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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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  "presentationDate": "2016-07-01 00:00:00",
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  "notes": "The slide uses a callout box to state the activist's thesis that the settlement will cause the business model to collapse.",
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      "kind": "callout",
      "text": "We believe the implementation of the Settlement Agreement will cause the pyramid to collapse",
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      "text": "The Settlement represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States. Key elements include: Compensation limited to verifiable, “Profitable Retail Sales”; Present compensation levels remain only if 80% or more of U.S. sales are verifiable, “Profitable Retail Sales”; Qualification purchases are prohibited; Misleading income claims prohibited; An Independent Compliance Auditor to oversee compensation plan changes for a period of seven years",
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      "text": "On July 15th, 2016 Herbalife filed an 8-K, which included a Stipulation to Entry of Order for Permanent Injunction and Monetary Judgment (the “Settlement Agreement”)",
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      "kind": "list",
      "text": "Prohibition on misleading income claims is immediate. Mandated changes to the compensation plan are effective beginning May 2017",
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      "text": "(1) FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Stipulation to Entry of Order for Permanent Injunction and Monetary Judgement. (2) https://www.ftc.gov/news-events/blogs/business-blog/2016/07/its-no-longer-business-usual-herbalife-inside-look-200 (3) FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Stipulation to Entry of Order for Permanent Injunction and Monetary Judgement at p.5.",
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