Callouts & quotes from 37,061+ activist slides

""We plan to meaningfully increase investments in brand building, A&P and new product development to build a base for continued long-term growth." "We've got a very well-defined M&A criteria that always starts with brand building and long-term growth profile. And we think that this is a very good long-term growth opportunity." "So the category and DenTek have had very high single-digit growth trends over the last couple of years and we like the makeup of the competitive environment here." — Ronald Lombardi, CEO, M&A Call, Nov 23, 2016"

"“One factor of the business that the report shows clear lack of knowledge about is related to the relationships between the content partner and service provider. NQ has a very deep and good relationship with Shenzhen and Shanghai carriers. As one of the biggest content partners for Yidatong as clearly disclosed, NQ is required to be notified when there are customer complaints. In order to better facilitate customer support via those channels we leave our contact information with the carriers, in addition to Yidatong.” — Matt Mathison"

"“The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy. Fannie's and Freddie's purchases of their own or each other's mortgage-backed securities with their market-subsidized debt do not contribute usefully to mortgage market liquidity, to the enhancement of capital markets in the United States, or to the lowering of mortgage rates for homeowners.” — Alan Greenspan, 5/19/2005"

"“....we've built our latest DC in Warrensburg, Missouri now with the same systems that St. George allowed us to ship both banners... And so I think where you're going to see it is the new DCs will get to that ability to ship first. And then while you have -- as we shift volume to and from in the network, then we'll have a better opportunity to go back into some of the locations probably on the Family Dollar DC side where they have capacity to shift to Dollar Tree stores...we're working on that.” — Q3 Earnings Call, November 29, 2018"

"American Capital Ltd.'s executive compensation received an F grade in our proprietary pay-for-performance model. The Company paid more compensation to its named executive officers than the median compensation for a group of companies selected using Equilar's market based peer algorithm. The CEO was paid more than the median CEO compensation of these peer companies. Overall, the Company paid more than its peers, but performed moderately worse than its peers. — Glass Lewis, April 8, 2015 Annual Meeting "Pay for Performance" Commentary"

""The latest portfolio restructuring announcement this morning reflects the last in a series of value-creating divestitures which have been consistent with our stated strategy of focusing on a differentiated portfolio...I expect this new company to generate revenue growth at a rate well in excess of global GDP and average EBITDA margins approaching 15%. We will be a strong vibrant $9 billion differentiated chemical company with tens of thousands of different products and formulations." — Peter Huntsman, President & CEO, February 2007"

"I think that if Carvana has the ability to control the volume at which they're ramping, they're much more likely to succeed than if they are putting themselves in a position where they want to ramp to the volume that the market requires or the market wants...if [Carvana] can take their time and grow as they please based on the systems they have in place, there will be challenges, but it's doable. If they have to ramp beyond what they're comfortable with, the only levers you can pull is to spend money. — Former Director of Operations"

""With Kao's world-class brands, the Company can, and should, be a global leader. However, unlocking this potential requires an ambitious, growth-oriented strategy led by an independent and highly-qualified Board. Shareholders now face a clear choice: support the election of outside directors with the expertise needed to drive growth, or maintain the status quo. There is no downside risk -- only the opportunity to strengthen Kao's leadership, focus, and strategic direction." — Seth Fischer, Founder & Chief Investment Officer of Oasis"

""In the restaurant space there are two that are very strong, Toast and Touchbistro. The offerings are very similar. I would say the restaurant products five years ago were not as strong. I think they made a lot of changes but originally, they had trouble competing against those businesses." — Former Lightspeed Employee. "With limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the unenviable position of reducing our headcount." — Toast CEO Chris Comparato."

"“We gotta get Fannie and Freddie out of government ownership. It makes no sense that these are owned by the government and have been controlled by the government for as long as they have. In many cases this displaces private lending in the mortgage markets and we need these entities that will be safe. So let me just be clear we’ll make sure that when they’re restructured they’re absolutely safe and they don’t get taken over again but we gotta get them out of government control.” — US Treasury Secretary Steve Mnuchin on Nov. 30, 2016"

"We are short Goosehead Insurance (Nasdaq: GSHD) for three key reasons: (1) our analysis shows that, contrary to management’s claims, the failure rate of their first-year franchisees topped 67% in 2021 and we expect that number to increase again in 2022; (2) GSHD’s reliance on the housing market is much greater than management lets on; and (3) we calculate that the CEO and other pre-IPO investors have taken more than $900 million off the table while the company has only generated $23.4 million in cumulative net income since the IPO."

