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  "documentTitle": "Blockbuster Video | Activist Presentation Deck | 24 slides",
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  "authorName": "Gregory S. Meyer",
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  "presentationDate": "2010-06-01 00:00:00",
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  "notes": "Focuses on executive compensation misalignment with shareholder interests.",
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      "text": "Overall consumer spending on DVD and Blu-ray rentals was up in 2009. Rentrak Corp. reports rental spending having increased 4.2 percent to $6.5 billion for the year",
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      "text": "Additionally, in 2010 CFO Casey’s salary was increased from $500,000 to $650,000 and he was granted a $400,000 retention bonus, despite continued weak financial performance and a plunging stock price.",
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      "text": "2009 EBITDA Guidance Missed Twice: March 2009: $305-$325M; May 2009: Re-affirmed; Aug 2009: Lowered to $270-$290M; Nov 2009: Re-affirmed; Jan 2010: Lowered to $195-$205M",
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      "text": "Despite missing guidance twice, the Compensation Committee, chaired by Gary Fernandes, awarded CEO Jim Keyes 80% of his target bonus and CFO Thomas Casey 100% of his target bonus for the year 2009.",
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      "text": "Credibility crisis at the financial controls level",
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      "text": "However, in 2009 BBI twice missed guidance, even after re-affirming such guidance to investors just months before period end",
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      "text": "Poor Financial Performance and Forecasting = Missed Guidance and Loss of Credibility, but Not Loss of Bonus",
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