e. $2.15 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": 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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47828f89-0a43-4f8c-9856-149d0bcb24d3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.18, "x": 0.25, "y": 0.28 }, "kind": "callout", "text": "May 23, 2018 ($18.42/share) Makes commitment at Investor Day to monetize remaining 53% stake in Venator for over $1.0 billion", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dad48efb-e7c5-4f0c-a861-f34af943c61e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.18, "x": 0.12, "y": 0.61 }, "kind": "callout", "text": "August 7, 2018 ($12.87/share) Comments at investor conference that Huntsman will not “fire sale” Venator shares", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd6078d9-b668-43ef-96e6-31b42b01f1c1", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "Venator Historical Stock Price Chart", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9ee71c8-dd0c-4a7a-a526-7d82f72f4039", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Instead of fulfilling its promise to sell its 53% stake in Venator for ~$1 billion, the Company FAILED to deliver on its promise and realized ONLY $140 million in proceeds after conducting a “fire sale.”", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d00f401e-d0bb-4764-ab62-0cfcb9884e8d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "paragraph", "text": "Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020.", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1da8bc2-bdca-4722-aef5-ade5e7b739cf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.04, "y": 0.91 }, "kind": "source-note", "text": "Source: CapitalIQ, public company filings, transcripts, and press releases. (1) Stock price shown from August 3, 2017... (2) Huntsman received only $140 million... (3) The $100 million SK Capital paid...", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69cd7a43-5a75-4c2e-bff4-02b759505b57", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "The Company FAILED to Deliver on Its Promise and Instead Disposed of Venator At “Fire Sale” Prices for ONLY $140 Million", "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 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0b20fcf-7f15-40af-a95f-1a60097a2ae3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fe11b6a3-d30b-4c80-95c5-711ca24b7247", "evidence": "Contrasts management's stated promises with the actual financial outcome of the divestment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:26.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 37, "type": "tension", "title": "Uses a 'The Truth' vs 'Huntsman's Misleading Tactics' comparison frame.", "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": 57, "componentCount": 6, "textChars": 1302, "nDataPoints": 2, "notes": "Uses a 'The Truth' vs 'Huntsman's Misleading Tactics' comparison frame.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:27.413+00", "seconds": 3.232, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/37", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fead717e-4614-495e-bbd4-83e493128c76", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52bbc977-9a1f-46ca-8bbc-a716192402e4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aed19a67-eb24-4bc4-b59f-67d747f1b757", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "The Truth: Huntsman conducted a “fire sale” of its 53% stake in Venator, and received only $140 million in proceeds, which was $860 MILLION LESS than the $1 billion that the Company had promised shareholders. Huntsman’s Misleading Tactics: Huntsman claims otherwise by pretending it made a different promise, at a different time, with different parameters.", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24026d8b-8c2b-4692-96a6-bbc86a16d3db", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6451f99-b426-4f27-ba56-6c0ec90f7811", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff60794a-90da-42e5-bafb-2c9a34e2c959", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3a54f0bf-731c-410f-a113-3c26af1b5a30", "evidence": "Contrasts 'The Truth' against 'Huntsman's Misleading Tactics' to frame management as dishonest.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:27.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 38, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 30, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:28.85+00", "seconds": 3.766, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/38", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.66, "x": 0.043, "y": 0.475 }, "kind": "title", "text": "3. Governance and 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": "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 20:59:28.85+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef304f3f-7868-49f4-9f26-d8d1aab7c3bc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "The slide uses a visual timeline of headshots to demonstrate that board 'refreshment' was actually just board expansion.", "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": 37, "componentCount": 6, "textChars": 627, "nDataPoints": 0, "notes": "The slide uses a visual timeline of headshots to demonstrate that board 'refreshment' was actually just board expansion.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:30.042+00", "seconds": 3.202, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/39", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.84 }, "kind": "callout", "text": "NO legacy directors were refreshed between 2018 - 2021; new directors were ALL added by expanding the size of the 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 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2010a220-818d-4f29-9d24-3c21ef272f3e", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "image", "text": "Huntsman Board of Directors (2018 – 2021)", "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": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41f8e71b-3e53-46cf-8070-c2f320d685af", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Prior to Starboard's involvement in 2021, there was no refreshment of highly-conflicted directors. Rather, the Board merely added new directors while keeping legacy interlocked directors in key positions of power.", "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 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e3b8d5-54c3-4d02-83a2-7ebb571b518a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings (1) As of year end, December 31st.", "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 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c3db624-86c0-4eba-bcd8-9de622801b6e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.9 }, "kind": "title", "text": "Prior to Starboard's involvement, the Board apparently made no effort to replace legacy and conflicted directors.", "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 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54642cf5-5c3d-4659-bffc-4d571761dc1c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Prior to Starboard's Involvement, the Board Had Avoided Any Real Refreshment", "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 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b77659b7-c968-41a9-995e-ce8b9300972e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "19bb8936-682a-441c-986c-9b2d45fced1e", "evidence": "The slide frames the legacy board members as the 'villains' who avoided refreshment.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:30.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses red 'X' icons to visually represent the failure to enforce policy.", "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": 52, "componentCount": 6, "textChars": 935, "nDataPoints": 6, "notes": "Uses red 'X' icons to visually represent the failure to enforce policy.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:32.376+00", "seconds": 4.53, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/40", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "callout", "text": "We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the 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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ae252cb-dd2d-4d4b-8e88-8a893a7190af", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "paragraph", "text": "By waiving the mandatory retirement age for three consecutive years, we believe ALL members of the Board demonstrated a concerning disregard for governance best practices and a strong preference for the status quo.", "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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fdd8001-83f1-41d2-8114-299eae1b3007", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "The Company’s corporate governance guidelines prohibit directors 75 years old and over from being nominated at the annual meeting. However, for three consecutive years, the Board repeatedly waived this retirement policy for Nolan Archibald and M. Anthony Burns, two long-tenured leaders on the Board.", "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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f19dd3b-072b-4c19-8fea-47ad2cb51b14", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75d07a0d-04db-4d2f-a359-6f07b57cff0d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Director, Current Age, 2019 Annual Meeting, 2020 Annual Meeting, 2021 Annual Meeting. Nolan Archibald (78), M. Anthony Burns (79).", "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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81b962ea-878e-4393-bdfe-707b88f7a494", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "In Fact, the Board Even Repeatedly Waived Its Own Policies Intended to Promote Refreshment", "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 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f61ef6fa-cbd7-45ab-8a34-b762ae0675fd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2ceb8df5-ca90-43a8-88aa-3c9042f75382", "evidence": "Exposing the contradiction between stated policy and actual board behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:32.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 41, "type": "tension", "title": "Uses a visual timeline of headshots to demonstrate lack of board turnover prior to activist involvement.", "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": 703, "nDataPoints": 2, "notes": "Uses a visual timeline of headshots to demonstrate lack of board turnover prior to activist involvement.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:32.105+00", "seconds": 3.113, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/41", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "callout", "text": "Rather than constructively engage with shareholders over legitimate concerns, the Board instead chose to hastily remove four committee chairs and appoint three new directors who largely lack public board experience", "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 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66c4d0d1-019d-4d5c-94e7-d21124a8693b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "image", "text": "Headshots of board members across 2018, 2021, and 2022", "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": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60a5743a-eb66-4104-a206-9379a0a912d5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "After avoiding any real refreshment for years, and only after facing pressure from Starboard, the Board rushed through a sham process that replaced four committee chairs with three directors lacking necessary experience.", "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 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed175262-51b5-46d3-ba3d-0496fff44484", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fc8c836-4573-4739-ab86-c8814f819f6e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "title", "text": "The Board rushed to replace directors with individuals largely lacking public board experience.", "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 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38e99ab4-364f-4668-be0b-7098bf9ad334", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Only After Starboard’s Involvement, Did the Board Rush Through a Sham Refreshment Process", "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 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "344bbda5-99aa-4d43-ab6e-0e99794d89b8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8478043b-b60c-40b1-8df2-3927f0bed147", "evidence": "Frames the board as an antagonist that avoids refreshment until forced.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:32.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 42, "type": "setup", "title": "The slide uses a red dashed box to indicate a director Starboard is seeking to replace.", "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": 37, "componentCount": 6, "textChars": 648, "nDataPoints": 0, "notes": "The slide uses a red dashed box to indicate a director Starboard is seeking to replace.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:33.088+00", "seconds": 3.264, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/42", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.3, "x": 0.6, "y": 0.85 }, "kind": "legend", "text": "Nominees Starboard Is Seeking to Replace at the Company's 2022 Annual Meeting", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b6cc675-8e74-4c7b-b6c0-79318270c366", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "paragraph", "text": "We question whether the newly appointed directors have sufficient experience to demand accountability.", "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 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82cf6b72-5075-4234-a776-47dd028a0d82", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "We believe the Board requires strong, capable, and independent directors that are willing to hold management accountable, and question whether recently appointed directors will be able to do so.", "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 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bde7f698-c66b-4c31-ad6d-254f365317eb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e41ce0f8-1513-4ced-b321-052ce5f80219", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Table comparing José Muñoz, David Sewell, and Curtis Espeland on 'Independent Public Board Experience?' and 'Commentary'.", "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 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d58ecf81-47de-4180-af4c-f78bda49cb16", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "In Doing So, the Board Selected Individuals We Believe Are Not Equipped to Provide Oversight Given Their Lack of Experience", "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 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e36828c4-584b-4bd4-b0e2-dba647512cd2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bfdbd3dd-4b87-4b2f-ac8b-ad5ec4add6a8", "evidence": "The slide frames specific board members as lacking the necessary experience to provide oversight.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:33.