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  "documentTitle": "Third Point Management | Activist Presentation Deck | 30 slides",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The image of pills on shelves is a visual metaphor for the 'poison pill' defense.",
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      "text": "On March 25, Third Point filed a lawsuit asking the Delaware Chancery Court to require the Company to redeem the pill or, in the alternative, either amend it to allow Third Point to acquire up to 20% of the Company or enjoin the Company from enforcing the pill against Third Point",
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      "text": "Current Board adopted a poison pill only two days after Third Point (~9.6% owner) published an open letter to Sotheby’s calling for increased transparency and accountability and offering suggestions for improvement",
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      "text": "While claiming to embrace an open and honest dialogue with shareholders of the Company, we believe this poison pill demonstrates that the current Board is more interested in ensuring that its members are protected than it is in maximizing value by considering shareholders’ suggestions for improvement",
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      "text": "On March 31, the Court granted Third Point’s request for expedited discovery and set a preliminary injunction hearing for April 25, in advance of the planned May 6 stockholders’ meeting",
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      "text": "Oddly, Sotheby’s poison pill permits passive investors (those more likely to be supportive of the current Board) to acquire up to 20% of the outstanding shares, while prohibiting non-supportive shareholders from acquiring 10% or more",
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      "text": "Note: percentage ownership calculated using 2013 weighted avg. diluted share count\nSource: Third Point LLC; Company filings",
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      "text": "Current Board seems more interested in ensuring its members are protected, as evidenced by its rapid adoption of a discriminatory poison pill in response to a letter from Third Point",
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      "text": "Corporate Governance",
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