{
  "docId": "019dd923-622b-71dc-a6dc-5ae23aabda1f",
  "docSlug": "0de5d4c67f19",
  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "16_TPG-Axon",
  "authorName": "Dinakar Singh",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-01-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 8,
  "pageCount": 32,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a list-based approach to systematically dismantle a corporate disclosure.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5ae23aabda1f/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5ae23aabda1f",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5ae23aabda1f.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5ae23aabda1f#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.14,
        "y": 0.22
      },
      "kind": "callout",
      "text": "“WCT is an independent oil and gas company in which Mr. Ward retains no financial interest nor has any management or operational involvement.”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab30fb06-b211-4840-99a1-ea8271d5897b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "WCT Resources is just one of several entities controlled by members of the Ward family which appear to be active participants in the purchase and sale of land and mineral rights in the Mississippian",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8707-c0a73da6c0c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.82,
        "x": 0.09,
        "y": 0.29
      },
      "kind": "list",
      "text": "What we have learned about WCT Resources: WCT Resources was established in January 2002; WCT Resources is owned by trusts established for the benefit of Tom Ward's children; The company states that WCT Resources is currently run by Trent Ward, Tom Ward's son; WCT Resources appears to have a fraction of the approximately 2,500 full-time employees that SandRidge Energy does. The company's phone voicemail lists just seven total employees in its directory; The address of WCT Resources was the same as SandRidge's headquarters until last year; In some prior years, based on a comparison of signatures, it appears that Tom Ward signed company documents; The current Chief Operating Officer of WCT Resources, Scott White, appears to have been a land manager at SandRidge Energy until as recently as 2011; There have been numerous transactions between Ward family members, or entities associated with Ward family members, and WCT Resources. We have documented transactions between TLW Cattle & Land or Sch'ree Ward, Tom Ward's wife, and WCT Resources; WCT Resources is just one of several entities controlled by members of the Ward family which appear to be active participants in the purchase and sale of land and mineral rights in the Mississippian",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be4bf09d-165d-4fc7-be13-e08879973a4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.82,
        "x": 0.09,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "In response to our investigation and statements regarding our beliefs on this matter, SandRidge added additional disclosure in their consent revocation statement filed on January 7, 2013.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "285efee8-700d-4ee5-8c0e-1fa25de017ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"WCT is an independent oil and gas company in which Mr. Ward retains no financial interest nor has any management or operational involvement.\" — SandRidge Energy consent revocation statement",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8707-c62912fc230d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "What is WCT Resources?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8c7a454-fe0a-4d9b-89d1-8f58811c64e9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "08624049-bd43-419d-85d5-919c913eccb3",
      "evidence": "Contrasts a formal company disclosure with a list of factual findings that undermine the claim of independence.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 3,
      "beatId": "8d3c13e0-6f82-4a99-8d80-48f1f973a1ca",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The presentation introduces the issue of SandRidge's related-party land transactions and highlights contradictions.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 5,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "3064ec33-bf38-4504-af00-9ea02d861f6f",
      "evidence": "The presentation reveals contradictions and gaps in SandRidge's disclosure.",
      "position": 0,
      "objective": "What is not disclosed about SandRidge's related-party transactions?",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    },
    {
      "to": 32,
      "from": 3,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3ab06310-b4ca-4c6a-a124-3e7e38a6c5f0",
      "evidence": "The presentation implies that inaction could lead to continued insider benefit at the expense of shareholders.",
      "position": 1,
      "objective": "What are the consequences of not addressing SandRidge's opaque transactions?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}