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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 combination of data points and contradictory statements from management vs. legal filings to build the case.",
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      "kind": "callout",
      "text": "Fuji will have a myriad of opportunities to oppress us as minority shareholders",
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      "text": "The truth is that Fuji is well positioned to take advantage of Xerox shareholders post-closing. They already have Xerox management convinced that post-closing Fuji and the combined Fuji Xerox will be “one company and one entity” even though they will have (A) competing businesses and (B) two separate and distinct shareholder bases.",
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      "text": "What's to stop Fuji from shutting down Xerox's inkjet business just to benefit its competing Fuji Ink business? When asked on a recent UBS conference call if this was a risk, Xerox’s Chief Commercial Officer said: “I don’t think so.” But Xerox’s lawyers know it’s a risk – that’s why elsewhere Xerox warns shareholders that “Fujifilm may have different interests [than yours]...and may make decisions adverse to your interests.”",
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      "text": "For example, Fuji competes directly against Xerox in the market for high-end inkjet products",
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      "text": "1) Per page 34 of Xerox 2017 10-K 2) Per page 7 of Fujifilm 2017 Integrated Report 3) Per call with investors held by UBS on March 12, 2018 (emphasis added) 4) Per page 18 of Xerox 2017 10-K",
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      "text": "20% of Xerox’s total equipment revenue is attributable to sales of its high-end equipment, which includes production quality inkjets. 11% of Fuji’s consolidated revenue is attributable to its Graphic Systems segment, which markets inkjet products worldwide.",
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      "text": "In addition, if the proposed deal closes, Xerox shareholders will be passive minority owners of a Fuji subsidiary – virtually powerless to prevent Fuji from abusing its control",
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