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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-08 00:00:00",
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  "notes": "Uses red boxes to highlight the contradiction between management's stated intent and the final transaction price.",
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      "kind": "callout",
      "text": "Huntsman monetized 4% of its Venator shares in 2019 in order to deconsolidate Venator results, but the lion's share was sold at significantly lower prices",
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      "text": "December 3, 2018 ($5.28/share) Sells 4% stake in Venator for $19 million and deconsolidates from Huntsman financials",
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      "kind": "callout",
      "text": "August 28, 2020 ($1.99/share) Announces sale of its remaining ownership to SK Capital for $100 million (i.e. ~$2.15 per share) with a 30-month option for SK Capital to purchase Huntsman's remaining shares in Venator for ~$20 million (i.e. $2.15 per share)",
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      "kind": "callout",
      "text": "May 23, 2018 ($18.42/share) Makes commitment at Investor Day to monetize remaining 53% stake in Venator for over $1.0 billion",
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      "kind": "callout",
      "text": "August 7, 2018 ($12.87/share) Comments at investor conference that Huntsman will not “fire sale” Venator shares",
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      "text": "Venator Historical Stock Price Chart",
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      "kind": "paragraph",
      "text": "Instead of fulfilling its promise to sell its 53% stake in Venator for ~$1 billion, the Company FAILED to deliver on its promise and realized ONLY $140 million in proceeds after conducting a “fire sale.”",
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      "kind": "paragraph",
      "text": "Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020.",
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      "kind": "source-note",
      "text": "Source: CapitalIQ, public company filings, transcripts, and press releases. (1) Stock price shown from August 3, 2017... (2) Huntsman received only $140 million... (3) The $100 million SK Capital paid...",
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      "kind": "title",
      "text": "The Company FAILED to Deliver on Its Promise and Instead Disposed of Venator At “Fire Sale” Prices for ONLY $140 Million",
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