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  "documentTitle": "Health Management Associates (HMA)",
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  "authorName": "Larry Robbins",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "The table calculates 'Additional Repurchase Capacity' based on increasing leverage to 4.5x and 5.0x at two specific historical dates.",
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      "text": "Historical intransigence about considering stock repurchases demonstrates a deep seated bias by HMA's Board to even consider share repurchases as an effective tool to increase shareholder value",
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      "text": "Despite our repeated attempts to communicate share repurchase as an alternative for capital allocation, to the best of our knowledge, share repurchase was never formally considered and certainly was not adopted by the Board",
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      "text": "Below are two illustrative examples from those meetings that show the amount of equity that HMA could have repurchased by increasing total leverage to 4.5x and 5.0x",
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      "text": "When Glenview met with the senior management on two occasions in 2012, Glenview presented the case of adding leverage to opportunistically repurchase shares at significant discounts to intrinsic value",
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      "text": "1. EBITDA estimates reflect the mid-point of HMA's guidance respectively. 2. Balance sheet stats as of 1Q12 actual. 3. Balance sheet stats as of 3Q12 actual.",
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