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  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "Uses a contrast-pairs framework to highlight the causal link between activist pressure and management action.",
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      "kind": "callout",
      "text": "Given AOL's past inaction with regard to monetizing the patent portfolio, we do not believe the Company would have actually executed this transaction had it not been for Starboard's involvement.",
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      "kind": "callout",
      "text": "Given AOL’s past inaction with regard to monetizing the patent portfolio, we do not believe the Company would have actually executed this transaction had it not been for Starboard’s involvement.",
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      "text": "While AOL's patent sale for $1.056 billion in cash was a significant driver of the positive stock price performance since our involvement, we believe it was merely a direct reaction to Starboard's involvement.",
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      "kind": "quote",
      "text": "“... AOL’s patent portfolio, it’s beachfront property in East Hampton... it’s basically extremely valuable.” — CEO Tim Armstrong",
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      "text": "We believe actions taken by AOL have only been reactionary to Starboard's involvement",
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