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  "notes": "Uses a scatter plot to compare separation costs as a percentage of equity value against peer transactions to highlight the outlier status of management's projections.",
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      "text": "ANOTHER EXAMPLE OF UNAMBITIOUS AND UNINFORMED LEADERSHIP",
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      "text": "Company Claim: One-Time Breakage Costs >$500mm",
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      "text": "Company Claim: Tax Leakage in a Sale ~$10bn",
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      "text": "One-Time Separation Costs as % of SpinCo Equity Value: $500m",
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      "text": "Phillips 66 has guided the market to artificially high one-time costs for a Midstream separation transaction. A sophisticated Board with relevant experience and a focus on maximizing shareholder value could take actions to reduce these costs.",
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      "text": "Using an ‘all-in’ tax rate of 23%, we arrive at a tax liability of approximately $5.75 billion, an amount markedly below the $10 billion in tax leakage that PSX has guided to. PSX, in the aforementioned presentation, noted that its adjusted bases in its Midstream assets approximated $4.4 billion. This is inconsistent, to a considerable degree, with the work we and other professionals have performed. — Robert Willens C.P.A.",
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      "text": "(1) In addition to working with a top accounting firm, Elliott commissioned a white paper report from Robert Willens, CPA... (2) Report is available for download... (3) Precedent SpinCo transactions include...",
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      "text": "ONE-TIME COSTS ARE ALSO OVERSTATED",
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