""The storage battery is, in my opinion, a catchpenny, a sensation, a mechanism for swindling the public by stock companies. The storage battery is one of those peculiar things which appeals to the imagination, and no more perfect thing could be desired by stock swindlers than that very selfsame thing. ... Just as soon as a man gets working on the secondary battery it brings out his latent capacity for lying. ... Scientifically, storage is all right, but, commercially, as absolute a failure as one can imagine." – Thomas Edison, 1883"

"Solar panels generate electricity in direct current (DC) form. A number of panels feed an external inverter, which is used to convert the electricity to alternating current (AC). After inversion a transformer will step-up the voltage for export to the grid. Because the inverter is separate from the panels, the total capacity of a solar farm can be measured either in terms of the combined capacity of installed solar panels (measured in DC) or in terms of combined capacity of installed inverters (measured in AC). — Draft EN-3 §2.48.6"

"“However, recently, I don’t know if you caught the announcement from GenScript with their new semiconductor synthesis platform and their ability to make, I think it’s over 8 million unique oligos, which even surpasses Twist’s ability to play in that space. GenScript just came out with a semiconductor manufacturing platform that’s extremely similar to Twist, so I wonder about the future uniqueness of their ability to play in both markets, NGS and synthetic biology, in the five-year stretch.” — Former employee now at a key competitor"

"A: "[Product sales to ELF are] generally speaking, that's [Incoterms: Ex-Works ("EXW")], namely that the manufacturers provide a price to ELF only covering the product, production, etc. That's the commercial language. And sometimes elf will request the FOB, freight on board, to cover the shipment risk. But generally speaking, elf, they will cover all this, to US, but for the manufacturers, they are only responsible for the product production... 'Ex-works' means just the factory door, the factory gate." — Former ELF Shanghai manager"

""The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy. Fannie and Freddie's purchases of their own or each other's mortgage-backed securities with their market-subsidized debt do not contribute usefully to mortgage market liquidity, to the enhancement of capital markets in the United States, or to the lowering of mortgage rates for homeowners." — Alan Greenspan, 5/19/2005"

"Well just to point on Accenture. So, Accenture runs an excellent content moderation business and content moderation, so just keep that in mind. But the major players in the space. So Teleperformance, TTEC, Concentrix. Majorel is one that plays a lot in content moderation. Those are the companies that, I guess, everyone runs into, the Sitel and a few others. So, any Google list of BPOs will give you kind of the brands or the company that everyone is competing against. — Former TASK Marketing Employee (Tegus Interview, July 27, 2021)"

""In terms of profitability, we make very good money in China, somewhat above our corporate average. So we feel very good about not only the growth, but also the profitability there as well too. And I'd say that our Chinese organization is a very strong organization, it's a very strong team not from the leadership level all the way down, 15 of our of our top executives there -- out of the top 15 executives, 14 of them are Chinese nationals, they've been very long tenured with the organization." — CFO, BofA/ML Conference, May 5, 2019"

""The Company's financial reporting and auditing systems strictly follow U.S. GAAP rules and internal and external controls are supervised closely and approved by our outside auditors, one of the Big Five international accounting firms," said Karen Sarid, Chief Financial Officer. "Allegations of overstatement of revenue and income, as described by the lawsuit announced on October 23, have no basis in fact and will be vigorously defended against." — ESC Medical Systems Responds to Recent Class Action Lawsuits, Nov 11, 1998, Bloomberg"