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 43, "type": "tension", "title": "Uses red dashed boxes to highlight specific criticisms of the board appointments.", "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": 61, "componentCount": 7, "textChars": 891, "nDataPoints": 8, "notes": "Uses red dashed boxes to highlight specific criticisms of the board appointments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:33.453+00", "seconds": 2.974, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/43", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "callout", "text": "Prior to Starboard's involvement, Huntsman ONLY ADDED directors to an otherwise entrenched Board. Huntsman in fact went out of its way to NOT REFRESH interconnected directors by repeatedly waiving mandatory retirement policies", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b4584c3-1152-4d6c-809a-b8c443464716", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.82, "y": 0.35 }, "kind": "callout", "text": "Reactive and rushed process only after Starboard's involvement, which added directors without public company board experience", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99132810-e870-4c74-9f5e-e830c0297787", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.18, "x": 0.02, "y": 0.35 }, "kind": "callout", "text": "Added Mr. Ferrari who we believe is incredibly conflicted and responsible for widespread governance and compensation failures", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2a14a86-e92b-48e8-8fba-f46a79641f12", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.6, "x": 0.2, "y": 0.25 }, "kind": "image", "text": "Excerpt from Huntsman Investor Deck", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a88621a-5398-49cb-a086-c72bd22452af", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Huntsman alleges to have credibility with the broader market, but its own evidence demonstrates the market does not believe the Company will achieve its latest set of promises to shareholders.", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7846d8c9-f6e6-4fef-838d-67f554851779", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "The additions to the Board are problematic and seemingly intended to keep the Board entrenched.", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e127d53a-36c3-4991-938e-cf29d06393df", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "However, Huntsman Now Deceitfully Claims to Have Undergone a “Multi-Year” Refreshment Process", "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 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cf12ed4-e9b9-4a9e-b4d8-1787b38fd744", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4aee3010-8ce6-4c6a-8d08-dbc5735c2033", "evidence": "Chronological presentation of board appointments", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:33.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 44, "type": "tension", "title": "Uses a comparison table to frame management's actions as a recurring pattern of deception.", "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": 51, "componentCount": 6, "textChars": 1231, "nDataPoints": 0, "notes": "Uses a comparison table to frame management's actions as a recurring pattern of deception.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:34.476+00", "seconds": 3.194, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/44", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY. Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b12d587-eadc-4664-82c3-f9d4eb3ff4fe", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27f26fc9-9e6c-4118-9f8d-efe2c1972e43", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a14aec6a-1b5e-48d1-b2ce-608011ce204c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "492d400b-c5a7-41e2-a7cc-fafcf522a2b5", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "The Truth: Huntsman has NOT undergone any real Board refreshment that will result in change. Huntsman’s Misleading Tactics: Huntsman claims otherwise by ignoring it did not remove or replace directors for numerous years, even waiving mandatory retirement policies.", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d74d764-be31-48ec-b816-c6cff00f7953", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b962b88-7c94-49c7-8c6c-edc8819b1693", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "17df24ed-eba2-4762-b2b9-6c7e0c67bde5", "evidence": "Contrasting management claims with reality to expose deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:34.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 45, "type": "tension", "title": "Uses a red arrow and dashed circle to highlight the discrepancy between the company's cherry-picked data and the full report.", "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": 37, "componentCount": 6, "textChars": 628, "nDataPoints": 0, "notes": "Uses a red arrow and dashed circle to highlight the discrepancy between the company's cherry-picked data and the full report.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:40.116+00", "seconds": 7.582, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/45", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.4, "x": 0.05, "y": 0.75 }, "kind": "callout", "text": "Huntsman has bottom quartile performance, but top quartile executive pay", "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 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26a80d72-030a-475c-adca-85d86d970394", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.05, "y": 0.25 }, "kind": "image", "text": "Excerpt from Huntsman Investor Deck", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "266397ae-62b4-4e45-b2c3-5e917f63c926", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.48, "x": 0.48, "y": 0.25 }, "kind": "image", "text": "Complete Snapshot of ISS Report", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f93d71b6-f906-4887-8c5a-7209ea82ca6f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman cites an ISS report to claim executive pay is aligned with performance, but conveniently omits the rest of the report which shows executive pay is NOT aligned with performance.", "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 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a15049c2-19b3-49a6-b21e-77b36d8d12a8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "paragraph", "text": "Why would Huntsman intentionally omit its own evidence that proves pay is not aligned with performance? Why is the Board trying to deceive shareholders? Shareholders deserve better.", "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 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfea5e1e-56e7-48f9-93f0-4037b2167a31", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Huntsman Separately Claims To Have Aligned Executive Pay with Performance, Yet The Company's Own \"Evidence\" Proves Otherwise", "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 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41b7822a-afa9-42e3-a345-15780efb9f12", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9264a74c-da82-4ce4-a1e5-a766a3e81e9e", "evidence": "Contrasts company claims with internal data to expose deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 46, "type": "tension", "title": "Uses a contrast-pair framework to highlight the discrepancy between management's claims and the truth.", "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": 47, "componentCount": 6, "textChars": 992, "nDataPoints": 0, "notes": "Uses a contrast-pair framework to highlight the discrepancy between management's claims and the truth.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:36.555+00", "seconds": 3.535, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/46", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06a13611-6cc7-4793-9adc-2cc7ef311492", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c9a8395-0159-4f11-a1db-50c10ed07d9c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience.", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e475d252-114e-473a-b66f-9a159e43f20a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4629e529-90ec-42df-bdd5-bfb9eb5045f6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "The Truth: Huntsman has problematic compensation practices, including a failure to tie pay to performance. Huntsman’s Misleading Tactics: Huntsman claims otherwise by selectively including a snippet of an ISS report while ignoring the rest.", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c301324-8d2f-4c68-9114-ed3a51d687e6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "446ccab2-4121-4538-883d-0144bbd64dd6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a6419f63-c12c-4d09-82ee-df833b0b5a24", "evidence": "The slide frames management as the antagonist that is misleading the board and shareholders.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "antagonist-introduction" }, { "matchId": "a34d37e3-b1ff-4cfc-bbe1-ec170faec6e0", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics' in a table format.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:36.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "contrast-pairs" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 47, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 29, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:36.871+00", "seconds": 3.316, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/47", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.48 }, "kind": "title", "text": "4. Financial Underperformance", "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 20:59:36.871+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b277234-4cd8-4290-99b7-cb0f1fa231b8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "Uses a CEO quote from 2007 to contrast with 2021 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": "dense", "densityScore": 58, "componentCount": 6, "textChars": 1254, "nDataPoints": 8, "notes": "Uses a CEO quote from 2007 to contrast with 2021 data.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:37.43+00", "seconds": 3.508, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/48", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.42 }, "kind": "chart", "text": "Adjusted EBITDA Contribution by Reporting Segment – 2006 vs. 2021", "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": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb6ba129-ab49-41d8-b777-21a2ce3e02f7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.13 }, "kind": "paragraph", "text": "Fifteen years ago, management declared that it had transformed the portfolio and had become a differentiated chemical company. Today, management is again saying the same thing with the same core reporting segments.", "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 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1fd1b86-b2aa-47e1-9f27-8c7399755a90", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "quote", "text": "The latest portfolio restructuring announcement this morning reflects the last in a series of value-creating divestitures which have been consistent with our stated strategy of focusing on a differentiated portfolio...I expect this new company to generate revenue growth at a rate well in excess of global GDP and average EBITDA margins approaching 15%. We will be a strong vibrant $9 billion differentiated chemical company with tens of thousands of different products and formulations.", "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 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c2bb77b-7d28-46f2-967f-a59f18a3b7ce", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts. Note: Quotes are underlined and bolded for emphasis. (1) Pro forma for divestitures of Polymers and Base Chemicals businesses, which were sold or announced as divested in either 2006 or by February 2007.", "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 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15663a2f-f279-4da3-b8bb-ce77e7270c7d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "Huntsman's profit contribution from differentiated businesses looks the same today as it did fifteen years ago.", "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 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15981f81-5277-4290-b59e-826871c4bfa0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Huntsman Claims to Have Transformed the Business, But Its Core Reporting Segments Have Not Changed in 15 Years", "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 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66be4b64-3ed4-413e-b38b-1cb01e2ae15a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4c8f757d-68eb-49b1-b9f2-16ec30ed9b31", "evidence": "Contrasting 2007 CEO quote with 2021 financial data to highlight lack of progress.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:37.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 49, "type": "tension", "title": "The slide uses a 'before-after' framing to expose a contradiction in the company's long-term messaging.", "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": 6, "textChars": 746, "nDataPoints": 0, "notes": "The slide uses a 'before-after' framing to expose a contradiction in the company's long-term messaging.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:38.101+00", "seconds": 3.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/49", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "callout", "text": "In both presentations, with the exception of one non-core segment (i.e. TiO2 in 2007 and Textile Effects in 2022) the Company otherwise portrays itself as a 100% differentiated chemicals company", "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 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c448f3c-f8d1-4ec8-9ddf-5301e7eb5f39", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.51, "y": 0.27 }, "kind": "image", "text": "2022 Shareholder Presentation Excerpt", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a305c43-b46e-48a0-a850-fb7f96652341", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.04, "y": 0.27 }, "kind": "image", "text": "2007 Investor Day Excerpt", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbc161c6-f226-4b1f-8d26-f63e94faf93f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.13 }, "kind": "paragraph", "text": "The Company seems to be suggesting that it has only recently become a differentiated chemicals company and so is finally appropriately positioned for commercial and financial success. Do not be fooled! In 2007, fifteen years ago, the Company provided shareholders with the same narrative.", "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 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bc5cc68-722c-4f24-83cc-f00df1211f99", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "title", "text": "Huntsman seems to be recycling the same transformation narrative that it first used in 2007.", "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 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7081a59-ae32-4ff2-ab88-cffea2b22cd4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "The Company’s Transformation Story Is Also Largely the Same As What Was Told to Shareholders Fifteen Years Ago", "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 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6140ff6-1b9b-407a-8b50-eff7088285b1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "918a56a5-a367-4b8e-8b84-2ae99ed3ed81", "evidence": "Side-by-side comparison of 2007 vs 2022 slides to show narrative recycling.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:38.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 50, "type": "analysis", "title": "The slide uses a combination of a bar chart for Huntsman and line charts for peer averages to highlight the widening performance gap.", "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": 65, "componentCount": 8, "textChars": 664, "nDataPoints": 48, "notes": "The slide uses a combination of a bar chart for Huntsman and line charts for peer averages to highlight the widening performance gap.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:40.239+00", "seconds": 3.213, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/50", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.35, "x": 0.57, "y": 0.32 }, "kind": "callout", "text": "Huntsman’s margin deficit versus peers has WORSENED over time", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd129611-f8ac-43bc-9616-bd7e46db6d15", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.11, "y": 0.48 }, "kind": "chart", "text": "Huntsman Adjusted EBITDA Margin 2005-2021", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2c8da03-7dcc-41e0-9e9c-dc8296e1bb1c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.11, "y": 0.48 }, "kind": "chart", "text": "Average of Primary and Performance Peers", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df29b022-7c87-4143-81e9-2c61f38eaadf", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "The Company’s profitability has not meaningfully improved since its IPO and continues to trail the profitability of both Performance and Primary Peers.", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1403546-8fe4-4ae9-8503-cbeab52935da", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "See Section 3 for additional detail. Source: Public company filings, presentations, and transcripts.", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fa249c2-aa0a-4cb4-8434-27c678bcb03d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.57, "x": 0.11, "y": 0.22 }, "kind": "table", "text": "Historical Adjusted EBITDA Margin – Huntsman vs. Peers", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12e998a2-1da6-4d3a-bb95-f3509336f6dd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "The Adjusted EBITDA margin gap between Huntsman and its peers has continued to widen over time.", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6669bc9-a293-4d54-9d21-5cee5facee1b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Huntsman’s Supposed Portfolio Transformation Seems Ineffective, as Margins Have Continued to Deteriorate Relative to Peers", "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 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "068c6886-deb8-4315-8b6e-a23808a68937", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "923474ae-5131-4e70-8e8d-1a22a4f83f6f", "evidence": "Direct comparison of company performance against peer benchmarks over time.