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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "notes": "Uses a contrast-pair structure to juxtapose corporate spin against legal reality.",
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      "kind": "callout",
      "text": "[T]he crux of the FTC settlement is the injunctive relief, which requires sweeping changes to the core of Defendants’ business... Section I.A requires the fundamental restructuring of Herbalife’s business opportunity.",
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      "text": "The substance of the FTC complaint includes all the indicia of a pyramid scheme",
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      "text": "The FTC settlement requires a “top to bottom”(2) restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law” (3)",
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      "text": "Carl Icahn: “The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme” (5)",
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      "text": "“I do not endorse that statement [referencing Icahn’s statement].” (6)",
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      "text": "HLF CEO Michael Johnson: “The FTC settlement is an acknowledgment that our business model is sound” (1)",
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      "text": "Below is some of the spin we’ve heard from the Herbalife camp regarding the FTC settlement:",
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      "text": "Bullish Assertions About the Settlement Are Dishonest",
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