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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-07-20 00:00:00",
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  "notes": "Uses a 'point-counterpoint' structure to highlight contradictions between corporate spin and legal reality.",
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      "text": "“I do not endorse that statement [referencing Icahn’s statement].” (6)",
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      "text": "HLF CEO Michael Johnson: “The FTC settlement is an acknowledgment that our business model is sound” (1)",
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      "text": "Carl Icahn: “The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme” (5)",
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      "text": "The FTC settlement requires a “top to bottom”(2) restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law” (3)",
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      "text": "[T]he crux of the FTC settlement is the injunctive relief, which requires sweeping changes to the core of Defendants’ business... Section I.A requires the fundamental restructuring of Herbalife’s business opportunity from one that is based on wholesale purchases of product to one that is based on retail sales of product.” (4)",
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      "text": "Below is some of the spin we’ve heard from the Herbalife camp regarding the FTC settlement:",
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      "text": "HLF CEO Michael Johnson: “The FTC settlement is an acknowledgment that our business model is sound” — Herbalife. Carl Icahn: “The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme” — Carl Icahn. “I do not endorse that statement [referencing Icahn’s statement].” — FTC Chairwoman Edith Ramirez.",
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      "text": "Bullish Assertions About the Settlement Are Dishonest",
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