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 51, "type": "tension", "title": "Uses a bar chart to show Huntsman's SG&A ratio compared to peers, highlighting the discrepancy in peer selection.", "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": 52, "componentCount": 6, "textChars": 897, "nDataPoints": 9, "notes": "Uses a bar chart to show Huntsman's SG&A ratio compared to peers, highlighting the discrepancy in peer selection.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:40.496+00", "seconds": 3.448, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/51", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "callout", "text": "We believe Huntsman is trying to fool its shareholders, operating expense ratio is not the same as profitability", "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 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d00cff10-b970-45e5-9143-c13b1773ae54", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "chart", "text": "LTM SG&A % of Revenue bar chart showing Huntsman vs peers", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99381c0a-e6a5-435a-846b-5937a3b160d6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.44, "x": 0.52, "y": 0.35 }, "kind": "list", "text": "Huntsman presents SG&A expense ratio as a proxy for profitability - this is a false equivalence. The Company also consistently and conveniently changes peers to fit its narrative.", "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 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4adeb36-9cde-487c-bb7e-850cdddac131", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "In Huntsman's latest investor presentation, the Company compares its operating expense ratio to peers while claiming it has undergone \"margin enhancement.\" Operating expense ratio is not necessarily indicative of profitability. In addition, the Company again chose an arbitrary peer set in making its comparison.", "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 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9ef0124-11a1-46f0-822e-a0ddb5ed9334", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings. (1) 2022 Proxy filed as definitive on February 17, 2022. Presentation filed on March 2, 2022.", "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 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b389763-e1e5-460f-b644-77490b7cf540", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Huntsman Seems to Be Deliberately Conflating SG&A Expense Ratio With Profitability In Order to Fool Shareholders", "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 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bdd427e-4616-4d8d-9288-d2d21f73df97", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ed98d3c8-e1f4-4590-b6db-031d400da97b", "evidence": "The slide explicitly accuses the company of 'fooling shareholders' and 'conflating' metrics to hide poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 52, "type": "tension", "title": "Uses a visual flow diagram to highlight the discrepancy between official proxy peers and the peers used for SG&A analysis.", "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": 33, "componentCount": 6, "textChars": 512, "nDataPoints": 0, "notes": "Uses a visual flow diagram to highlight the discrepancy between official proxy peers and the peers used for SG&A analysis.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:45.05+00", "seconds": 7.188, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/52", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.6, "x": 0.2, "y": 0.78 }, "kind": "callout", "text": "Why were these companies arbitrarily excluded / included???", "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 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa42623d-74e4-4bbd-b973-c653cfe56995", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "diagram", "text": "Flow from official performance peers to the arbitrary SG&A benchmarking set", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d31eb3d3-db7f-4ab8-8530-0e3012dc511d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "The Company’s SG&A expense benchmarking excludes five of its Performance Peers with seemingly no justification, while arbitrarily adding two new companies.", "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 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b78721-c84d-41c6-b28c-3efb5d6bb965", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cd818cf-16d3-4e69-8a24-da943ffd28be", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "Huntsman is using an arbitrary set of companies to benchmark its SG&A expense ratio.", "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 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a82b069-1078-4f1e-8924-efc2f6353fbc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "In Addition, the Company Seems to Be Arbitrarily Selecting Companies for Benchmarking Its SG&A Expense Ratio", "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 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d52b54a-dc2f-49dd-bb80-cde764ee1978", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7c82555d-fb9a-4ac0-94f8-a4ad3f07462f", "evidence": "Highlights arbitrary selection of data points to manipulate benchmarking results.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:45.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 53, "type": "tension", "title": "Uses a contrast-pair structure to highlight management's alleged deception versus the truth.", "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": 53, "componentCount": 6, "textChars": 1335, "nDataPoints": 0, "notes": "Uses a contrast-pair structure to highlight management's alleged deception versus the truth.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:42.247+00", "seconds": 3.715, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/53", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY. Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e7b3497-b510-43bc-a36c-6c730616bc38", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "paragraph", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3daa479d-a650-44b9-8cd8-2b1370e0032c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1ebea27-a341-4e3e-a03e-783991e13a19", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings. (1) Peers refer to Primary Peers and Performance Peers. See Appendix for a more fulsome discussion on peers.", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7df8a17-a0eb-46f3-8dec-3d293202608c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "table", "text": "The Truth: Huntsman’s margins have deteriorated relative to peers. Huntsman’s Misleading Tactics: Huntsman claims otherwise by selectively highlighting SG&A ratio – instead of margins – and cherry picking yet another new peer set to fit its desired narrative.", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1607d335-d93f-4ad9-a74c-63e01efd8140", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2530ae5-f01a-43ba-af9e-361d21f44874", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e76461fa-6767-4e05-b9df-faf277c38e9c", "evidence": "The slide explicitly contrasts 'The Truth' with 'Huntsman's Misleading Tactics'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:42.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "contrast-pairs" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 54, "type": "setup", "title": "The slide uses a red bar to highlight Huntsman's position relative to the peer average, emphasizing the negative performance gap.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 802, "nDataPoints": 14, "notes": "The slide uses a red bar to highlight Huntsman's position relative to the peer average, emphasizing the negative performance gap.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:43.3+00", "seconds": 2.758, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/54", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "callout", "text": "Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!", "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 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbc7028d-e776-40ea-a483-cbb556d71ad8", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "chart", "text": "2021 Adjusted EBITDA Margin – Huntsman vs. Peers", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5967d431-04de-411c-93d5-e3833012a414", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "paragraph", "text": "We believe the Company would like shareholders to forget that its profitability relative to peers is incredibly poor.", "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 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a9c97b0-9ae9-4a54-9ce7-912d83f2c7fd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "We believe a complete and objective benchmarking of Huntsman's Adjusted EBITDA margins clearly demonstrates that Huntsman's profitability trails peers.", "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 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d74d714e-af50-4c49-bb1c-136641635cd9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings. (1) For the sake of completeness, represents the average among peers included in either Huntsman's 2021 or 2022 Performance Peers as well as those arbitrarily selected in the Company's SG&A expense ratio benchmarking. (2) See Appendix for definition.", "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 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2f565f8-ba63-4d8a-82e8-c4d99f88ccbc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "We Believe the Company Tried to Focus Shareholders on Its SG&A Expense Ratio Because Its Profitability Is Subpar", "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 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f9d5e65-bc94-4e5f-a14d-dc8a2377c4d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b85bb371-6121-4d80-947e-d73a96f36dbb", "evidence": "Direct comparison of EBITDA margins against a peer group to expose performance gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:43.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 55, "type": "tension", "title": "Uses CEO quotes to undermine the company's narrative of unique operational success.", "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": 79, "componentCount": 8, "textChars": 1793, "nDataPoints": 3, "notes": "Uses CEO quotes to undermine the company's narrative of unique operational success.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:45.321+00", "seconds": 4.535, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/55", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Huntsman Claims 2021's Results Are Evidence of Strong Momentum and Improved Execution", "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 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4780ccaa-b694-442c-826d-9d71714e29bc", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "2021 was the best year in Huntsman's history: Huntsman's recent financial results demonstrate that the Company's plan is working. The Company reported the strongest profit and margin performance it has ever achieved with its current portfolio, delivering $349 million of adjusted EBITDA in the fourth quarter 2021, up 45% year over year, and significant free cash flow of $698 million, while achieving ahead of schedule an annualized run rate of $120 million on the Company's $240 million cost optimization and synergy program.", "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 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80152167-c05f-4e89-99b6-6877b78fe9cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "paragraph", "text": "A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution.", "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 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9143656b-840a-4656-a3c3-78e1e7ff212e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.18, "y": 0.69 }, "kind": "quote", "text": "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "398cb5d2-08b2-448d-8769-38e8fa225af6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.18, "y": 0.53 }, "kind": "quote", "text": "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4693480e-31b6-495e-abba-d6b4ab7d59aa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.18, "y": 0.37 }, "kind": "quote", "text": "Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b52d54d9-1a80-4a1f-9e4f-c428e256ec2b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts. Note: Quotes are underlined and bolded for emphasis.", "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 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bdec33b-4b99-4824-a4b1-4bc83333f8c8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Huntsman Claims Recent Performance Represents a Turning Point...We Are Skeptical As Peers All Had Record-Setting Years", "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 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6baffba7-22b6-4909-b975-e9bfe5072cd2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "87de5f5b-61ce-421e-97a3-9d7a82ac2b0d", "evidence": "Uses peer CEO quotes to contradict Huntsman's internal narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:45.321+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 56, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 31, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:45.562+00", "seconds": 4.457, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/56", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.5, "x": 0.14, "y": 0.48 }, "kind": "title", "text": "5. Share Price Underperformance", "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 20:59:45.562+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43370e04-d7a0-4bba-abb1-07a6d7b37482", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 57, "type": "setup", "title": "The slide includes a callout box specifically addressing and preempting a potential rebuttal regarding the company's cherry-picked performance metrics.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 993, "nDataPoints": 128, "notes": "The slide includes a callout box specifically addressing and preempting a potential rebuttal regarding the company's cherry-picked performance metrics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:47.073+00", "seconds": 4.376, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/57", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.16, "x": 0.82, "y": 0.4 }, "kind": "callout", "text": "The Company is arbitrarily selecting the ONLY time period in recent history where relative TSR against performance peers has performed better. We believe this is a blatant attempt to mislead shareholders on the Company’s track record of dismal relative TSR.", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac00d397-a527-4224-a46e-291fd712cb9e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "When compared against Performance Peers, Primary Peers, the broader chemical industry, and even the S&P 500, it seems clear that the Company has FAILED to create shareholder value across almost every time period.", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b99892f1-2e61-47ec-90f2-11761aa50f02", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg. (1) Returns are adjusted for dividends. The “Since IPO” period is measured from February 11, 2005 through September 27, 2021, the date of Starboard's Schedule 13D filing.", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68ea1dff-61c4-49d4-b201-fa4964c25c81", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.8, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "TSR performance table comparing Huntsman to S&P 500, S&P Chemicals, Performance Peers, and Primary Peers across 1-15 year and Since IPO timeframes.", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ce2a185-e5ef-40e5-8c28-880429aab05f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "title", "text": "We believe the Company has had a long and dismal track record of TSR underperformance.", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e38a389-1b35-46b2-ad16-d2595066d8d3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Huntsman Has Underperformed Its Peers and the Broader Market Across Almost Every Time Period Since IPO", "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 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52723093-8d86-4c22-8dd2-14334d32687d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ba38829b-a6e7-4c3f-9029-d191476b100b", "evidence": "The callout box explicitly addresses and refutes a potential counter-argument regarding cherry-picked time periods.