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  "documentTitle": "Sotheby's (BID)",
  "authorId": "05_Third_Point",
  "authorName": "Daniel S. Loeb",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses red dashed boxes to highlight specific rows for replacement by the shareholder slate.",
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      "kind": "callout",
      "text": "The Shareholder Slate owns more than 10x as many shares as the current Board combined and both Harry J. Wilson and Olivier Reza have already purchased shares",
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      "text": "Note: shares owned as of March 24, 2014 and include deferred stock units, dividend equivalent rights, as well as shares owned by wives, children, etc; ownership percentage calculated using 2013 weighted avg. diluted share count of 69.175M. Source: Third Point LLC; Company filings; Bloomberg",
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      "text": "No “owner’s perspective” in the boardroom; directors hardly own any stock. Substantial majority of owned shares were stock awards. CEO has never purchased shares in the open market per Bloomberg. Since 1/1/12, directors as a group have been net sellers. New board nominees have NOT purchased a single share",
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      "text": "ownership percentage: 0.87%",
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      "text": "Current Board has little economic interest in the performance of the Company whereas the Shareholder Slate has “skin in the game”",
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      "text": "Corporate Governance",
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