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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-04-21 00:00:00",
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  "notes": "The slide uses two distinct mathematical approaches to derive a total excess cost figure, highlighting a significant discrepancy between Axalta and DuPont's reported EBITDA.",
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      "text": "We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses",
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      "text": "Excess Corporate Costs: $3,658",
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      "text": "Trian estimates excess corporate costs using two approaches:",
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      "text": "There is a $229m difference between the 2011 Adjusted EBITDA reported by Axalta and DuPont, for its Coatings business (same company, same year). We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses",
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