{
  "docId": "019de072-c3e2-70bb-a7ce-2b83a2d54b6f",
  "docSlug": "92cd3826af300dc29bb34ec88c17a00a",
  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 37 slides",
  "authorId": "jetblue",
  "authorName": "jetBlue",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 7,
  "pageCount": 37,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a comparison table structure to frame the board's actions as a failure of governance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-c3e2-70bb-a7ce-2b83a2d54b6f/7",
  "deckHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f",
  "deckJsonHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f.json",
  "deckAnchorHref": "/decks/019de072-c3e2-70bb-a7ce-2b83a2d54b6f#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.6,
        "w": 0.3,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "list",
      "text": "Spirit’s Board is entrenched and conflicted; Frontier transaction results from a fundamentally flawed process; No constructive engagement with JetBlue",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46966144-7b37-4936-a931-ba73b46a70d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.6,
        "x": 0.35,
        "y": 0.25
      },
      "kind": "list",
      "text": "Multiple Spirit Directors involved in the decision to merge with Frontier have significant ties to Bill Franke; Frontier has promised Board seats; Spirit and Frontier have periodically explored the possibility of a business combination in the past; Spirit negotiated with Frontier for 8 months prior to signing but failed to perform a market check; Spirit’s Board clearly made no attempt to extract more value from Frontier; Limited diligence information provided to JetBlue; Unreasonable and off-market regulatory requests; No good faith engagement to negotiate a transaction",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c642077-163c-413a-ae4e-2f801d782a88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "Key themes vs Entrenchment resulting in a flawed process",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "062d69cf-2ed8-40a9-b4cf-5a5ec062b1ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "Spirit’s Board has not acted in its shareholders’ interest",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9073947f-afed-43db-b490-2d0e5b633a69",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "b6c98aab-16b6-4a78-a9ca-d953a4aa3b48",
      "evidence": "The slide critiques board behavior, conflicts of interest, and fiduciary duty.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 6,
      "beatId": "e0de7d2e-4701-47c4-a525-bd542156867e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document exposes contradictions and challenges Spirit's management projections",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 1,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "73eff49c-4661-41ac-a1d9-448f868f3c64",
      "evidence": "The document presents a clear comparison between the two proposals",
      "position": 0,
      "objective": "Compare JetBlue's proposal to Frontier's transaction",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.7,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}