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  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
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  "notes": "The slide uses an external expert opinion to preemptively address tax-related concerns regarding a proposed spin-off.",
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      "text": "The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable.",
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      "text": "Note: We are not specifically advocating one option over the other, but believe that the potential spin-off of BEF Foods, as addressed in the above passage, is one option to be considered",
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      "text": "In his review of a Wall Street Journal article that discussed potential “tax issues” relating to Bob Evans, Robert Willens, one of the nation’s leading tax experts, published the following in The Willens Report",
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      "text": "Bob Evans’ Spin-Off Fears Seem Unfounded... The BEFI spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable... it is inconceivable to us that executing the spin-off that Sandell is advocating could, under any theory, “result in hefty (or for that matter, any) taxes.”",
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      "text": "The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable. It is, as far as we can tell, a \"textbook\" spin-off which should have no trouble at all satisfying each of the requirements imposed by the statute and the regulations for tax-free treatment. Thus, in our view, while tax issues are always a consideration in deciding whether to proceed with a transaction, it is inconceivable to us that executing the spin-off that Sandell is advocating could, under any theory, \"result in hefty (or for that matter, any) taxes.\" — The Willens Report, March 11, 2016",
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