This is typical of Uglow's writing – concrete, direct, materially grounded, self-effacing and effortlessly sympathetic.
"Our margins are, in my judgment, materially uncompetitive," O'Neal wrote.
"After the emancipation of the slaves, things were materially altered," he wrote.
"We are not at liberty to disclose the nature of those developments, but we believe that the probability of timely aggressive regulatory intervention has increased materially," Mr. Ackman wrote in a quarterly letter to investors, according to The New York Post.
The procedures "need to be materially improved," he wrote, "if we are called to task to demonstrate the arm's-length nature/fairness of any transaction entered into between Enron and LJM," the name for the partnerships that involved Mr. Fastow.
"Depending on the final outcome of the investigation, and if insurance recoveries are unavailable or insufficient to cover the losses, PG&E Corporation's and the utility's financial condition or results of operations could be materially adversely affected," wrote PG&E General Counsel Hyun Park.
"We believe that Buyers will continue to migrate away from eBay taking Sellers along with them until the overall convenience and trust and safety of the eBay marketplace has materially improved," Mahaney wrote in a recent research note.
The spin-off will "not materially change" Time Warner, he wrote.
In a recent research report titled "U.S. Media: Wreck on the Highway," Michael Nathanson, a Sanford C. Bernstein media analyst, wrote: "The collapse in U.S. automobile consumer demand will materially damage the advertising growth rates of traditional media owners".
In his decision, Roberts wrote that pretending that delving into cell-phone data is "materially indistinguishable" from the old way of searching the things a person carried is "like saying a ride on horseback is materially indistinguishable from a flight to the moon.
