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  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "16_TPG-Axon",
  "authorName": "Dinakar Singh",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-01-18 00:00:00",
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  "pageNumber": 4,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a rhetorical questioning technique to build a case for conflict of interest.",
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      "text": "If such a competitor were none other than the CEO’s family, shouldn’t stockholders be deeply concerned?",
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      "text": "TPG-AXON CAPITAL",
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      "text": "Over the last several years, your Board and management team have taken strategic actions to transform SandRidge into the leading operator in the Mississippian Lime play of northern Oklahoma and western Kansas.",
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      "text": "Is it not obvious, then, that companies or entities that repeatedly acquired mineral rights in similar areas at similar times would be obvious competitors to SandRidge? Particularly if they often moved ahead of SandRidge in identifying attractive land and mineral rights? And particularly if they then sold those rights to other large, well-financed rival energy companies? Or even to SandRidge itself?",
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      "text": "If such a competitor were none other than the CEO’s family, shouldn’t stockholders be deeply concerned?",
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      "text": "While the Mississippian formation in Oklahoma and Kansas had been developed with vertically drilled wells for many decades, its potential had gone largely unnoticed and untapped until the Company quietly and inexpensively leased millions of acres.",
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      "text": "The company notes the importance of “quietly and inexpensively” acquiring mineral rights before others start “driving up acreage costs”, suggesting that the acquisition of mineral rights as quietly and inexpensively as possible is important to creating value for shareholders",
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      "text": "The company clearly states that the Mississippian is now (after repeated shifts in strategy over the past five years) the primary focus of the company",
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      "text": "The primary business of the company, as espoused by management, has been the acquisition and development of mineral rights in the areas of the Mississippian Lime formation, in various parts of Oklahoma and Kansas",
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      "text": "Over the last several years, your Board and management team have taken strategic actions to transform SandRidge into the leading operator in the Mississippian Lime play of northern Oklahoma and western Kansas. These actions have established SandRidge as an industry leader in what is widely considered to be one of the most valuable oil-rich basins in the United States. — SandRidge Management",
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      "kind": "title",
      "text": "SandRidge Related-Party Land Transactions",
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      "evidence": "The presentation introduces the issue of SandRidge's related-party land transactions and highlights contradictions.",
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      "evidence": "The presentation implies that inaction could lead to continued insider benefit at the expense of shareholders.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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