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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
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  "documentKindLabel": "Activist deck",
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  "presentationDate": "2018-11-01 00:00:00",
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  "pageNumber": 10,
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  "slideType": "problem_statement",
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  "nDataPoints": 10,
  "notes": "The slide uses a hub-and-spoke diagram to illustrate the complex ownership structure of Dell Technologies and its tracking stock.",
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      "kind": "diagram",
      "text": "Capital structure diagram showing Dell Technologies, DHI Group, VMW, and various share classes.",
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      "kind": "list",
      "text": "Forced conversion, Dividend restrictions, Substitute VMW shares, Capital Stock Committee.",
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      "text": "Although most tracking stocks tend to trade within a ~10-15% discount to their underlying asset, DVMT has traded at a significantly wider discount due to the convoluted capital structure, horrendous corporate governance terms created by Michael Dell and Silver Lake and Dell's massive leverage.",
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      "kind": "paragraph",
      "text": "We believe this structure was an attempt to create a wide discount between DVMT and VMW, and it should be noted, it was very successful.",
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      "text": "1. Wells Fargo equity research dated February 28, 2018 showed 11 tracking stocks traded at an average discount of 13.6% over a recent 3.5 year period with a standard deviation of 6.3%. 2. NYSE rules state that to maintain listing “Equity Investment Tracking Stocks” must own at least 50% of the economic and voting interest of the stock for which they track.",
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