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  "documentTitle": "American Capital, Ltd. (ACAS)",
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      "text": "1. Withdraw Spin-Out Proposal: The proposal is self-serving for Management and the Board, and limits shareholder rights and potential value realization. 2. Strengthen the Board: Add highly qualified independent Board members with relevant experience and fresh perspectives to challenge Management and hold them accountable. Work with Elliott and other key constituents to create an effective oversight structure. 3. Review Portfolio and Capital Allocation: Engage experienced outside adviser for comprehensive review of portfolio and capital allocation policies. Strategically monetize broadly syndicated loan portfolio. Set expansive new targets for the share repurchase program. 4. Cost Cutting: Complete a comprehensive cost cutting initiative with a commitment to reduce costs by $50 – 75 million per year. 5. Commence Full Strategic Review: Establish a Strategic Review Committee led by new directors, and advised by qualified independent outside counsel and bankers, to explore all available options to maximize shareholder value.",
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