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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "The slide uses a combination of bullet points and a numbered list to outline the risks of the proposed IPO, concluding with a legal warning.",
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      "text": "We believe that a forced conversion of DVMT shares in conjunction with a Dell IPO could result in irreparable damage to DVMT shareholders, could be seen as retaliatory by the courts, and could ultimately result in either an injunction or substantial damages against Dell and its owners.",
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      "text": "Although Dell continues to push the idea of a potential IPO of Class C shares, the reality of the situation is much different. Unfortunately for Dell, any normal IPO of Class C shares would almost certainly trade at a severe discount to the numbers they wish you to believe. Ultimately the forced conversion would result in DVMT shareholders owning a far greater percentage of the proforma company than either Michael Dell or Silver Lake would accept, making such a strategy dubious at best. Michael Dell and Silver Lake knows this, which is why they have their investment bankers telling the public that it might complete a “skinny IPO” in which few Class C shares are sold in order to create an artificially high price for the stock. But Dell also knows that any attempt to manipulate the IPO process will be met by us with immediate litigation.",
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      "text": "1. A Massive Governance Discount on limited shareholder protections and majority shareholders with a polluted track-record. 2. A Conglomerate Discount for partially owned assets and a complex corporate structure. 3. An Unmeasurable Dilution Overhang due to the roughly $20 billion in imminently possible forced conversion of DVMT shares.",
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      "text": "The Absurd IPO Threat",
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      "kind": "title",
      "text": "Dell IPO Would Undoubtedly Include:",
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