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  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
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  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-11-15 00:00:00",
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  "notes": "The slide uses a timeline to frame corporate actions as a deliberate scheme to transfer value from tracking stock holders to controlling shareholders.",
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      "text": "Dell is now proposing a transaction to repurchase all DVMT shares, a massive transfer of approximately $11 billion that would indirectly benefit Dell’s controlling stockholders, Michael Dell and Silver Lake, at the expense of DVMT shareholders.",
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      "text": "1. Estimate based on publicly disclosed repurchases of DVMT shares as disclosed in FY 2018 10K...",
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      "text": "On the same day as the closing of the EMC acquisition... Dell's board instead approved a $1 billion repurchase program...",
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      "text": "Through discounted repurchases of DVMT shares... existing shareholders... have already indirectly captured an estimated $650-700 million of value.",
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      "text": "\"What you have seen us do, quite frankly, is a bit opportunistic around that DVMT stock\" — Dell CFO, 12/8/16; \"We believe that the tracking stock will provide an opportunity for previous EMC shareholders to continue to benefit from the performance of VMware\" — Dell CFO, 9/7/16; \"we use those proceeds [from VMW sales] to then buy DVMT [which] has been very good.\" — Dell Investor Relations, 6/20/17",
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