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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 37 slides",
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  "authorName": "Icahn Enterprises",
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  "presentationDate": "2023-04-01 00:00:00",
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  "pageNumber": 16,
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  "notes": "The slide highlights a specific governance failure regarding tax structuring and lack of disclosure.",
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      "text": "DESPITE THE KNOWN DIVESTMENT RISK, ILMN AGREED TO AN OVERLY SELLER-FRIENDLY DEAL STRUCTURE, WHICH COULD LEAD TO BILLIONS IN TAXES EVEN IF GRAIL IS SOLD AT A LOSS.",
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      "text": "This is particularly concerning given the board willingly closed on the deal knowing there was a risk that the deal would be unwound. For example, in the case that ILMN is forced to sell GRAIL and miraculously receives the same value that it paid, ILMN would be subject to a $2.2 billion tax!",
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      "text": "The highly suspicious nature of this arrangement is exacerbated by the fact that the board elected not to disclose the disastrous tax problem until months after the closing!",
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      "text": "The fact that the board of directors willingly accepted this risk (or did not know about it) exposed shareholders to billions in losses",
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      "text": "ILMN closed the GRAIL acquisition for $10 billion of value yet inexplicably structured the deal to provide tax benefits to the sellers. Due to this structure, GRAIL’s tax basis is between $500 million and $1 billion (when it should be much closer to the purchase price)",
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      "text": "Note: $10 billion sale price less $1 billion high-end basis = $9 billion gain. $9 billion gain at 25% tax rate = $2.25 billion of taxes",
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      "kind": "title",
      "text": "GRAIL PROCESS FAILURES: TAXES",
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