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  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
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  "authorName": "Starboard Value",
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  "presentationDate": "2012-05-01 00:00:00",
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  "notes": "The slide uses a strong 'villain' framing by contrasting the nominees' objective financial evaluation against Mr. Armstrong's 'emotional and personal connection'.",
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      "text": "Our nominees would evaluate Patch on its financial merits alone and not allow Mr. Armstrong's emotional and personal connection to Patch to influence the Board's judgment as to the right course of action for shareholders.",
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      "text": "We believe Patch is currently losing approximately $150 million per year. We believe Patch cannot be profitable, even in the best case scenario, because its business model is flawed. As a result, reality is much worse than the best case.",
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      "text": "We believe Patch should either be: Sold, Partnered with a third party who will fund future investment, Restructured to profitability, Shut down",
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      "text": "(1) We arrived at our revenue estimate... (2) Based on a targeted revenue model... (3) Based on interviews conducted by L.E.K. Consulting.",
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      "text": "Take action on Patch immediately",
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