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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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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "The slide uses a 'dilemma' framing to cast doubt on management's integrity regarding stock option timing.",
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      "kind": "callout",
      "text": "Management’s 2014 options grant was struck at an Allergan share price of $124 in February 2014, three months before management chose to announce its revised guidance",
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      "text": "In February, David Pyott was granted 257,756 options worth a Black-Scholes value of $13 million. These options are worth $22 million at Allergan’s current $167 share price",
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      "text": "This implies one of the following: Management was under-reporting the profit potential of the business at the time of the options grant, or Management’s current estimate of Allergan’s long-term earnings is unrealistically high",
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      "text": "(1) Option values calculated using a volatility of 27.5%",
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      "text": "Allergan Management was Granted Options only Months before Revised Guidance was Announced",
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