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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "notes": "Uses a direct quote comparison to expose management's overconfidence.",
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      "kind": "callout",
      "text": "Allergan management took an inappropriate risk by buying MAP weeks before the Levadex FDA decision, despite working closely with MAP for years on the Levadex project",
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      "kind": "paragraph",
      "text": "Analysts were appropriately concerned about an adverse FDA outcome:",
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      "kind": "quote",
      "text": "David Pyott, Allergan Chairman and CEO; Response on January 23, 2013 M&A Call: \"I think on my side, if I look at the risk of delay beyond the PDUFA date, this is just normal with any program that exists whether it's our internal program or an external. And of course, in this instance, we have been the partner of MAP from the very beginning. So our team and their team has worked hand in glove. So we're very well informed.\"",
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      "kind": "quote",
      "text": "Gregg Gilbert, BofA Merrill Lynch; Question on January 23, 2013 M&A Call: \"And then David and Scott, I assume that Allergan is very confident in the provability of the product on taxpayers sooner but can you talk maybe more broadly how you -- or specifically, how you protected shareholders of Allergan in the event of an undesired FDA outcome?\"",
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      "kind": "title",
      "text": "Allergan's Acquisition Track Record is Questionable – MAP Pharmaceuticals (Levadex)",
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