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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 115 slides",
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  "notes": "The slide uses a rhetorical question as a headline to frame the data as evidence of a lack of independence.",
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      "text": "Estimated Cumulative Fees($ millions)",
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      "text": "(1) Includes fees potentially earned by ValueAct's affiliates. (2) Blackwells estimated the cumulative fees based on how asset management and performance-based fees are disclosed on ValueAct's Form ADV Part 2A, filed with the SEC as of March 29, 2023.",
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      "text": "1. Did the Board raise ValueAct's endorsement to ISS without mentioning ValueAct's management of Disney's pension funds? 2. Did the Board know about ValueAct's management of funds prior to authorizing the January 3rd press release?",
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      "text": "ARE DISNEY SHAREHOLDERS MEANT TO BELIEVE THAT VALUEACT'S SUPPORT IS INDEPENDENT AND UNQUALIFIED?",
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