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  "documentTitle": "Eminence Pluralsight Presentation February 2021",
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  "notes": "Uses rhetorical questions to highlight governance failures and conflicts of interest.",
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      "text": "Rather than addressing this obvious obstacle... the conflicted Board... continued with the sales process... Why did it take so long for the Board to have its \"ahah\" moment... Wouldn't a Board seeking to maximize shareholder value... be expected to thoroughly vet the possibility of amending the TRA payout before all parties other than Vista had dropped out?",
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      "text": "The Company's Tax Receivable Agreement required a ~$400mm payout upon a change of control... The threat of a $400mm payout effectively deterred all potential bidders... Nine of the eleven Board members were parties to the TRA.",
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      "text": "The Transaction Committee was reconstituted mid-way... comprised of just two Board members (neither of whom had M&A experience)... Even after the Committee was reconstituted, Skonnard and other conflicted members... were routinely invited to participate in its meetings -- why? Why didn't the Committee engage independent legal counsel or financial advisors? Does this sound like an independent Committee empowered to lead a robust process?",
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