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  "documentTitle": "SandRidge Energy (SD)",
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  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-05-24 00:00:00",
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  "notes": "The slide uses a quote from a finance professor to validate the activist's argument against the incumbent board.",
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      "text": "If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try.",
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      "text": "stock return: -32.5%",
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      "text": "The board's track record over its ~18 month tenure speaks for itself. The stock continues to drop, large shareholders continue to bail out (Fir Tree Partners, Apollo Management), and little progress has been made. The decision is yours, but don't take it from us:",
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      "text": "In the case of SandRidge Energy, Carl Icahn may be just the treatment the company needs.....If one takes a close look at the performance of SandRidge in the cold, hard light of reality, it is difficult to make a case for management or to argue that their performance is serving shareholders well.....Between Oct. 1, 2016 and May 1, 2018, shares in SandRidge fell from $21.27 to $14.35. This means the management and directors at SandRidge have produced a return of -32.5 percent for investors.....When a company is performing as far below industry averages as SandRidge, a shakeup is warranted.....If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try.",
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      "text": "In the case of SandRidge Energy, Carl Icahn may be just the treatment the company needs.....If one takes a close look at the performance of SandRidge in the cold, hard light of reality, it is difficult to make a case for management or to argue that their performance is serving shareholders well.....Between Oct. 1, 2016 and May 1, 2018, shares in SandRidge fell from $21.27 to $14.35. This means the management and directors at SandRidge have produced a return of -32.5 percent for investors.....When a company is performing as far below industry averages as SandRidge, a shakeup is warranted.....If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try. — Stuart T. MacDonald, Professor of Finance, University of Central Oklahoma, What is good for you isn’t always pleasant, The Journal Record (May 8, 2018).",
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      "text": "It’s Time For Someone Else",
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