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  "docId": "019de072-daab-71fa-9e0d-54796d84e17b",
  "docSlug": "5ebaed02e9f7ede20c1db26a05a5ec33",
  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 43 slides",
  "authorId": "spirit",
  "authorName": "Spirit",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 15,
  "pageCount": 43,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a red dashed line to visually anchor the 'illusory' offer against historical stock performance.",
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  "slideHref": "/slides/019de072-daab-71fa-9e0d-54796d84e17b/15",
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  "components": [
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      "kind": "callout",
      "text": "JetBlue’s Misleading Math",
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      "kind": "chart",
      "text": "Spirit Share Price Over Last 10 Years",
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      "kind": "list",
      "text": "Spirit’s stock hasn’t traded below JetBlue’s offer at any point during the five years preceding COVID; JetBlue’s offer is even below Spirit’s high trading price during the depths of COVID; JetBlue’s offer caps value for Spirit shareholders at $30 / share",
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      "kind": "source-note",
      "text": "Source: FactSet. 1. Market Data as of May 20, 2022.",
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      "kind": "title",
      "text": "Opportunistic Cash Offer Near Spirit’s All Time Low",
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      "evidence": "The slide frames JetBlue's offer as 'opportunistic' and 'misleading' to position them as the antagonist in the M&A narrative.",
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      "arcName": "Problem-Agitate-Solution",
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      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The presentation provides evidence and data to support its claims, including comparisons of the two offers and analysis of JetBlue's financial and operational performance.",
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      "name": "Cost Of Inaction",
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      "evidence": "The presentation highlights the cost of inaction, including the potential loss of value for Spirit shareholders.",
      "position": 1,
      "objective": "What is the cost of not accepting the Frontier merger?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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