{
  "docId": "019dd923-622b-71dc-a6dc-2ebffcf637e2",
  "docSlug": "ef179647d85b",
  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-05-24 00:00:00",
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  "pageNumber": 8,
  "pageCount": 24,
  "prevPage": 7,
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  "slideType": "problem_statement",
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a narrative of board incompetence and value destruction to justify a director nomination.",
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  "components": [
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      "kind": "callout",
      "text": "Sandridge Has Underperformed by ~50%",
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      "kind": "chart",
      "text": "SandRidge Price vs Peers (Post-Bonanza)",
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      "kind": "disclaimer",
      "text": "(1)Based on the volume weighted average price for 30 days preceding the Bonanza transaction of $19.01 and the closing price as of May 22, 2018. Crude prices are based on WTI as of the day of the announcement through May 22, 2018. (2)Peer group consists of AXAS, BCEI, ECR, ESTE, HK, HPR, MPO, PVAC, REI, REN and SBOW.",
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      "kind": "list",
      "text": "On November 2017 SandRidge and its Board announced the dilutive acquisition of Bonanza Creek Energy which was subsequently cancelled after near unanimous stockholder revolt. Soon after, Icahn wrote a letter to the board asking for two shareholder appointed director seats, essentially asking for a minority check on any new value-destructive deals. On January 23, the board denied Icahn's request, deciding not to add any shareholder representation. Meanwhile, shares of Sandridge have fallen 26% from before the announcement, while the price of crude oil has risen 30%. The Bonanza approval and several subsequent actions detailed below, prove the board is unable to act in the best interest of the shareholders, create a strong stand-alone strategy, or run a proper strategic sale process. As such, we've nominated a capable slate of directors which will represent the best interests of ALL shareholders.",
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      "text": "stock price performance: ~50%",
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      "kind": "title",
      "text": "Current Situation",
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