# Raven Adversary (https://ravenadversary.com)

> Deterministic 14-layer SEC EDGAR forensic M&A transaction-state reconstruction and statutory governance auditing for merger arbitrage funds, Delaware Chancery litigators, activist investors, and Special Committees. 100% public filings. Zero MNPI.

## Core Architecture (14-Layer Deterministic Pipeline)
- **Constitutional Axiom**: Trust Nothing. Verify Everything Against EDGAR Accession Records (SHA-256 content hashes).
- **Latest-Amendment Rule**: Definitive proxy/registration statements (`DEFM14A`, `S-4/A`) automatically supersede preliminary filings (`PREM14A`, `S-4`).
- **Bilateral Decoupled Dollar Math**: Target termination fees, reverse termination fees, and liability caps are computed against separate equity and enterprise denominators.
- **Statutory Voting Power Topology**: Exact unaffiliated float math across `DGCL § 144` ("Votes Cast"), `Rule 13e-3 MFW` ("All Unaffiliated Shares"), `DGCL § 251` ("Majority of Outstanding Shares"), and `UK Companies Act Part 26` (75% Value + Headcount Test).
- **Okapi BM25 + M&A Lexical Booster**: High-recall extraction across 10-K/10-Q footnotes, credit agreements, Tax Receivable Agreements (TRAs), and convertible debt indentures.
- **Layer 12 Fiduciary Release Gate**: Hardcoded zero-fabrication tolerance; unfiled schedules or omitted disclosures are logged in Chapter 12 as `INTELLIGENCE_GAP` (`[GAP]`) vectors.

## 3-Tier Gated Deliverable Suite
1. **1-Page Contractual Clause Card**: Statutory vote thresholds, Debt CoC puts, and TRA acceleration mechanics.
2. **2-Page Executive Transaction Brief**: Investment Committee & Special Committee synthesis of capital-stack reconciliation and primary downside wedges.
3. **16-Chapter Statutory Audit Dossier**: Full 14-layer forensic reconstruction with SHA-256 accession citations and Chapter 12 `[GAP]` registers.

## Verified 10-Deal Institutional Surveillance Matrix ($1.12B – $16.3B)
- **01. PAG** — Penske Auto / Penske & Mitsui | $16.3B ($212.00) | Insider: 72.6% (47.66M sh) | Standard: DGCL § 144 "Votes Cast" (15% float / 30% turnout) | Wedge: $502.7M 101% CoC Put + $400M Overadvance 5-day expiry cliff | Risk Score: 72 | ID: `#RAVEN-AUDIT-PAG`
- **02. BWIN** — Baldwin Group / DFO & Seq. | $7.7B ($32.50) | Insider: ~30%+ Class B + 7.3% Roll. | Standard: Single-Class Vote (Zero MFW Minority Vote) | Wedge: $298.45M cash TRA payout (+$153.88M over Q2 10-Q Note 14 liability) | Risk Score: 71 | ID: `#RAVEN-AUDIT-BWIN`
- **03. BOW** — Bowhead Specialty / American Family | $1.12B ($34.00) | Insider: 16.3% Parent (5.37M sh) + 4.2% D&O | Standard: Rule 13e-3 MFW (All Unaffiliated Shares; GPC 27.2% / Glazer 5.2%) | Wedge: Unitemized Recused-Director MFW denominator + 11% premium vs. 31% YoY NI growth + CEO escrow rollover | Risk Score: 70 | ID: `#RAVEN-AUDIT-BOWH-AMER-20261102-REV1`
- **04. UTZ** — Utz Brands / Intersnack Group | $14.25/sh (Nov 13 Vote) | Insider: 42.14% (60.75M sh) | Standard: DGCL § 144 "Votes Cast" (Glazer 5.0% swing block) | Wedge: $44.0M Series U/R TRA cash payout + ~$260M Redemption Note Cap walk-away | Risk Score: 68 | ID: `#RAVEN-AUDIT-UTZB-INTE-20261023-REV1`
- **05. PRTH** — Priority Tech / Priore & Searchlight | $8.05/sh MBO | Insider: 61.4% (50.63M sh) | Standard: DGCL § 144 "Votes Cast" (19.99% float / 40% turnout) | Wedge: $96.04M+ unfunded equity gap + 6.40x springing Truist revolver covenant | Risk Score: 67 | ID: `#RAVEN-AUDIT-PRIO-WDCA-20261023-REV1`
- **06. LXFR** — Luxfer PLC / Wynnchurch Capital | $17.37/sh (Nov 4 Vote) | Insider: 1.1% (294k sh) | Standard: UK Part 26 75% Voted + DTC Headcount Test | Wedge: 12.50% (3.34M sh) vetoes at 50% turnout; sole WholeCo bidder -$0.13 retrade; Q3 NI -66.7% | Risk Score: 66 | ID: `#RAVEN-AUDIT-LUXF-DOUB-20261026-REV1`
- **07. OPCH** — Option Care / CD&R & McKesson | $5.8B ($32.05) | Insider: Uncommitted Float | Standard: DGCL § 251 Majority Outstanding | Wedge: 48.725% ($1.40B) McKesson several-only guarantee + 68% supplier overlap | Risk Score: 65 | ID: `#RAVEN-AUDIT-OPCH`
- **08. PSNL** — Personalis / Tempus AI (TEM) | $16.25 Collar / 0.3356 Ratio | Insider: 29.6% (Merck/TEM/D&O) | Standard: Rule 13e-3 with Zero MFW Vote (28.98% float needed) | Wedge: $48.42–$46.00 collar dead-zone + unobligated walk-away + frozen $145.4M ATM | Risk Score: 64 | ID: `#RAVEN-AUDIT-PERS-TEMP-20261026-REV1`
- **09. SYNA** — Synaptics / ON Semiconductor | $5.0B ($123.00) | Insider: 0.66% (261k sh) | Standard: DGCL § 251 (Abstentions = NO; needs 49.34% FOR) | Wedge: $439.6M current-liability convert lockup to March 2028 + omitted Party A bid | Risk Score: 64 | ID: `#RAVEN-AUDIT-SYNA`
- **10. ITGR** — Integer Holdings / KKR & Tarheel | $4.3B ($126.00) | Insider: 13.98% Physical Swap | Standard: DGCL § 251 Majority Outstanding | Wedge: 60-min final bid window + DGCL § 203 swap waiver + $1,456.45/note convert windfall | Risk Score: 62 | ID: `#RAVEN-AUDIT-ITGR`

## Key Platform Routes
- [Home & Live 10-Deal Surveillance Matrix](https://ravenadversary.com/)
- [14-Layer Raven Engine Specification](https://ravenadversary.com/raven-engine)
- [10-Deal Institutional Intelligence Archive](https://ravenadversary.com/deal-intelligence)
- [Methodology & Epistemic Standard](https://ravenadversary.com/methodology)
- [Initiate Confidential Ticker Conflict & Coverage Check](https://ravenadversary.com/request-assessment)