""These covenants apply to Darden and to certain of its subsidiaries but do not apply to Darden's subsidiaries that are not corporations." — Final Prospectus Supplement to Darden Restaurants, Inc. 3.350% Senior Notes due 2022, October 1, 2012; "Accordingly, Darden can contribute its real estate assets to a new subsidiary and designate that subsidiary as an Unrestricted Subsidiary. That Unrestricted Subsidiary could then sell and lease back its real estate portfolio, without having to repay debt." — Covenant Review, February 28, 2014"

""And finally, I want to finish with our Steel business. After speaking with many of you, this is clearly the most misunderstood business within The Timken Company from the general population. To start with, it's first of all very important to understand this business is not Nucor; it's not U. S. Steel. We don't even compete with those kinds of people. This is an engineered materials business that is focused on providing complex technical solutions to mechanical power transmission markets." — Chris Coughlin, Group President, 12/6/11"

"my daughter is 5 we stopped due to her blood sugar going up, they said it 'likely' would level out...I don't want to take that risk — Anonymous Parent. we are seeing blood sugars very high due to vykat...diet is very good no sweets...any one else seeing blood sugar spikes? — Anonymous Parent. his starting level was 85...he spiked at the end of the first week as high as 133...we are back down to 112 on the third week — Anonymous Parent. we were at 87 before starting and did touch low 100s a couple of weeks ago... — Anonymous Parent."

"“Together with the problem with the source of off-gassing, also the stage has a problem with particulation and off-gassing, all of them contribute now to the degradation of the imaging optics and also the particulation on the actual mask of the inspection. And this one, you cannot clean. It coats the source of the EUV light until it develops a few mono-layers of coating of this organic composition, and gradually, you lose it, and you have to replace it.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"Absolutely does; it’s at least an order of magnitude off on the revenue side. I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned? The pipeline can be 10 or 20 years to get significant volumes, so its difficult to imagine hundreds of millions of dollars on the recycling side. Margins will be negative, and I wouldn’t want that much capacity. I don’t see it. It’s way too early to talk about that kind of money and volumes and that number of players. — Lithium Industry Expert"

""So, what we see is the CapEx that we're spending for things like fiber for small cells is very much in our head like an acquisition." — CFO Daniel Schlanger, May 2017; "[T]hat's why we are very excited about small cells because as you think about the total return story there, with the second tenant being low to mid-teens plus the escalator, the opportunity to do third and fourth tenant, we think that's a very attractive investment that will drive growth in dividend over the long-term." — Crown Castle Investor Relations, June 2016"

"“Notice the Y-axis is state of charge. It's a percentage, a ratio. Let me give you an example. A lithium-ion 18650 cell is 3.5 amp hour, with a nominal voltage of 3.6V. At 100% state of charge, these cells are rated at more than 10-watt hours. For the Quantumscape single-layer pouch cell, I bet that capacity is less than 200 milliwatt hour, which is at least 10 times less than the 18650 cell. The Quantumscape data is particularly impractical because their denominator is much, much smaller.” — Leading solid state battery researcher"

""One of the key factors to our [Ultra's] success over the past 11 or 12 years has been our cost structure. We've maintained a leading position in terms of all-in costs in the industry." — Mark Smith, Shareholder Nominee, CFO Ultra Petroleum, May 2012; "For our [Anadarko's] onshore portfolio [goal] of delivering 49% organic growth, it is all about execution. It is about being a gas manufacturing engine, and we've created that in the Rockies and our Southern Region." — Karl Kurz, Shareholder Nominee, Former COO Anadarko, August 2008"

"We have identified and are currently reviewing certain customer transactions for which revenue was recognized and reported in the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005... the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005 should not be relied upon as an accurate reflection of our financial results for these periods. — Stratus Technologies prospectus"

"2.48.6 Solar panels generate electricity in direct current (DC) form. A number of panels feed an external inverter, which is used to convert the electricity to alternating current (AC). After inversion a transformer will step-up the voltage for export to the grid. Because the inverter is separate from the panels, the total capacity of a solar farm can be measured either in terms of the combined capacity of installed solar panels (measured in DC) or in terms of combined capacity of installed inverters (measured in AC). — Draft EN-3"

