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  "documentTitle": "Forescout Technologies (FSCT)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "Uses a callout box to emphasize the contradiction and the strategic implication for the buyer (Advent).",
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      "kind": "callout",
      "text": "How could these numbers vary so significantly when supposedly informed by the same bottoms-up sales pipeline and expense analysis as of Jan 2020? Spruce Point believes that these discrepancies may give Advent motivation (and justification) to renegotiate the terms of the deal",
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      "text": "How could these numbers vary so significantly when supposedly informed by the same bottoms-up sales pipeline and expense analysis as of Jan 2020?",
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      "text": "FY20 Sales Estimate: $355.0M",
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      "text": "According to the proxy, the forecasts provided by management \"reflected the best currently available estimates and judgments\"... Spruce Point believes that, if management did in fact fail to provide material internal estimates, Advent - a financial buyer - may have sufficient leverage to demand that the deal price be renegotiated.",
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      "text": "reflected the best currently available estimates and judgments — FSCT: Definitive Proxy Statement (Mar 23, 2020)",
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      "text": "FSCT: Definitive Proxy Statement (Mar 23, 2020) ... (1) Target Plan (Nov 2019) $389.0M ... (3) Alternative Plan (Jan 2020) $386.0M",
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      "text": "FSCT: Q3 FY19 Earnings Press Release (Nov 6, 2019) ... (4) Illustrative Guidance (Jan 2020) $355.0M",
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      "text": "If Not A Breach Of Duties, At Least Leverage To Renegotiate Deal Price Downwards?",
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