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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses a quote from Covenant Review to undermine management's credibility.",
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      "kind": "callout",
      "text": "Darden's statements regarding friction costs from separating its real estate are highly misleading.",
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      "text": "We have also laid out some of the arguments as to why management's statements regarding Make-Whole Payments are misleading.",
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      "text": "For example, Covenant Review, a leading independent authority on bond and loan covenants, issued a research report dated February 28, 2014 that very clearly states that management's claims may not be accurate.",
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      "text": "Therefore, for the benefit of shareholders and the Board, we have put together a detailed analysis of Darden's key bond covenants, as well as explanations of what the potential implications are for various transaction scenarios.",
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      "text": "The Company's statements seem to contradict the findings of leading covenant experts who have examined Darden's bond agreements in detail, as well as the Company's prior statements to bondholders.",
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      "text": "Although in some scenarios it is possible that some bonds might have to be redeemed depending on what transaction occurs, we think the Company and even agitating shareholders might be overestimating the likelihood of that occurring.",
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      "text": "“Although in some scenarios it is possible that some bonds might have to be redeemed depending on what transaction occurs, we think the Company and even agitating shareholders might be overestimating the likelihood of that occurring.” — Covenant Review, February 28, 2014",
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      "text": "5 Management has misled shareholders regarding potential debt breakage costs (cont'd)",
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