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  "documentTitle": "TPC Group Inc. (TPCG)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The slide uses a list of specific methodological flaws followed by a summary table of the valuation impact.",
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      "kind": "callout",
      "text": "Fairness Opinions are valuation analyses that can be tailored considerably for a client by cherry-picking EBITDA figures, multiples and comparable figures to obtain the desired effect.",
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      "text": "Fairness Opinions are valuation analyses that can be tailored considerably for a client by cherry-picking EBITDA figures, multiples and comparable figures to obtain the desired effect. We believe that the Fairness Opinion for TPCG is considerably more egregious than most. The most obvious faults are: Using publicly traded comps that are commodity chemical businesses... Using LTM EBITDA... Using a depressed LTM Exit Multiple range... Using a 9% interest rate... Using July 24th and June 25th trading prices...",
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      "kind": "metric",
      "text": "valuation range: $48.06",
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      "kind": "table",
      "text": "FO Analysis: Trading value; Trading comparables - 2012 EBITDA $ 27.30 $ 39.40 5.0x-6.5x, reflecting commodity chemical comps; Trading comparables - 2013 EBITDA $ 31.73 $ 41.67 4.5x-5.5x, reflecting commodity chemical comps; DCF - Core Business $ 33.58 $ 43.87 4.5x-5.5x on LTM terminal value; DCF - Project Phoenix $ (0.54) $ 4.19 wide range of values with limited back-up; DCF - Total $ 33.04 $ 48.06; Range of control premiums 20% 35% applied selectively to lows of stock price; FO Analysis: Control premium value; Precedent transactions - 2012 EBITDA $ 31.32 $ 39.38 5.5x-6.5x, primarily asset deals + forced sellers; LBO Analysis $ 36.33 $ 40.38 5.5x terminal multiple, 9% interest rate",
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      "kind": "title",
      "text": "Fairness Opinion Valuation Undervalues Company",
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      "kind": "title",
      "text": "SAMC Analysis of TPC Group Inc.",
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