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  "documentTitle": "Huntsman Corporation (HUN)",
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  "authorName": "Jeffrey C. Smith",
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  "notes": "This is the first page of a shareholder letter. It establishes the activist's thesis regarding the company's valuation discount and historical failure to meet financial targets.",
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      "text": "However, we hope the Board recognizes that it is not a lack of aspiration, but a lack of execution, that has historically frustrated shareholders.",
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      "text": "1 Celanese Corporation... 2 Greater than $350 million decline... 3 $1.7 billion Adjusted EBITDA target...",
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      "text": "STARBOARD VALUE",
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      "text": "We invested in Huntsman because of the Company's strong market positions... Huntsman has a substantial opportunity to improve profitability... decade-long valuation discount to peers is a clear sign of investor skepticism...",
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      "text": "At Huntsman's 2014 Investor Day, shareholders likely took no issue with the Company's aspiration to achieve $2.0 billion of Adjusted EBITDA... Adjusted EBITDA actually declined by over $350 million... Company fell short...",
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      "text": "Our dialogue over the past few months has led us to believe that we share similar aspirations... we hope the Board recognizes that it is not a lack of aspiration, but a lack of execution, that has historically frustrated shareholders.",
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      "text": "As you know, Starboard Value LP... is one of the largest shareholders of Huntsman Corporation... We believe that Huntsman's operating performance and capital allocation can be meaningfully improved...",
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