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  "documentTitle": "SandRidge Energy (SD)",
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  "authorName": "Carl C. Icahn",
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      "kind": "callout",
      "text": "Breaking Ground For Poor Corporate Governance: A 'wolf pack' or 'acting in concert' clause is a type of poison pill... shows complete disregard for the rights of shareholders.",
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      "text": "The clause could very well breach fiduciary duties on a number of levels but, at a minimum, shows complete disregard for the rights of shareholders to make their own decisions and freely associate with each other.",
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      "text": "On November 27, 2017, the board adopted a poison pill with highly unusual terms in an attempt to limit the shareholders' ability to stop the Bonanza transaction.",
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      "text": "Specifically, the board's Pill prohibited stockholders from even speaking with one another to discuss opposition to the deal, while explicitly giving management the right to campaign in its favor.",
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      "kind": "quote",
      "text": "David Katz, a partner at Wachtell, Lipton, Rosen & Katz... told The Deal that ambiguity 'is not a good idea' when it comes to the acting in concert provision.",
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      "kind": "quote",
      "text": "\"is not a good idea\" — David Katz, Wachtell, Lipton, Rosen & Katz; \"the whole idea is you are trying to draw a sharp line in the sand that people aren't going to go over, so you need to have clarity not ambiguity in these types of pills.\" — David Katz, Wachtell, Lipton, Rosen & Katz",
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      "text": "(1) See Ronald Orol, Icahn Helps Shift the Lines of Defense: How SandRidge may have helped change the structure and use of poison pills, The Deal (February 01, 2018).",
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      "text": "The Current Board's Track Record",
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