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:47.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 58, "type": "tension", "title": "Uses a 'before-after' style critique of a specific corporate slide excerpt.", "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": 70, "componentCount": 8, "textChars": 925, "nDataPoints": 10, "notes": "Uses a 'before-after' style critique of a specific corporate slide excerpt.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:50.9+00", "seconds": 7.15, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/58", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.4, "x": 0.55, "y": 0.25 }, "kind": "callout", "text": "Arbitrary Time Period: Huntsman arbitrarily selects ONE time period to measure TSR but provides no justification for why its five-year track record is the most relevant for 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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a46a262-057f-48c1-bd79-7f225851b339", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.55, "y": 0.55 }, "kind": "callout", "text": "Arbitrary and Narrow Benchmark: Huntsman is benchmarking against a narrow set of companies to fit its narrative.", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "386f129f-a502-4c62-af94-b60730312a6f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.43, "x": 0.06, "y": 0.4 }, "kind": "chart", "text": "Five-Year Total Shareholder Return chart", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d694d84-9b92-4855-9dc7-fc914e94818b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.3 }, "kind": "image", "text": "Excerpt From Huntsman Investor Presentation", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69d3ad4d-4a02-4042-b00e-eb8c91e7aabb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman cites five-year TSR as evidence of a “track record of creating shareholder value” but does not justify why five-year is notable, fails to analyze any other time period, and selects arbitrary companies as benchmarks, all to fit a narrative seemingly designed to deceive shareholders.", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78759d6f-98ec-4bd2-96b5-62fc518aa8ed", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6314ab5d-df0e-4774-8e39-cd2afa0b358a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "title", "text": "We believe Huntsman is attempting to deceive shareholders regarding its track record on relative TSR.", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee202bd3-09da-45d9-a2d0-e5512a0803a2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Huntsman Is Trying to Obscure Its History of Poor TSR by Using Arbitrary Benchmarks and Arbitrary Time Periods", "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 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "645415df-fe53-4733-a846-48d3ff6ffeb2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a7547943-e824-4bbd-9ac8-643109c6b5e9", "evidence": "Contrasts company's stated 'track record' with activist's critique of data selection.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:50.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 59, "type": "tension", "title": "Uses a 'Truth vs. Tactics' comparison frame to highlight management's alleged dishonesty.", "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": 60, "componentCount": 7, "textChars": 1209, "nDataPoints": 0, "notes": "Uses a 'Truth vs. Tactics' comparison frame to highlight management's alleged dishonesty.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:48.985+00", "seconds": 3.488, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/59", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.55 }, "kind": "callout", "text": "CHANGE IS NECESSARY", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90b00704-cab9-44e6-bfea-28a8c38831e8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "paragraph", "text": "Huntsman NEEDS strong, capable, and independent nominees that can hold management accountable.", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62794dbd-8fa5-4624-b600-54d806e03b99", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Management has repeatedly attempted to mislead shareholders. While Starboard and its nominees see through these transparent efforts, we believe the Board has unfortunately been fooled due to their pervasive interconnects and lack of experience. Huntsman needs strong, capable, and independent directors that will not be fooled and can hold management accountable.", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c97095c-5a64-481c-977f-4688f83ee772", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.63 }, "kind": "paragraph", "text": "Huntsman management has proven it is more than willing to mislead shareholders. We believe this is part of a recurring pattern and the Board has been fooled by these same tactics, resulting in a lack of accountability and poor performance. Our strong, capable, and independent director nominees WILL NOT BE FOOLED by Huntsman’s disingenuous tactics.", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b117a7b5-8b9f-4eda-b831-6b575b599280", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1467f18c-8f5e-4717-89d0-ad8bbf44c7a6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.29 }, "kind": "table", "text": "The Truth: Huntsman has consistently underperformed peers and broader market indices on TSR. Huntsman’s Misleading Tactics: Huntsman claims otherwise by arbitrarily selecting a five year time period and cherry-picking peers to fit its narrative.", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5697007-ecda-4216-91e6-7eb0221a1014", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "We Believe Management’s Willingness to Mislead its Board and Shareholders Emphasizes the Dire Need for Change", "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 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6ebf949-8319-4c23-ace0-35d30d7a952c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c50ce4f2-4022-41fe-8ab4-f5356fe978c7", "evidence": "Uses a 'Truth vs. Tactics' table to contrast performance claims.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "comparison-frame" }, { "matchId": "87465b8a-34bc-414b-b913-1368430f7e30", "evidence": "Directly accuses management of misleading shareholders and board members.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:48.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 60, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 31, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:00.575+00", "seconds": 14.87, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/60", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.48 }, "kind": "title", "text": "6. Starboard's Past Investments", "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 21:00:00.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c3a6da5-2154-4e64-9fed-05b3269cd39d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 28, "name": "The Struggle", "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 61, "type": "evidence", "title": "The slide uses a 'Background' structure to frame the GCP engagement as a precedent for the current activist campaign.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 656, "nDataPoints": 1, "notes": "The slide uses a 'Background' structure to frame the GCP engagement as a precedent for the current activist campaign.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:48.568+00", "seconds": 2.711, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/61", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman is attempting to mislead shareholders on Starboard's involvement with GCP Applied Technologies Inc. (\"GCP\"). Prior to Starboard's involvement, GCP had very strong similarities to Huntsman in terms of its poor operational performance, poor governance, board interconnects, and lack of accountability.", "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 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "756f0538-f894-41a5-8d5c-5f051fb1d794", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3aa2444b-2117-4834-bdd1-20280ceee4b2", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "table", "text": "Background on Starboard's Engagement with GCP", "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 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3eb0aacc-83dd-42b3-bb4e-0d369d51b937", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Starboard engaged with GCP to protect shareholders suffering from consistently poor operational execution, poor governance, lack of Board oversight, and lack of accountability.", "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 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd0b1cb0-7907-4ba7-976e-6473d43468de", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Starboard Engaged With GCP to Protect Shareholders After Years of Mismanagement and Poor Results", "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 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1aa25dc-de1c-42fa-9cc8-a5475dddae5c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a315179c-eb98-4227-a1e4-eeb85ae120b3", "evidence": "Uses a past engagement (GCP) to validate current activist strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:48.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "precedent-case-study" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 62, "type": "setup", "title": "The slide uses a horizontal timeline with callout boxes to detail specific events in the activist campaign.", "function": "summarize", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 5, "textChars": 422, "nDataPoints": 0, "notes": "The slide uses a horizontal timeline with callout boxes to detail specific events in the activist campaign.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:50.331+00", "seconds": 2.802, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/62", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "callout", "text": "Shareholders overwhelmingly voted to replace a majority of GCP's board after years of underperformance.", "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 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a719d7bf-0b64-4a98-9850-929404c393ca", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "diagram", "text": "Chronological timeline from August 2018 to May 2020", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6adf6c96-705d-47eb-a49c-b53248246af1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "Below is a factual timeline of Starboard's engagement with GCP through the 2020 Annual Meeting, when shareholders overwhelmingly voted to support Starboard's majority slate of director nominees.", "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 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b27028c-c769-4d2c-89a1-3170e6f66d7c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05a16f07-7b3c-415d-a4a0-21128f230708", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "Timeline of Starboard's Engagement With GCP", "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 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f7ab66a-a6c3-408c-8a67-fc03e2b89331", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c8a0332f-263f-4006-ab57-4338bcfb8d56", "evidence": "Chronological sequence of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:50.331+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 63, "type": "setup", "title": "The slide uses a timeline framework to frame the activist's involvement as a catalyst for value creation.", "function": "summarize", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 1210, "nDataPoints": 2, "notes": "The slide uses a timeline framework to frame the activist's involvement as a catalyst for value creation.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:53.654+00", "seconds": 4.663, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/63", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.22, "x": 0.75, "y": 0.2 }, "kind": "callout", "text": "GCP announces its sale to Saint-Gobain for $32.00 per share, a 39% premium to the company's unaffected share price", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e12e506-9367-4c43-a025-82ebcd55ff0e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.22, "x": 0.03, "y": 0.225 }, "kind": "callout", "text": "GCP announces the appointment of Craig Merrill as permanent CFO", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51b58668-25ab-4a5d-8774-8135a59d60f1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.5, "y": 0.6 }, "kind": "callout", "text": "Receives multiple unsolicited inbound indications of interest that led to a highly competitive bidding process; note that the prior Board had failed to generate meaningful interest in a highly-public sale process", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9da99576-711f-42c3-a1a5-838bce02e190", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.25, "y": 0.2 }, "kind": "callout", "text": "The Board oversees and helps management navigate significant COVID-related headwinds... Company beat consensus estimates for Revenue and Adjusted EBIT in every quarter during this period", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac4d1c47-66a3-441a-8e5e-fc98640ab2b2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.15, "y": 0.6 }, "kind": "callout", "text": "Following a comprehensive search process, GCP announces the appointment of Simon Bates as CEO", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea4c7070-9162-48be-a59e-bf262e768da1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "diagram", "text": "Timeline of events from August 2020 to December 2021", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee2329db-f862-40f8-8dfb-d1d822b41278", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Starboard along with its independent directors stabilized a terribly mismanaged business and laid out a credible plan to improve financial performance, which ultimately resulted in a successful and value enhancing sale of the company to a highly complementary strategic acquiror.", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ec5d678-db4b-420c-ba15-da88eea9a035", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Below is a factual timeline of Starboard's engagement with GCP from the 2020 Annual Meeting through December 2021 when GCP announced its sale to Saint-Gobain.", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8ab809b-909d-4abc-af59-15100f71b5a8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Timeline of Starboard's Engagement With GCP (cont'd.)", "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 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4690e029-d652-4ea4-94ee-706f0cd2c0cd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ef9a8a10-3efd-45c0-8047-752ed1cb3d2b", "evidence": "Visual representation of events over time", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:53.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 64, "type": "setup", "title": "Uses a lettered list (A, B, C) to structure the rebuttal points.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 789, "nDataPoints": 2, "notes": "Uses a lettered list (A, B, C) to structure the rebuttal points.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:52.444+00", "seconds": 2.918, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/64", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "callout", "text": "Setting the Record Straight on Starboard's Involvement at GCP", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f25ac09-5183-44c8-bdec-6ea5c29e5d1b", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "A: GCP asked Starboard to sign an NDA... B: Starboard did not initiate GCP's public sale process... C: Over the duration of Starboard's investment...", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "770fc4fb-9298-4824-bbc3-71b72cdd316f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman is attempting to mischaracterize Starboard's involvement with GCP – below we address Huntsman's accusations and set the record straight.", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ed9fed0-ac9a-4967-8d65-21ab671c4031", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, CapitalIQ. (1) 49% relative underperformance measured from February 4, 2016... through May 28, 2020... 