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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "This is an activist investor slide from Corvex Management regarding ADT.",
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      "text": "We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward",
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      "text": "We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward. 3.0x level is conservative relative to home security peers, cable companies, and other alternative comps. Would enable the Company to repurchase ~30% of its float today.",
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      "text": "Use ongoing incremental debt proceeds (from leveraging EBITDA growth) and excess free cash flow to return capital to shareholders, and clearly communicate leverage target and capital allocation plan",
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      "text": "Use debt proceeds to both return capital to shareholders and accelerate growth. Multiple accretive options exist. Changing cost of capital and buying back under-valued stock now creates significant long-term equity value.",
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      "text": "(1) Capital return could take the form of share repurchases or dividends depending on various considerations.",
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      "text": "Optimize Capital Structure and Capital Allocation",
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