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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "Includes a small table comparing current debt costs vs. a hypothetical post-separation scenario to demonstrate potential interest savings.",
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      "text": "It appears management is either confused regarding Darden's covenants or is misleading shareholders.",
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      "text": "It appears management is either confused regarding Darden’s covenants or is misleading shareholders.",
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      "text": "Further, management has also supposedly told certain shareholders and analysts that a real estate transaction would trigger “change of control payments.”",
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      "text": "Even if they did, this is not necessarily an adverse consequence, as we believe that, post-separation, both the REIT and the OpCo could refinance at attractive rates.",
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      "text": "Management appears to be citing the wrong covenants when discussing breakage costs (cont'd). Change of Control covenant",
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