12% outperformance measured from May 28, 2020... through February 25, 2022.", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "850fe367-ef50-4806-aba9-cb76a251d249", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Starboard helped turnaround GCP after the prior board destroyed significant value for shareholders.", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9a260db-606b-4ad2-b3b3-d1b4aee11932", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Starboard and Its Slate of Strong, Independent Directors Helped Stabilize GCP, and Created Significant Value for Shareholders", "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 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a2bbc04-4478-43c2-abd7-0457c2053461", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b39f6c85-90ae-4e0a-b20c-ee33072e52f5", "evidence": "The slide explicitly states it is addressing accusations and setting the record straight.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:52.444+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "Uses a case study format to preemptively rebut claims about Starboard's lack of chemical industry experience.", "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": 56, "componentCount": 6, "textChars": 1785, "nDataPoints": 0, "notes": "Uses a case study format to preemptively rebut claims about Starboard's lack of chemical industry experience.", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:54.683+00", "seconds": 3.94, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/65", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "callout", "text": "Starboard engaged with Corteva to help identify individuals with highly relevant industry expertise that could help the Board diversify its perspectives and better hold management accountable.", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a9b3ab1-3fa3-44b4-a92c-d0d9f155051b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "list", "text": "Background on Starboard's Engagement with Corteva", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14219c2f-f210-403e-aa43-0448eb98ff3e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Huntsman is attempting to mislead shareholders regarding Starboard's engagement with companies in the chemical industry. We believe Starboard's most recent chemical-related investment in Corteva, Inc. (\"Corteva\") demonstrates how new Board perspectives and a greater culture of accountability can create significant shareholder value.", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74f05f54-42f6-4842-b66b-3000b4e3205f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48c79106-91c4-4831-99ad-ecdc6e7bee60", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "What Does Corteva Do? Corteva is one the world's largest agricultural sciences companies, and produces both seeds and crop protection chemicals. When Did Starboard Get Involved With Corteva? Starboard presented Corteva as a best idea at the annual 13D Monitor Active-Passive Investor Summit in October 2020. In January 2021, Starboard publicly nominated eight directors for the 2021 Annual Meeting and subsequently settled to appoint three independent directors to the board. Why Did Starboard Choose to Engage with Corteva? Poor Financial Performance: At the time of Starboard's engagement, Corteva's Adjusted EBITDA margins were significantly below its closest peers, and despite claiming to have realized significant cost synergies, both Adjusted EBITDA and margins had remained flat for multiple years. Lack of Accountability: Prior to Starboard's involvement, Corteva had experienced multiple downward earnings revisions and missed promises regarding synergy capture and currency hedging that we believe had eroded the Company's credibility with both Wall Street analysts and shareholders.", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa67e01e-cc6e-4459-b23b-8ca735e0dc04", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Huntsman Conveniently Ignores Starboard's Most Recent Chemicals Investment in Corteva", "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 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58d24621-f56d-46c8-8f6d-6ef825a0bec3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f9ef9d19-c2ec-416f-a8eb-7db6fbbd6920", "evidence": "Frames Huntsman as the antagonist misleading shareholders.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:59:54.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 66, "type": "evidence", "title": "The slide uses a timeline framework to demonstrate a sequence of events leading to positive outcomes.", "function": "illustrate_case", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "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": 31, "componentCount": 5, "textChars": 553, "nDataPoints": 1, "notes": "The slide uses a timeline framework to demonstrate a sequence of events leading to positive outcomes.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:54.701+00", "seconds": 3.296, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/66", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.85 }, "kind": "callout", "text": "Since Starboard's public engagement with Corteva, the Company has outperformed the S&P 500 by 41% and created significant value for 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 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5de54a90-5fbe-4884-8037-2d91ba581b9b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "framework", "text": "Timeline of events from Oct 2020 to Oct 2021", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfd99915-64c2-4c07-8dbd-c1f94c55ec98", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Starboard has worked constructively with Corteva to introduce new Board members with deep industry expertise and new perspectives that are committed to driving a culture of accountability and helping create significant shareholder value.", "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 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f808e7b-d329-4d8a-8cc4-11ce4b6620a5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, news reports.", "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 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35269cfe-b06a-4907-bb4a-d68c6c071716", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "We Believe Starboard's Public Engagement With Corteva Has Been Highly Constructive", "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 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c13b5fa-6b90-4795-97e5-9fee44010cb1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0738eb31-b9bb-4064-9d8c-ca639f502944", "evidence": "Chronological sequence of events plotted on a horizontal axis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:59:54.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 67, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 29, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:55.455+00", "seconds": 2.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/67", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.46, "x": 0.14, "y": 0.48 }, "kind": "title", "text": "7. Starboard and Its Nominees", "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 20:59:55.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8011ccf-e9a9-45f9-8225-868b0e95dfb6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 68, "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": "dense", "densityScore": 59, "componentCount": 8, "textChars": 806, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:01.648+00", "seconds": 7.478, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/68", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.19, "x": 0.51, "y": 0.48 }, "kind": "image", "text": "Susan C. Schnabel", "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16ab788f-1e82-4181-b155-0ed71aca0596", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.19, "x": 0.06, "y": 0.48 }, "kind": "image", "text": "James L. Gallogly", "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab9f6e96-44df-41df-8b25-007e0305f25c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.19, "x": 0.74, "y": 0.48 }, "kind": "image", "text": "Jeffrey C. Smith", "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b93ef46a-a88f-406a-b78f-62b03523e537", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.19, "x": 0.28, "y": 0.48 }, "kind": "image", "text": "Sandra Beach Lin", "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edc68efd-7d5f-4a01-b99d-febf589424fb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "list", "text": "We have nominated four director nominees to the 10-person Board, thereby seeking minority representation on the Board on behalf of common 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 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "374758b2-44d7-4b79-8622-2ff66d33635c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "list", "text": "Our highly-qualified nominees have diverse and complementary experiences. Collectively, they are industry-leading experts with extensive experience in chemical operations, corporate governance, mergers and acquisitions, and capital markets.", "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 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79f09378-b255-49d1-be00-8149b62ad750", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "We have compiled a diverse slate of experienced chemical executives and seasoned public company board members who we believe will help instill accountability, improve performance, and demand operational excellence at Huntsman.", "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 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24955988-5f2b-4843-955f-cd17ca73e64c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Starboard Has Proposed a Slate of Strong, Capable, and Independent Nominees That Will Help Drive Accountability at Huntsman", "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 21:00:01.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f488ba6-5fd0-492b-9d39-777d5a4bc30a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 69, "type": "setup", "title": "The slide uses authority bias by citing BofA, Barclays, and KeyBanc to validate the quality of the nominees.", "function": "introduce_nominees", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "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": 62, "componentCount": 6, "textChars": 2175, "nDataPoints": 2, "notes": "The slide uses authority bias by citing BofA, Barclays, and KeyBanc to validate the quality of the nominees.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:58.673+00", "seconds": 3.546, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/69", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution.", "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 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dcb1c83-fcac-4b43-8c30-a89e55ca2a7a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "quote", "text": "\"...with Starboard now nominating a slate of directors it has formally challenged HUN's board structure. These nominees are quite qualified in our view, and we think could be quite effective at aiding and improving the upstream, downstream, and financial footprint at the company...productivity should be a perpetual process, and additional oversight and guidance through its evolution could be helpful for a company that does not have a longstanding productivity culture.\"", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2febb2d7-e63f-414e-9508-88f436b422a6", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.92, "x": 0.04, "y": 0.43 }, "kind": "quote", "text": "\"Mr. Gallogly carries high esteem for making money for Chemicals investors over the past 10+ years – As CEO of LyondellBasell (LYB), shares outperformed the S&P 500 by 382% and outperformed peer Dow Chemical by 357% from emerging out of bankruptcy in 2010 until Mr. Gallogly announced his retirement in late September 2014...We think he carries four main attributes that investors would welcome to the board of Huntsman (or any Chemical company for that matter): 1) operating acumen and focus on safety + cost, 2) a track record of prudent and shareholder-friendly capital discipline, 3) a reputation of being forthright and outspoken in his views, and 4) a track record of delivering on 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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9555d3fa-7dea-4a80-96ac-06d75f0bb806", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.73 }, "kind": "quote", "text": "\"Importantly, we believe that Jim Gallogly stands out among the proposed Starboard nominees and the newly added board members with the potential to be especially impactful on investor confidence, and on the contribution that the refreshed board could make to the Company's bottom line and valuation. In our experience covering LyondellBasell when Mr. Gallogly was its CEO, his leadership was both evident in the Company's results and was rewarded by the equity market. We believe that a candidacy of Mr. Gallogly's caliber could greatly enhance the board, in particular, in the areas of operational efficiency and cost control.\"", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8eba51b-b171-4f9e-a71f-f94dc6057c8d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Wall Street research. Note: Quotes are underlined and bolded for emphasis.", "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 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65e09a63-3c40-44c5-8feb-d0d1753a5721", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Wall Street Analysts Also Believe Our Director Nominees Are Incredibly Well-Qualified", "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 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1907b350-9747-4d6f-99ba-c9b81b8208ce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b61de6a2-bbd7-44e3-be91-51627fc727ad", "evidence": "Citing BofA, Barclays, and KeyBanc to validate the nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:58.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 70, "type": "setup", "title": "The slide uses authority-citation to validate the quality of the nominees.", "function": "introduce_nominees", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "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": 1503, "nDataPoints": 0, "notes": "The slide uses authority-citation to validate the quality of the nominees.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:58.341+00", "seconds": 3.207, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/70", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Wall Street analysts have expressed enthusiasm for the quality of Starboard's director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution.", "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 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2b263b6-f83b-4fc8-a001-82ee035b27f6", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "quote", "text": "…on balance we tip the scales in Starboard's direction on the strength of one James Lawrence Gallogly. Having years of experience with Jim from the LALLF/LYB days and having a detailed 1x1 conversation with him back during the Trian/DD board nomination saga, we don't doubt he would be a superior addition to the board. We further know Sandra Beach Lin from her CE days and also have a favorable opinion.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40028b32-028d-47be-8642-46ad81119ae9", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.92, "x": 0.04, "y": 0.46 }, "kind": "quote", "text": "Investor questions have centered on one particular nominee, James Gallogly (nominated by Starboard). The primary reason why Mr. Gallogly has stood out to investors is as a result of his strong track record at LyondellBasell. Specifically, Mr. Gallogly joined LyondellBasell in 2009 shortly after the company filed for bankruptcy. Over the subsequent approximately five years, Mr. Gallogly engineered the transformation of LyondellBasell from a company in disarray to one that is now broadly considered to be a best-in-class operator of chemical assets world wide. Of note, the restructuring that took place at LyondellBasell was primarily focused on embedding a culture of cost efficiency and capital discipline.