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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
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  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
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  "presentationDate": "2018-04-01 00:00:00",
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  "notes": "Uses a causal flow diagram to show how two specific leverage points lead to a strategic conclusion.",
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      "kind": "callout",
      "text": "While the “crown jewel” lock-up is deal restrictive, Xerox still has options that the current board and management have never wanted to pursue for their own selfish reasons",
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      "text": "At a minimum, each of these termination rights could be used as leverage to renegotiate the terrible terms in the JV agreements",
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      "text": "Last year’s massive accounting scandal at Fuji Xerox almost certainly gives Xerox the right to terminate the JV agreements for material breach",
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      "text": "Alternatively, Xerox could begin the process of terminating the Technology Agreement in 2020, which would give Xerox unfettered access to the Asia Pacific market and would also be absolutely catastrophic for Fuji",
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      "text": "But we believe Xerox never thoroughly explored transactions with other buyers or tried to capitalize on its obvious points of leverage over Fuji...",
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