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  "documentTitle": "TPC Group Inc. (TPCG)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "Uses CEO quotes from quarterly conference calls to build a case against the current valuation/sale process.",
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      "text": "We believe that the Fairness Opinion and several statements made in the background incorrectly characterize TPCG as a commodity chemical business to intentionally dissuade potential bidders and hand the company to First Reserve and SK Capital as preferred bidders without maximizing shareholder value.",
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      "text": "Based on these comments and TPCG's underlying business, it is clear that its cash flows are not related to commodity prices and therefore TPCG should not be valued as a commodity chemical business.",
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      "text": "Management has spent significant effort in explaining the fee-based nature of TPCG's business... and has also commented that TPCG's processing, service and distribution business should be valued similarly to industrial gas companies.",
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      "text": "We believe that the Fairness Opinion and several statements made in the background incorrectly characterize TPCG as a commodity chemical business to intentionally dissuade potential bidders.",
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      "text": "'inherently stable services based business model generates consistent underlying earnings' — TPC Group CEO (2Q12 Conference Call)",
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      "text": "Conference Call vs CEO Comments table showing quotes from 2Q12, 1Q12, 4Q11, 3Q11.",
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      "text": "TPCG is a Fee-Based Processing Business Not a Commodity Chemical Business",
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      "text": "SAMC Analysis of TPC Group Inc.",
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