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  "documentTitle": "ADT Corporation (ADT)",
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  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "This slide is part of an activist investor presentation (Corvex Management LP) regarding ADT.",
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      "text": "our work has corroborated the existence of deferred tax assets (in addition to the inherited carry forward) which should enable ADT to preserve a low cash tax rate for 6+ years",
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      "text": "A more appropriate capital structure will also lengthen the duration of ADT's valuable cash tax assets",
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      "text": "Additionally, the business should continue to generate an ongoing cash tax shield through continued subscriber growth and the upfront deduction of subscriber acquisition costs",
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      "text": "While we will all learn more in November, our work has corroborated the existence of deferred tax assets (in addition to the inherited carry forward) which should enable ADT to preserve a low cash tax rate for 6+ years",
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      "text": "Conspiracy theorists seem to not understand that companies are only able to make limited commentary during spin-off and while awaiting IRS rulings",
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      "text": "No evidence of significant one-time \"bonus depreciation\" in deferred tax liabilities on ADT's balance sheet",
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