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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-02 00:00:00",
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  "notes": "Uses a 'before-after' framing to expose management's misleading use of 2011 as a baseline.",
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      "kind": "callout",
      "text": "Textile Effects was a healthy business that was purchased in 2006, NOT in 2011. Huntsman then mismanaged the business and subsequently spent years trying to fix the problems it created",
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      "text": "Huntsman's presentation chart showing 2011 vs 2021",
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      "text": "Actual performance 2005-2011",
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      "text": "Adjusted EBITDA: $156 million",
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      "kind": "paragraph",
      "text": "We believe Huntsman is using an arbitrary and highly misleading date to falsely portray a turnaround. The Company acquired Textile Effects in 2006 when it was generating $92 million of Adjusted EBITDA, NOT in 2011 as the Company's presentation seems to suggest!",
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      "text": "We believe Huntsman is using an arbitrary date to falsely portray Textile Effects as a turnaround. This is a LIE. Huntsman acquired the business in 2006 when it had $92 million of Adj. EBITDA. This was NOT a turnaround.",
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      "kind": "source-note",
      "text": "Source: Public company filings and presentations. (1) Per press release at time of acquisition announcement. (2) Acquisition of Textile Effects was completed on July, 3, 2006. In December 2006, management commented that the business had a run-rate Adjusted EBITDA of $75 - $85 million. $80 million represents the midpoint.",
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      "kind": "title",
      "text": "We Believe Huntsman Is Attempting to Deceive Shareholders By Suggesting It Turned Around Textile Effects",
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