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  "docId": "019dd923-622b-71dc-a6dc-61315eb6ee44",
  "docSlug": "a630b5dcec7a",
  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "18_SpringOwl",
  "authorName": "SpringOwl Asset Management LLC",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-12-01 00:00:00",
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  "pageNumber": 84,
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  "notes": "Part of a multi-step activist proposal for Yahoo.",
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      "kind": "callout",
      "text": "However, $1.5 – 1.8 billion is real money and shareholders deserve to have their management team fighting on their behalf at all times",
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      "kind": "list",
      "text": "Sunnyvale is a campus with 1 million square feet of office space\nYahoo owns the property outright\nComparable office space in the area leases for $80 – 100 per square foot\nThe underlying value of the land and office space is between $1.5 -1.8 billion\nYahoo could sell the space and lease back only the office space needed for a sharply reduced workforce\nThis step is by no means the most important for Yahoo’s future; to be clear, Yahoo must fix the problem of having a bloated company and scattered and poorly articulated strategy\nHowever, $1.5 – 1.8 billion is real money and shareholders deserve to have their management team fighting on their behalf at all times\nThis additional capital can be used to retire additional shares",
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      "kind": "metric",
      "text": "real estate valuation: $1.5 - 1.8 billion",
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      "text": "Source: SpringOwl Asset Management LLC",
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      "kind": "title",
      "text": "Step Eight: Sale and Partial Leaseback of Sunnyvale",
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      "evidence": "The document presents a big bet for Yahoo's future, including a $10 billion buyback plan.",
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