The hedge fund battling Samsung just put out this presentation on where the company's going wrong

Billionaire investor Paul Singer is at war with the Samsung dynasty, and on Thursday he released a slide deck laying out his grievances with the Lee family's attempt to merge Samsung C&T into their larger holding company, Cheil Industries.

"Elliott continues to view the terms of the proposed takeover as unfair, unlawful, and significantly damaging to the interests of Samsung C&T shareholders," Paul Singer's hedge fund, Elliott Management, said in a statement.

Elliott, which has a 7% stake in Samsung C&T, recognized that the Lees are attempting the merger in order to ensure a smooth succession between generations in its released. Still, it thinks the $9 billion sale price the Lees have floated seriously undervalues the Samsung C&T and overvalues its parent company, Cheil.

Elliott also argues that there are regulatory issues with the merger including a violation of the Fair Trade Act, and that Cheil is actually just an unregulated financial holding company.