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95a6f8f0-9cfd-44c6-809c-9730d2569e39", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Wall Street research. Note: Quotes are underlined and bolded for emphasis.", "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 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd34f781-91ec-4d45-ac53-7085d36af0ba", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Wall Street Analysts Also Believe Our Director Nominees Are Incredibly Well-Qualified (cont’d.)", "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 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad2fda9a-3395-421f-b74a-1f947b094b04", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c9b8b0e4-10eb-461a-bcfc-383888d86934", "evidence": "Uses quotes from Fermium Research and Morgan Stanley to validate director nominees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:58.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 71, "type": "setup", "title": "Includes logos of companies where the nominee held leadership positions.", "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": 53, "componentCount": 7, "textChars": 856, "nDataPoints": 0, "notes": "Includes logos of companies where the nominee held leadership positions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:59:58.379+00", "seconds": 2.769, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/71", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.29, "x": 0.04, "y": 0.26 }, "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e4373fa-265c-47cd-b012-3487599e7116", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.68 }, "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "378a535c-8fe1-4016-b70c-c4771d83871e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.61, "x": 0.35, "y": 0.46 }, "kind": "list", "text": "Mr. Gallogly currently serves as Vice Chairman of the University Cancer Foundation Board of Visitors at the University of Texas M.D. Anderson Cancer Center.", "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61f83b7c-ee4a-4780-b05a-b22049ac60ca", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.61, "x": 0.35, "y": 0.56 }, "kind": "list", "text": "Mr. Gallogly previously served as a director of Continental Resources, Inc. and E.I. du Pont de Nemours and Company.", "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8dc499c-9cb7-4f53-a941-090f4ee2b5ec", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.61, "x": 0.35, "y": 0.26 }, "kind": "list", "text": "Mr. Gallogly previously served as President of the University of Oklahoma. Prior to that, Mr. Gallogly served as Chief Executive Officer and Chairman of the Management Board at LyondellBasell Industries N.V... Prior to ConocoPhillips, Mr. Gallogly served as Chief Executive Officer Chevron Phillips Chemical Company...", "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb278283-8913-4bb7-903d-d47360d2d95a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Mr. Gallogly’s significant operating, financial, and environmental management experience as a senior executive within the chemicals industry, as well as his significant public company board experience would make him a valuable addition to the Board.", "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa7d2f27-6303-438d-9e5c-1ba978bb5d72", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "James L. Gallogly", "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 20:59:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "744e3cec-1288-42f7-950f-75d0127b4ce1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 72, "type": "setup", "title": "The slide uses a checkmark matrix to demonstrate competency across four key areas for four different career roles.", "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": 28, "componentCount": 5, "textChars": 459, "nDataPoints": 2, "notes": "The slide uses a checkmark matrix to demonstrate competency across four key areas for four different career roles.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:04.545+00", "seconds": 5.821, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/72", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "callout", "text": "Mr. Gallogly is uniquely qualified to serve on the Huntsman Board of Directors.", "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 21:00:04.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6aa38ca6-d917-429c-b2c9-50021cb6ba87", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Mr. Gallogly is among the most well-regarded chemical industry executives given his long track record of creating substantial shareholder value as both an executive and director.", "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 21:00:04.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20e0e62a-7260-4c61-be0d-4340fd3a68ba", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings.", "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 21:00:04.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd2abc3f-eb4b-4deb-9bd6-dae20f664bd0", "parentComponentId": null }, { "bbox": { "h": 0.63, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "table", "text": "Matrix of experience by company, position, and skill area", "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 21:00:04.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce5b7214-36d3-44fa-9e72-501ee12d2ac6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Mr. Gallogly Has Unmatched Chemical Industry Experience Encompassing Both Operating and Public Company Board Roles", "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 21:00:04.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e13ffae-342e-46dc-9f02-eb799673f165", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 73, "type": "setup", "title": "The slide uses a quote from a competitor (Huntsman) to validate the nominee's performance.", "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": 52, "componentCount": 6, "textChars": 984, "nDataPoints": 4, "notes": "The slide uses a quote from a competitor (Huntsman) to validate the nominee's performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:02.359+00", "seconds": 3.616, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/73", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-73", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "Share Price Performance During Mr. Gallogly’s Tenure", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4c50f4a-a76f-41d0-9c29-1bc6cdda04a8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Mr. Gallogly was the Chief Executive Officer at LyondellBasell (“LYB”) from 2009 to 2015. During his tenure, Mr. Gallogly created significantly more value for shareholders than other chemical peers, Huntsman, and the broader market.", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d219de8-852b-4bc2-9b10-f5f68989d158", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "quote", "text": "First of all, I think that multiples are very important in a stock price, obviously. But let's not get too transfixed on the multiple. If I look at the companies that have improved the greatest shareholder value that I think number one on that list is Lyondell.", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ab4d7c3-1abf-45fb-aecc-71a6df012d02", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Quotes are underlined and bolded for emphasis. (1) Returns are adjusted for gross dividends and measured from October 14, 2010 (LYB IPO) through September 29, 2014 (date retirement was announced).", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65216c74-43a5-4956-85a8-e69fa553f6cb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Mr. Gallogly is uniquely qualified to serve on the Board given his impressive record and chemicals expertise.", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57464f4a-e686-455d-97ce-f0af96c17150", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Even Peter Huntsman Complimented Mr. Gallogly For His Track Record of Creating Immense Value for Shareholders", "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 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "467239df-4d39-4d05-83f4-d527633e5edd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4fa74b2b-ddae-4023-bc30-8d3a865471fe", "evidence": "Using a quote from a competitor to validate the nominee's performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:02.359+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 74, "type": "setup", "title": "Includes a grid of company logos associated with the nominee's career.", "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": 24, "componentCount": 5, "textChars": 478, "nDataPoints": 0, "notes": "Includes a grid of company logos associated with the nominee's career.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:02.364+00", "seconds": 3.11, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/74", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.37, "w": 0.29, "x": 0.04, "y": 0.26 }, "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:02.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14481c7c-28c1-44e0-bd15-86a63b99edd7", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.67 }, "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 21:00:02.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f22abf08-8a1a-4f91-b81a-91c12e5191c2", "parentComponentId": null }, { "bbox": { "h": 0.37, "w": 0.61, "x": 0.35, "y": 0.26 }, "kind": "list", "text": "Ms. Lin is the former President and Chief Executive Officer of Calisolar... Ms. Lin currently serves as a director at Avient Corporation... Ms. Lin previously served as a director of WESCO International, Inc.", "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 21:00:02.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9ba612f-a95b-4624-b6f5-dca49b67d68c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Ms. Lin’s significant leadership experience as a senior executive in both the hybrid chemicals and broader industrials industries, coupled with her considerable experience serving on public company boards, would make her a valuable addition to the Board.", "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 21:00:02.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88ece883-9116-406d-986e-ecf080642393", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Sandra Beach Lin", "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 21:00:02.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0243eb1-4a33-49d8-a5f2-408d301e2774", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 75, "type": "setup", "title": "The slide uses a checkmark matrix to map specific skills to past roles, reinforcing the nominee's qualifications.", "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": 29, "componentCount": 4, "textChars": 529, "nDataPoints": 12, "notes": "The slide uses a checkmark matrix to map specific skills to past roles, reinforcing the nominee's qualifications.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:03.955+00", "seconds": 3.197, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/75", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.83 }, "kind": "paragraph", "text": "We believe Huntsman asked Ms. Lin to join the Board during settlement discussions with Starboard earlier this year because of her vast operating experience and knowledge of specialty chemicals and materials.", "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 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "410b492c-eae4-432a-b775-c4deb7329c12", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c24c4de-77ef-4279-b9b6-f342428eb38f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "table", "text": "Matrix of roles (Honeywell, Alcoa, Avery Dennison, Celanese, Calisolar) against skills (Specialty Materials, Sales & Marketing, Org. Redesign, Global P&L) with commentary.", "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 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cf336e3-c5ed-48b1-b3fe-87ca3cbdfaa0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Ms. Lin Has Vast Operating Experience at Specialty Chemical and Materials Companies That Are Highly Relevant to Huntsman", "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 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8860d3be-4901-4672-b5a7-e9eb86e9a013", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "62b0510b-0542-4935-a7c2-2c2fc593f052", "evidence": "Matrix of roles (Honeywell, Alcoa, Avery Dennison, Celanese, Calisolar) against skills (Specialty Materials, Sales & Marketing, Org. Redesign, Global P&L) with commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.351355+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "a93a6b81-7f1e-4587-97e6-a1d380481daf", "evidence": "The slide frames the nominee's background specifically to address the needs of the Huntsman Board.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:00:03.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "audience-persona" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 76, "type": "setup", "title": "The slide uses a checkmark matrix to demonstrate domain expertise relevance.", "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": 18, "componentCount": 4, "textChars": 416, "nDataPoints": 0, "notes": "The slide uses a checkmark matrix to demonstrate domain expertise relevance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:08.486+00", "seconds": 5.529, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/76", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "We believe Huntsman asked Ms. Lin to join the Board during settlement discussions with Starboard earlier this year because of her strong commercial experience in end markets that are highly relevant to Huntsman", "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 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cbce1bf-c7d3-4638-b745-d481fc1c41a2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings.", "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 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c951f0af-468e-4f7c-9604-851218ebbc55", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Matrix of companies, positions, and end-market experience", "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 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e141017-25ba-422c-a179-05233962229a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Ms. Lin Has Significant Commercial Expertise Across a Wide Variety of End-Markets That Are Highly Relevant to Huntsman", "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 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54c652c-2438-489f-a44c-46d67fc31ceb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "NxN matrix", "slug": "matrix-nxn", "status": "active", "bestFor": null, "canonId": "019de52d-2313-71fa-bb45-a7d1a4aae23a", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "76b66128-bf83-4d94-90ab-d740b5dc090c", "evidence": "Matrix of companies, positions, and end-market experience", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.41981+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "023b146e-96c7-4650-bd77-3d0a4554abb7", "evidence": "The slide uses a matrix to map nominee experience to company-relevant categories.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "evidence-matrix" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 77, "type": "setup", "title": "The slide uses a checkmark matrix to demonstrate breadth of board committee service.", "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": 28, "componentCount": 4, "textChars": 572, "nDataPoints": 3, "notes": "The slide uses a checkmark matrix to demonstrate breadth of board committee service.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:05.64+00", "seconds": 2.61, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/77", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "We believe Huntsman asked Ms. Lin to join the Board during settlement discussions with Starboard earlier this year because of her significant experience as a public company director serving in all public board functions.", "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 21:00:05.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3523fa79-68f2-41f8-a2c5-29f3fc8d47fe", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings. (1) Governance committee has responsibility for ESG-related issues. (2) Measured from December 13, 2002 to Feb 19, 2019.", "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 21:00:05.