Michael Dell is hoping to convince shareholders and the Securities and Exchange Commission that the only way to make his company competitive again is to sever it from Wall Street through a leveraged buyout that would take the troubled PC-maker private. Dell and his top executives laid out their case in a 274-page filing with the SEC that paints a grim picture of the firm's prospects in the face of mounting competition from mobile devices unless it is given the opportunity to aggressively pursue a turnaround strategy free from the prying eyes of shareholders.

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