{
  "docId": "019de06f-98bc-706e-9c0c-e01708fefbea",
  "docSlug": "4efa0d9df4944d7c7d4d31a5a9f25881",
  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 44,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Uses a news clipping and a rhetorical question to frame the contradiction.",
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  "slideHref": "/slides/019de06f-98bc-706e-9c0c-e01708fefbea/20",
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  "components": [
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      "kind": "callout",
      "text": "How could Xerox possibly justify valuing Fuji Xerox at an enormous premium when this massive accounting scandal remains unresolved?",
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      "kind": "image",
      "text": "Nikkei Asian Review article clipping showing executives apologizing",
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      "kind": "list",
      "text": "Impacted Xerox’s 2009 through 2017 fiscal years; Fuji Xerox chairman and three other senior executives “retired” following the scandal; Shigetaka Komori (Fuji CEO) and Kenji Sukeno (Fuji President and COO) took significant pay cuts; “Culture of concealment” and Fuji’s deficient “subsidiary management system” detailed in an over 300 page independent investigation report available here; More adjustments could be on the way",
      "attrs": null,
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      "kind": "source-note",
      "text": "1) Per June 12, 2017 Nikkei Asian Review article... 2) Per the English translation of Fuji’s Independent Investigation Committee’s investigation report... 3) Per Xerox’s 2017 10-K...",
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      "kind": "title",
      "text": "And Fuji Xerox still has not resolved its recently disclosed $360M accounting scandal, which was caused by a “culture of concealment” and Fuji’s failure to have adequate subsidiary management systems",
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      "evidence": "Contrasts the $360M scandal with the valuation premium.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents the proposed Fuji/Xerox transaction as a monster that undervalues Xerox and results in significant value destruction.",
      "position": 0,
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  "loops": [
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      "name": "The Reveal",
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      "evidence": "The document presents a detailed analysis of the proposed transaction's structure and valuation, highlighting its flaws and contradictions.",
      "position": 1,
      "objective": "To reveal the flaws in the proposed transaction's structure and valuation.",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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