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8287f16d-9ac8-416d-8838-bd48d47ba820", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Board experience matrix showing companies, committee roles (Gov, Audit, Comp, ESG, Tech, Policy), and commentary.", "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 21:00:05.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc4f32ea-b541-4fe4-ac0d-fa24d627ff10", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Ms. Lin Is Also a Seasoned Public Company Director With Immense and Relevant Experience", "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 21:00:05.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "338b5a8e-d472-4ad7-8032-8e785b3d8ea8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "187ffcaf-eaf0-4376-b648-75458170af5d", "evidence": "Board experience matrix showing companies, committee roles (Gov, Audit, Comp, ESG, Tech, Policy), and commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:58.489605+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 78, "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": "dense", "densityScore": 56, "componentCount": 7, "textChars": 971, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:11.354+00", "seconds": 7.812, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/78", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.38, "w": 0.28, "x": 0.04, "y": 0.27 }, "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f78be52-3edc-4559-9420-d98933355ef4", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.92, "x": 0.04, "y": 0.71 }, "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e1c82cf-f521-40f5-9d02-5138442a9ced", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.61, "x": 0.35, "y": 0.51 }, "kind": "list", "text": "Ms. Schnabel previously served as a director of Versum Materials, STR Holdings, Neiman Marcus, Pinnacle Gas Resources, Rockwood Holdings, Shoppers Drug Mart Corporation (TSX), and other private company Board of Directors.", "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c6e61b6-7bf1-45d4-8e32-372967279d7d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.61, "x": 0.35, "y": 0.27 }, "kind": "list", "text": "Ms. Schnabel is the Co-Founder and Co-Managing Partner of aPriori Capital Partners. Previously, Ms. Schnabel served as Managing Director of Credit Suisse Asset Management and Co-Head of DLJ Merchant Banking. Prior to that, Ms. Schnabel served as Chief Financial Officer of PetSmart.", "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec3d0f7-e805-43d8-84c6-a8e8cb82f252", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.61, "x": 0.35, "y": 0.41 }, "kind": "list", "text": "Ms. Schnabel currently serves as a director of Altice USA, Chair of the Audit Committee of Kayne Anderson BDC, a Trustee of Cornell University, and a director of various other university and non-profit Board of Directors.", "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "862a66f5-698c-4201-9f57-5d1959732637", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "We believe that Ms. Schnabel's substantial business experience and financial background, coupled with her extensive experience serving as a director of public and private companies, would make her a valuable addition to the Board.", "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b75dc72f-b046-4813-9982-f83df4767978", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Susan C. Schnabel", "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 21:00:11.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ce21b16-b485-4148-a181-a99bfbcfb544", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 79, "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": 28, "componentCount": 5, "textChars": 594, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:10.204+00", "seconds": 5.333, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/79", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Ms. Schnabel is a chemical engineer by background, has had a highly successful career as a private equity investor, and is a seasoned public board member with deep understanding of governance best practices.", "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 21:00:10.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bebad3e7-1c26-4be7-8095-586eea34dddb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings.", "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 21:00:10.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f29c85bf-a712-4d40-ba1d-e49351c629af", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Board experience table showing Versum Materials, Rockwood, and Pinnacle Gas Resources with tenure, committee checkmarks, and commentary.", "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 21:00:10.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b6134a5-884e-4b80-8bf3-45bab58b5fce", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Ms. Schnabel is an incredibly seasoned public board member with significant chemical industry experience.", "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 21:00:10.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac676968-cd75-41c1-b0f5-1f6c9c9776d6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Ms. Schnabel Is an Incredibly Well-Qualified Nominee with Substantial Public Company Board and Chemicals Experience", "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 21:00:10.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4663c16-35d8-43f5-8e88-b93d867a87e5", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51baca7b-f9ce-4df1-a085-6b75c73f34c2", "evidence": "Board experience table showing Versum Materials, Rockwood, and Pinnacle Gas Resources with tenure, committee checkmarks, and commentary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:58.591306+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 80, "type": "setup", "title": "The chart highlights a +92% return for VSM compared to +45% for the S&P 500 and +30 for the S&P Chemicals Index, resulting in a ~63% surplus.", "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": 31, "componentCount": 5, "textChars": 508, "nDataPoints": 3, "notes": "The chart highlights a +92% return for VSM compared to +45% for the S&P 500 and +30 for the S&P Chemicals Index, resulting in a ~63% surplus.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:08.829+00", "seconds": 3.314, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/80", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-80", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.86 }, "kind": "callout", "text": "Under Ms. Schnabel's oversight, Versum created significant value for 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 21:00:08.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62b98ba8-ca02-4dba-a87c-c0ca932e51ec", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "chart", "text": "Share Price Performance During Ms. Schnabel's Tenure on the Board", "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 21:00:08.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0336de80-bb7b-44ff-901b-409e77dd095a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "From October 2016 to October 2019, Ms. Schnabel served as a member of Versum Materials, Inc.'s (\"VSM\") Board of Directors. Versum was a specialty electronic chemicals company, and meaningfully outperformed both the S&P Chemicals and the broader market indices.", "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 21:00:08.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec814c46-af4e-4da7-ba18-6df10237112a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg.", "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 21:00:08.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a469ba5b-2230-4f17-b42a-e724e0743163", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Ms. Schnabel Oversaw Tremendous Value Creation for Shareholders at Versum Materials", "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 21:00:08.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a33656f-15e0-4649-8f9a-5852af6c625a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 81, "type": "setup", "title": "The slide uses a line chart to demonstrate historical alpha generation as a proxy for nominee competence.", "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": 30, "componentCount": 5, "textChars": 488, "nDataPoints": 4, "notes": "The slide uses a line chart to demonstrate historical alpha generation as a proxy for nominee competence.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:08.678+00", "seconds": 2.663, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/81", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "callout", "text": "Ms. Schnabel has a track record of creating shareholder value in the chemicals industry.", "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 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "426b2687-ec30-4f2b-b35b-b08fc9503397", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "Share Price Performance From IPO to Sale", "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 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6617b6a2-d801-485a-939c-1584532a8397", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Ms. Schnabel was a key investor and board member during the transformative stages of Rockwood Holdings, a specialty chemicals company. Rockwood was ultimately sold to Albemarle, generating highly attractive returns for all shareholders.", "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 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "755de47a-cca0-434b-aa11-1f3f856b3dd0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg.", "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 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53da0b74-b34f-47f5-9755-ea228a2b7d22", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Ms. Schnabel Was a Key Investor in Rockwood Holdings, Which Created Significant Value for All Shareholders", "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 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02dd1cd3-7993-4528-94ff-5bb6d9f95643", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "42b2a58c-d4cb-4e4f-a028-93bf1b4fd600", "evidence": "Using past board performance to validate nominee capability", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:08.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 82, "type": "setup", "title": "Includes a grid of corporate logos associated with the nominee's career.", "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": 36, "componentCount": 5, "textChars": 859, "nDataPoints": 0, "notes": "Includes a grid of corporate logos associated with the nominee's career.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:11.334+00", "seconds": 2.363, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/82", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-82", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.3, "x": 0.03, "y": 0.27 }, "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:11.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c86f8b87-3466-490a-9cf7-e1d29946f25f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.68 }, "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 21:00:11.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fc101b7-d3e8-4bb1-9afb-52166482b448", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.62, "x": 0.34, "y": 0.27 }, "kind": "list", "text": "Mr. Smith is a Managing Member, CEO, and CIO of Starboard Value LP. Prior to founding Starboard, he was a Partner Managing Director of Ramius LLC, and the CIO of Ramius Value and Opportunity Master Fund Ltd.\nMr. Smith currently serves as Chair of the Board of Directors of Papa John's International, and as a director of Cyxtera Technologies.\nMr. Smith previously served as Chair of the Board of Directors of Advance Auto Parts, Darden Restaurants, and Phoenix Technologies. In addition, Mr. Smith has also served as a director of many other public companies.", "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 21:00:11.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9f6ed0f-4f7a-4c08-bdfb-ac986da615f5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "We believe that Mr. Smith's extensive knowledge of the capital markets, corporate finance, and public company governance practices as a result of his investment experience, together with his significant public company board experience, would make him a valuable addition to the Board.", "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 21:00:11.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8cb22d7-a318-44a9-a6ca-1336fa6f6824", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Jeffrey C. Smith", "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 21:00:11.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaeeabdc-ac9b-44f2-9a90-98b50d7d00d9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 82, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 61, "name": "The Victory", "beatId": "227122a1-f543-4205-9b68-812b038b6ff7", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Starboard's past successes and its proposed nominees as a solution.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 83, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 8, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:11.06+00", "seconds": 1.81, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/83", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-83", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.053, "w": 0.203, "x": 0.042, "y": 0.475 }, "kind": "title", "text": "Appendix", "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 21:00:11.06+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4d7bbe9-8ae3-4947-b453-628b925436e3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 84, "type": "setup", "title": "The slide highlights the company's own definitions of peer groups to establish a baseline for subsequent activist arguments.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 10, "textChars": 1209, "nDataPoints": 0, "notes": "The slide highlights the company's own definitions of peer groups to establish a baseline for subsequent activist arguments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:13.553+00", "seconds": 4.293, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/84", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-84", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "callout", "text": "Company's Explanation for How Proxy Peers Are Chosen", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "634d536c-9908-4d53-9970-582ef386b179", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "callout", "text": "Company's Explanation for How Performance Peers Are Chosen", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7df162dd-8ad2-47d8-9c0f-130056d60160", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.57 }, "kind": "list", "text": "Performance Peers: Used by the Board to measure relative TSR and consists of companies that the Board believes Huntsman competes against for market share and investor capital.", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06768024-8934-4d2b-875c-0e4b819426e3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.26 }, "kind": "list", "text": "Proxy Peers: Used by the Board for executive compensation benchmarking.", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6c6c4a7-f657-42e4-ac58-3435985d08b1", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.86, "x": 0.07, "y": 0.37 }, "kind": "paragraph", "text": "The Proxy Peers are intended to be representative of the companies against whom we compete in the global chemical industry for business opportunities and executive talent...", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e7cc97b-55fd-4515-b2fb-7f04b6f8c28d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "The Board relies on two peer sets which are publicly disclosed in its Annual Proxy statement. Proxy Peers are used to help the Board benchmark management compensation, and Performance Peers are used to help the Board benchmark the Company's performance.", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bda5cc71-8bdf-4895-b195-2170189b6e34", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.86, "x": 0.07, "y": 0.71 }, "kind": "paragraph", "text": "The company peer group used to determine relative TSR performance (the \"2020 Performance Peers\") represents industry-specific public companies against whom we compete for market share...", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2b42fea-6358-4dc6-a739-40ef827c06e6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "paragraph", "text": "Starboard's references to Proxy Peers and Performance Peers conform exactly to peers selected by the Board.", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d34cf655-e4aa-4fc6-a3f8-515e3f2763ef", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48f1ae36-c4c0-4468-8783-e6c8b2449cae", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "For Reference, the Board Uses Two Peer Sets, One For Benchmarking Compensation, and One for Performance", "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 21:00:13.