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  "documentTitle": "Macellum Perry Ellis Presentation April 2014",
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  "notes": "Outlines a phased approach to activist engagement, starting with a friendly 13D and escalating if necessary.",
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      "text": "We would expect to raise between $12-$20mm in a SPV.\nWe would envision building the investment to 5% (about $10mm).\nWe would anticipate keeping some powder in the event future disappointments take the stock lower or we see operational progress.\n13D filing – we would anticipate initially filing a friendly 13D articulating the case for improvement and offering to work with the BOD to maximize value for shareholders.\nImportant to apply pressure prior to the executive contract negotiations to prevent the company from entering excessive agreements again.\nAt this point our assessment would be that company would either embrace our assistance and add 2-3 new board members or they would become defensive.\nIf the company chose the defensive path Macellum would anticipate taking more aggressive actions.",
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