"“I work with TransMedics closely in operating rooms and [I’m] hearing feedback from surgeons at the University of [redacted]”; “it was shocking to find out that surgeons are not licensed...some are problematic because they’ve been through a disciplinary system...and can’t get jobs elsewhere. Often, when you hear that you have a career procurement surgeon, you know that there’s probably something shady in their past, and that’s just the way it is.” — Organ procurement technician at a high-volume Northwest academic transplant center"

""everything I know about LifePort and the research published out of Columbia shows that it is superior to TransMedics for liver" — Transplant surgeon; "I definitely think there are threats on the horizon" — Transplant surgeon at a high-volume West Coast academic center; "The only companies in the U.S. approved for lung are XVIVO and TransMedics. For heart, TransMedics is the only device approved, but they're competing against NRP, which is what we use." — Prominent surgeon, Director of leading West Coast academic transplant center"

"Rhon Daguro: It’s absolutely the chip. Danny Lewis: As in putting a chip inside your body that gives you up to the second data about everything, from glucose levels to the effect of medications. Rhon Daguro: The number one use case for a chip is really to get the vitals of yourself. We’ve created all these external sensors on our bodies to be able to do this thing to be more convenient. Then I think the next evolution is to be able to just use it to interact with your digital environment or your physical environment. — WSJ podcast"

""Our Board has determined that each member of the Audit and Risk Committee is both independent (as defined under applicable Nasdaq listing standards and SEC rules related to audit committee members) and financially literate (as required by Nasdaq listing standards). The Board also has determined that each of Mr. Szkutak, Mr. Vazquez, and Mr. Yuan qualifies as an "audit committee financial expert" as defined by SEC rules, and has "financial sophistication" in accordance with Nasdaq listing standards." — Intuit 2024 Proxy Statement"

"“Given the fact, to your question, you don’t have a policies-governed reporting system, it doesn’t make me fall off my chair that it is indeed possible to manipulate the numbers. Absolutely, absolutely. It is, it is the manual way things are put together. By design it is possible... I’m running a company of [far fewer employees]... Even in my company, I have no doubt that I could not [manipulate numbers].” — Source A; “I’m not saying it is happening, but there are definitely opportunities to change or manipulate data.” — Source B"

"“Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we’ve been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023).” — Netflix Q4 2023 Letter to Shareholders"

"We treat Vivion’s €1.3 billion of shareholder loans as of June 30, 2021 as equity, given the strong equity components in the documentation. These include deep subordination to other instruments in the capital structure, long maturities beyond any of Vivion’s outstanding interest-bearing debt, and Vivion’s option to convert the loans into common equity at its sole discretion. We understand that this was an extraordinary and voluntary dividend-like payment in the context of substantial liquidity after the disposals in 2021... — S&P"

""And the second one on your guidance for French EBIT in 2016, I know it's a sales conference call but you give some guidance on earnings in France next year. So I have an easy question, how can you split the improvement between purchasing and OpEx efficiency? Thank you." — Cedric Lecasble, Raymond James; "On your question on the French EBIT, you know our business model. You see that when you have a ....operational leverage generated by good volume growth you get technically an improvement." — Antoine Giscard d'Estaing, Casino CFO"

"“I can't speak to their outcomes overall. But I do know that there are members of the transplant community, myself included, have called for publication of the livers that are not used or the complications related to livers that have been on OCS pump, and they declined. TransMedics declined to publish that data. Like that is not being very honest...it's their responsibility to vet their surgeons and they should publish it and be forthcoming.” — Chief of transplant surgery at a major transplant center; high volume TransMedics user"

"And let me add one thing, Catherine. I mean I always see it as advantage for a company like Ströer that they have representation of the founding families in the supervisory board. 80% of -- at least 80% of the [indiscernible] -- of the value of the families are inside the stock of the company. So it's I think, for every shareholder, the best insurance that the founding families and their representatives in supervisory board will do everything to drive a sustainable value development for future generations. — Udo Müller, Ströer SE"

"Other sales and revenues, which includes gains on the sales of loans we originate, GAP waiver coverage and sales commissions on VSCs and totaled $33.4 million and $13.0 million during the years ended December 31, 2017 , respectively. We expect other sales and revenues to increase with retail units sold and as we improve our ability to offer attractive financing solutions and ancillary products to our customers. Other sales and revenues are 100% gross margin products for which gross profit equals revenue. — CVNA FY 17 10-K, Pg. 54"

