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  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
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  "presentationDate": "2015-12-01 00:00:00",
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  "notes": "The slide uses a 'problem-solution' structure to critique the board's proposed spin-off strategy.",
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      "kind": "callout",
      "text": "Yahoo Shareholders Want $30/Share More – Not $3/Share And Full Tax On BABA",
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      "text": "There is a risk – not a certainty – that if Yahoo Core is sold or spun, the stake in Alibaba would become taxable on the gains from the time of Yahoo's investment in 2005 to today under the Investment Company Act of 1940. Therefore, Yahoo shareholders would owe a tax bill on the gains of the Core as well as the BABA stake. Why not instead: Start the real turnaround of the Core with new management and a new board to create $20 – 30/share in value for current shareholders? Study the tax issues in more detail with the help of a partner like a Liberty?",
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      "text": "Yahoo's board announced on December 9th, 2015 that it won't continue with the planned spinoff of its Alibaba stake... Instead, Yahoo's board said it would being working on a plan to spin off the core business and the Yahoo Japan stake... This would leave just the Alibaba stake as part of the Yahoo stock... Some shareholders think Yahoo's board is now simply going to sell the core",
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      "text": "Source: 1 http://www.thestreet.com/story/13391744/1/yahoo-shareholders-need-a-better-solution-than-the-one-just-proposed.html 2. https://www.sec.gov/about/laws/ica40.pdf",
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      "kind": "title",
      "text": "The Downside Risk of Selling/Spinning The Core",
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      "text": "The Problem With Simply Selling Or Spinning The Core¹:",
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