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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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  "notes": "Uses rhetorical questions to frame the board's actions as evidence of bad faith.",
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      "kind": "callout",
      "text": "DIRECTORS WOULD ONLY DEMAND OUTSIZED COVERAGE IF THEY KNEW THERE WAS OUTSIZED RISK.",
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      "text": "We see no reason why this would need to be done given existing insurance coverage, indemnification agreements, and business judgement rule defense",
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      "text": "Was the board refusing to do the deal unless they had extra insurance? If so, how is that not a sign that they knew there were terrible risks ahead? And why were investors purposely kept in the dark for months about the trepidation of their trusted fiduciaries?!",
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      "text": "Disclosure of this unprecedented insurance enhancement agreement was either buried for months or, even worse, backdated (and it was filed with no explanation whatsoever)",
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      "text": "On the day prior to closing the GRAIL deal (or perhaps after the fact and backdated – we can’t tell and they won’t say), ILMN purchased extra personal liability protection for its directors",
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      "text": "GRAIL PROCESS FAILURES: INSURANCE",
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