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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "notes": "The slide uses a waterfall bridge to visualize the gap between projected and actual EBITDA, followed by a table showing the resulting decline in enterprise value.",
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      "text": "Source: Forward Air filings. 1 NTM EBITDA multiple and enterprise value as of May 16, 2025. Revenue figure as of 1Q25.",
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      "text": "The Targeted Directors Are Responsible for the Disastrous Omni Acquisition (Cont.)",
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