"“If they haven’t taken any reserves or impairments against their total balance sheet, then with the cost of their inventory - we’ve seen it before, where the valuation that they place is not what it actually is, and they defer out when they’re going to do that impairment because they don’t want to record a hit on their gross margin. This is a common thing, unfortunately, that I’ve seen across multiple companies in the space. That I’ve actively seen to be done to try to manipulate earnings.” — Senior employee at Marvell Technology"

""And then the last big competitor we have is sort of the group of farm and ranch players, led, I guess, by Tractor Supply, and they continue to hold a EDLP strategy, and frankly, continue to raise their prices, right?" — Q1'23, July 27, 2022. "And while we compete against very formidable companies like Tractor Supply and Amazon, and we do want to go head-to-head with the best in the world, in order for us to be successful, we really just need to be able to outcompete guys that have 1 store or 5 stores," — ICR Conf: Jan 11, 2021."

"“Let’s say 15 large pharmaceutical companies that have commercial products, and let’s say another 30 to 40 companies who are enlisted clinical development and are planning to go commercial in the next five years. I think those are the only other companies that would probably want to invest in something like this because they are going commercial; when you’re going commercial, you’re expecting a lot of funding, but then you’re also expecting to reinvest some of that money in your next-generation pipeline.” — Takeda lead scientist"

"What really upset me was I’d get two different stories, one from the patient and a different one from the rep. I would talk to a patient and they’d be like, get this piece of shit out of me. Then I’d send a rep to see them who’d say the patients had 50% pain relief. That was Nevro’s big thing. 50% pain relief. I had various discussions with them. I’d go to dinner with the higher ups. And they’re all talking 50% pain relief, and I’m like don’t you ever want to try getting better than 50%? — Prominent KOL and high volume implanter"

""Trial leads are often given to a facility for like $100, sometimes even less. They're trying to incent physicians to do trial leads. The idea from a company's perspective is that if we get the trial we're going to sell a stimulator for $25,000." — Former Nevro executive; "A lot of doctors own a surgical center and Medicare reimbursement at ASC's for doing a trial is $4686 per lead... so, now I'm an ASC owner, and I'm a doctor. What do I do when I see questionable patients and injection pays $30?" — Former Nevro district manager"

""We have conducted on the ground due diligence in China and believe that Ballard's Chinese growth ambitions are likely to fail from weak partnerships with Broad Ocean and Synergy." — Spruce Point; "Our Q3 results and full-year outlook have been adversely impacted primarily by recent headwinds in the China fuel cell market... These challenges resulted in slower than expected stock sales by the Synergy-Ballard JV, and a resulting buildup of inventory and working capital pressures." — R. Randall MacEwen - CEO, Ballard Power Systems"

"“Like I said, my impression is that it's down at least as often as the Ushio light source...they have similar issues...they have the exact same inspection issues, so the Lasertec Urashima source has all the same problems. The light source has its own set of weaknesses. I think that probably contributes to downtime on that machine. At the same time, the weaknesses of the Ushio source has sometimes caused issues on that machine.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab"

"In addition, HARMONY 1-bis displays all the other red flags as HARMONY 1: questionable foreign jurisdictions, with 40% of trial patients in Hungary and Argentina; pitolisant patients continued taking concomitant narcolepsy medications, creating a confounding factor; dose response data is again withheld, even though dosing was all over the place with 24% of patients on 10mg and 63% on 20mg; protocol violations and amendments, such as what appears to be another trial-size expansion, which the EMA review alludes to with no detail."

