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  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
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  "pageNumber": 111,
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  "slideType": "preempt_rebuttal",
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  "notes": "This is a classic activist slide designed to undermine management's credibility before they even announce their new plan.",
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      "text": "Allergan's management has indicated they will re-revise their long-term guidance at the time of their Q2 earnings announcement\nThe re-revised plan is reactive both to the Valeant proposal and to shareholder's disappointment with their initial revised plan presented in May\nThe new plan is not credible given management's previous statements and actions in addressing the considerable cost opportunity at Allergan\nAny new plan further validates Valeant's assertion that Allergan has significant waste in its SG&A and R&D spending\nAllergan's history of poor cost management indicate a lack of appropriate management oversight by the Allergan board",
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      "kind": "title",
      "text": "The Expected, Re-Revised Allergan Operating Plan",
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