{
  "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 49,
  "pageCount": 92,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses SEC Form 4 filings and Bloomberg data to contrast corporate deal narrative with insider behavior.",
  "elementsJson": [
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  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/49",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-49",
  "components": [
    {
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      "kind": "callout",
      "text": "Enormous $20m Stock Dump By Chairman Craigie Just Three Days Ahead of the Passport Deal",
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      "kind": "diagram",
      "text": "Flowchart showing Deal Term Disclosure -> Stock Dump -> Continued Sales",
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      "kind": "image",
      "text": "Bloomberg stock sales table",
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      "kind": "image",
      "text": "SEC Form 4 filing snippet",
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      "kind": "paragraph",
      "text": "The facts point to CHD's Chairman unloading substantial stock just days ahead of the Passport acquisition. The deal, structured with a $25m earnout tied to sales, shows the promise of upside to CHD investors. Passport's sales were disclosed at $21m in 2017, but we will illustrate why it is meaningless towards giving investors future assurance of performance. Stock sales continued to remain significantly elevated post the Passport deal.",
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      "kind": "source-note",
      "text": "Source: SEC Form 4",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "Insiders Vote Big With Large Stock Sales Ahead of, And After, The Passport Deal",
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  "frameworks": [
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      "evidence": "Contrasting corporate deal narrative with insider selling behavior to imply lack of confidence.",
      "confidence": 0.9
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  "arcBeats": [],
  "loops": [
    {
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      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "d8d41695-ad33-43d2-9478-d227476d9e68",
      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
      "position": 2,
      "objective": "The cost of not selling CHD",
      "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"
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