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b93f6de-a8da-4ab6-a664-2a73be178375", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 85, "type": "setup", "title": "The slide highlights the discrepancy between compensation peers and performance peers.", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 316, "nDataPoints": 22, "notes": "The slide highlights the discrepancy between compensation peers and performance peers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:13.476+00", "seconds": 2.884, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/85", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-85", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "An overview of the companies included in each peer set is shown below.", "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 21:00:13.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f43ab475-79cd-4e6e-98cf-b6b5b334d4b9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings, CapitalIQ. Note: Market data as of February 25, 2022.", "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 21:00:13.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3da0533-4d88-4e7b-9cf7-13f326235f92", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Table of companies, market cap, and peer set checkmarks", "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 21:00:13.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f867e22-386d-4746-8250-71ccebc8ad80", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "The Companies In the Board’s Two Peer Sets As Reported In the Company’s Proxy Statement Are Provided Below", "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 21:00:13.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1354386e-b923-4fc2-b9bf-f68c229962aa", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "da3949f1-af8e-4e4a-8fbc-af271baf5ffb", "evidence": "Table of companies, market cap, and peer set checkmarks", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:18:58.836825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 86, "type": "tension", "title": "The slide uses visual callouts (red arrows) to point to specific data points in the charts that support the thesis.", "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": 57, "componentCount": 7, "textChars": 690, "nDataPoints": 40, "notes": "The slide uses visual callouts (red arrows) to point to specific data points in the charts that support the thesis.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:14.645+00", "seconds": 3.353, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/86", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-86", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "callout", "text": "The Company has historically made reference to Celanese, Dow, and Eastman as its main comparables.", "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 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b090328-a432-41c6-aa93-025568166d76", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.05, "y": 0.28 }, "kind": "image", "text": "2014 Investor Day - Presentation Excerpt", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0aec0c03-4836-45fa-9524-138c0783afd0", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.52, "y": 0.28 }, "kind": "image", "text": "2016 Investor Day - Presentation Excerpt", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0531b2b-86b9-4fc8-b179-5a412b101481", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.6, "y": 0.8 }, "kind": "legend", "text": "Company specifically refers to Celanese, Dow, and Eastman as \"Primary Comps\"", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ef86a90-cd93-44f5-9bbd-cfeec075e07d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.15, "y": 0.8 }, "kind": "legend", "text": "Company highlights Celanese, Dow, and Eastman as being in the same grouping as Huntsman", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9607fcc-b3f1-4d7b-a19e-aa3b2b541605", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Within the Performance Peers, the Company has historically made reference to Celanese, Dow, and Eastman as the most comparable to Huntsman – both the 2014 and 2016 Investor Days showed these three companies as being Huntsman’s primary comparables.", "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 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb986982-56ff-4639-a637-0880375c6d51", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Starboard Will Also Make Reference to Primary Peers, a Peer Set Based on the Company’s Own Disclosures", "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 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2bb30ad-5b83-4cd0-a038-1f25a91a0555", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "05d611fb-85c3-4917-82b2-16c940efcc79", "evidence": "Uses company's own historical investor day slides to contradict current positioning.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:00:14.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 86, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 87, "type": "tension", "title": "The slide uses quotes to establish a baseline for peer comparison, likely to contrast with current management behavior or valuation.", "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": 8, "textChars": 1479, "nDataPoints": 0, "notes": "The slide uses quotes to establish a baseline for peer comparison, likely to contrast with current management behavior or valuation.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:15.177+00", "seconds": 3.531, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/87", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-87", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "callout", "text": "Examples of Management References to Celanese, Dow, Eastman as Huntsman's Main Comparables", "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 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13441221-2507-427e-a688-ccaf78b64401", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "157d2690-d6e6-43cc-921d-f0b8c9a322ed", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "quote", "text": "Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b291327-5a3f-4035-9d1d-0205cdcfe8c8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "quote", "text": "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e375a5ab-5afe-4025-9c59-577b4ae71f47", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings and transcripts. Note: Quotes are underlined and bolded for emphasis.", "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 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8fd0c45-e025-469d-81c1-06d6a822f20b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "subtitle", "text": "Over the years, on multiple occasions, management has also referred to Celanese, Dow, and Eastman as the most comparable companies to Huntsman.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bad9ab0b-2ec7-4689-8c5b-ac539e39e851", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "Management has historically referred to Celanese, Dow, and Eastman as its primary peers.", "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 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b55a6a0-a777-458f-b4a8-8b144cf96f0a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Management Has Made Reference to the Primary Peers as Being Most Comparable to Huntsman on Multiple Occasions", "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 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a1f6bc5-92a0-4076-afe4-b9f4317e7145", "parentComponentId": null } ], "metrics": [], "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": "slide", "agents": null, "matchId": "621de525-4227-4241-8214-e0beb8689b9d", "evidence": "Management Has Made Reference to the Primary Peers as Being Most Comparable to Huntsman on Multiple Occasions, including quotes from management", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:19:00.510428+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "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 } ], "frameworks": [ { "matchId": "3c7413e1-3a80-45ed-acc6-3387da321af7", "evidence": "Uses executive quotes to establish peer group credibility", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:15.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 88, "type": "evidence", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 1588, "nDataPoints": 8, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:15.797+00", "seconds": 4.054, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/88", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-88", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "callout", "text": "Examples of Wall Street Analyst References to Celanese and Eastman as Huntsman’s Main Comparables", "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 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "363e510b-c362-493c-b1ab-6cfc740c786a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Wall Street analysts have noted that Huntsman shares a highly comparable commodity-to-specialty business mix as Celanese and Eastman.", "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 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32cb28ce-4166-432f-b42b-ccb662736c48", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "235bc505-ca86-4684-b9f0-f8c2e3a0c4b1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "quote", "text": "On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "267dcb57-c9f9-4b83-8a48-b3a81d33291c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd9ee2f5-754e-40d9-a803-e9422ce575b9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Wall Street research. Note: Quotes are underlined and bolded for emphasis.", "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 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f4cf53c-6715-4cd4-aad1-ed886e7e0979", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "title", "text": "Wall Street analysts have referred to Celanese and Eastman as having a comparable business mix to Huntsman.", "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 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7fb37a2-3dd1-4359-aa33-52182a3e5457", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Wall Street Analysts Have Also Made Reference to the Primary Peers as Being Most Comparable to Huntsman", "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 21:00:15.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d59aa01-3652-4d50-a00f-175a1b57d076", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 89, "type": "setup", "title": "The slide highlights the specific peer groups used for benchmarking compensation and financial performance.", "function": "compare_peers", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 417, "nDataPoints": 20, "notes": "The slide highlights the specific peer groups used for benchmarking compensation and financial performance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:18.836+00", "seconds": 5.059, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/89", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-89", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as \"Primary Peers.\"", "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 21:00:18.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42d48dcd-9db5-4fed-9bcf-d12b9aefb825", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings, CapitalIQ. Note: Market data as of February 25, 2022.", "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 21:00:18.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9f65a81-200a-418d-9711-04a089273284", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "table", "text": "Table showing companies, market cap, and checkmarks for Proxy, Performance, and Primary peer groups.", "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 21:00:18.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0340739-9d83-443b-a61b-c0ed85ba0b7e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Starboard Only References Three Peer Groups, All Based on the Company's Own Disclosures and Comments", "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 21:00:18.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bad7eeff-8f1b-4711-983d-ba890964201c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 90, "type": "tension", "title": "The slide uses a checkmark/cross matrix to visually demonstrate the lack of consistency in peer selection.", "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": 5, "textChars": 685, "nDataPoints": 56, "notes": "The slide uses a checkmark/cross matrix to visually demonstrate the lack of consistency in peer selection.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:20.222+00", "seconds": 6.108, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/90", "deck": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "callout", "text": "Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative", "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 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f483e836-1b81-4284-842e-2bf42130c8d8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "In its latest shareholder presentation, we believe Huntsman is attempting to fool shareholders by cherry-picking “peers” to fit its narrative. There is no seeming consistency or logic to how peers are chosen.", "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 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d16fd743-b306-45e3-aae3-0150d1566fee", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings. (1) Referenced on page 23 of the Company’s shareholder presentation dated March 2, 2022. (2) Referenced on page 12 of the Company’s shareholder presentation dated March 2, 2022.", "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 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75c85948-ffc4-4ccf-b897-7c509b615fba", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Matrix of companies vs peer sets", "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 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e884b84a-9578-4a63-8f5c-97d8612f92c7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "In Contrast, Throughout Its Presentation, the Company Seems to Cherry-Pick Companies to Fit a Highly Misleading Narrative", "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 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d938521f-31d9-4e22-b26e-77ac300cf2a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d6341fce-627b-49a6-bdac-cecee7c81346", "evidence": "The slide explicitly accuses the company of 'cherry-picking' and 'fooling shareholders' using a comparative matrix.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 90, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 83, "name": "The New Order", "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "matchId": "42e06477-0e9c-467a-9610-99acc91ef91e", "beatType": { "name": "The New Order", "slug": "overcoming-monster-the-new-order", "status": "active", "canonId": "019dd9b8-3e9c-7579-82e8-866c960469b7", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "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": 0.9 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "The Call", "description": "The document begins by critiquing Huntsman's management and calling for change." }, { "from": 5, "to": 27, "label": "The Monster", "description": "The document presents a detailed critique of Huntsman's management and its actions." }, { "from": 28, "to": 60, "label": "The Struggle", "description": "The document highlights the consequences of Huntsman's management's actions and the need for change." }, { "from": 61, "to": 82, "label": "The Victory", "description": "The document presents Starboard's past successes and its proposed nominees as a solution." }, { "from": 83, "to": 90, "label": "The New Order", "description": "The document concludes by emphasizing the need for change and accountability at Huntsman." } ], "loops": [] }