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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
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  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "The slide uses legal terminology to argue that the threat of a forced IPO conversion is empty.",
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      "text": "Assuming Dell loses the December 11 vote, if Dell were then to attempt an IPO and forced conversion of DVMT shares, certainly causing DVMT shareholders irreparable harm, we believe applicable law will allow shareholders to pursue an injunction and/or substantial damages.",
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      "text": "The Delaware courts are clear that controlling stockholder transactions must be reviewed under the stringent entire fairness standard, not business judgment, unless certain procedural safeguards are satisfied. Even if Dell obtains the shareholder vote, given the threatening tactics used in solicitation of the vote, we do not believe the vote will shield the controlling shareholders from entire fairness litigation.",
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      "text": "If Dell tries to force an IPO conversion we believe the Board must treat such a transaction as a conflicted controlling stockholder transaction and obtain protections for the DVMT stockholders, otherwise the Board’s decisions will be reviewed under the entire fairness standard.",
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      "text": "Suffice it to say, we reiterate that we believe the threat of a forced IPO conversion is empty, no matter what Michael Dell and Silver Lake claim.",
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      "text": "Against the backdrop of DVMT stockholders rejecting the proposed DVMT merger transaction, we believe it will be very difficult not to conclude that the forced IPO conversion was pursued in retaliation against DVMT stockholders.",
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      "text": "By approving such a transaction, we believe that Dell’s independent directors must have been misinformed by Dell or Silver Lake’s advisors, or otherwise unquestionably they breached their fiduciary duties to DVMT’s shareholders.",
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      "text": "The merger transaction requires the approval of the majority of the outstanding DVMT shares. This was the same threshold required in Dell’s going-private transaction, but then at the 11th hour, Dell changed the vote to the easier standard of majority of those voting. Luckily, Delaware law has evolved since 2013 and if Dell tries this trick again, we believe the transaction will be subject to entire fairness.",
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      "text": "Legal Hurdles for Dell’s Controlling Shareholders",
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