"The public market guys, some of them are playing the momentum game and others have no idea what they’re investing in. When you watch the Q2 numbers come out in July and if we stay at kind of BTC $50-$70k range the music is going to end here… People are going to start to sell out of these stocks and realize that they [publicly listed miners] made the wrong investment decision over the years, prioritizing growth over operational efficiencies. — Senior executive, leading provider of products and services to bitcoin mining industry"

"“I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test.” — Former employee; “QS-0 is intended to have a continuous flow, high automation line capable of building over 100,000 engineering cell samples per year. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023.” — Letter to Shareholders, 2/16/21"

""So, between the new jet engine, development on both forgings and castings, we're going to grow this business to $1 billion in revenue by the end of the decade. A lot of that is based on projections of the build rates, a lot of that is secured already in LTAs, and we're very confident that we're going to hit that target. We'll see a nice step-up in revenue this year, in 2016, over this number from 2015, and then growth from there through the balance of the decade." — Pat DeCourcy, ATI Senior Vice President and CFO, June 9, 2016"

"“…new competitors are coming in with more or less the same offering, but with lower prices…You invested millions of dollars in generating [peer-reviewed articles]…Because any of these new guys, like Beat2Phone, CAM patch from Bardy, Bittium, can easily beat you by putting the same thing, data on filing, and reducing the price by 30%…I’m not saying that Philips is in this, but the smaller ones are definitely very aggressive, let’s put it like this, or the newcomers.” — Tegus Interview with Director at Philips Healthcare, 6/27/24"

"I have zero confidence this team can get this right and certainly not in the timeframe that is needed. I rarely call for wholesale change at a company, but that is what is needed here. — Top 10 Active Shareholder; We see the numbers, not just every quarter when we have the board meeting here, but we know where the trajectory has been. Then actually when we meet with Bob Jordan and Andrew Watterson, we bring these concerns up... We have years of disdain from leadership, and that’s how labor has been treated... — SWAPA leadership"

"Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we've been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023). — Netflix Q4 2023 Letter to Shareholders"

"Under the agreement the Company made a prepayment to Ginkgo of $ 30.0 million for its foundry services that will be provided to the Company over an initial term of five years . At December 31, 2020, the Company had remaining balances of $ 4.7 million and $ 8.9 million of current and non-current pre-paid research and development costs related to this transaction, respectively. For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses. — Synlogic 10K filed Mar 25, 2021"

""Higher-level Distributors who are eligible to receive reward payments frequently buy Herbalife products in order to meet the thresholds for obtaining these rewards, rather than to satisfy consumer demand... analysis of Defendants’ purchasing data reflects... they frequently purchased almost precisely the amount of product necessary to qualify for the payment." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at p.37."

"the trick was to get it covered under cataplexy...now, we market it for - I don’t know what we said....” He described a wink-wink game where reps coach or cajole the doctor to indicate cataplexy by “really stretching it...so, you get into games like that....” — Ex-territory manager. “morale amongst the salesforce is really low...it’s not a happy environment...it’s a pretty sour environment,” and indicated increasing management pressure: “there’s certainly more pressure...I’ve heard that they are struggling.” — Ex-sales manager."

"My suspicion is it was the light source. The light source didn't perform, so the customer demands a new light source. And I heard the light source alone costs $10 million. So, if they are forced to replace the light source two or three times until it functions properly, that will cost them $40 million, almost as much as a new tool, as you mentioned, $40 million being the price. It can be very costly to replace parts. That's my suspicion. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"När priset fastställdes till USD 220 miljoner innebar detta dock ett högre pris än vad skulle gällt enbart enligt prismodellen i Aktieägaravtalet. Enligt uppgift uppfattades prismodellen mer som en referenspunkt när transaktionen förhandlades ... Den framtida värdeutvecklingen på Coscom bedömdes också vara mycket positiv. Det högre priset jämfört med en tillämpning av prismodellen i Aktieägaravtalet motiverades också av att Takilant inte var tvingat att sälja aktierna samtidigt som TeliaSonera, mot — Mannheimer Swartling report"

""It is said that leadership is the ability to guide or direct others. We would add to that definition the ability to inspire, enthuse, motivate and encourage – for starters. The fact is, Darden Restaurants leadership manifests itself in hundreds of ways every day. Indeed, we consider leadership excellence to be the essential strategic plank of our business model....leadership creates value for all of our stakeholders – guests, investors, employees, vendors and the community." — Darden 2004 Annual Report (Joe Lee's last as CEO)"