Pershing Square · activist-deck
General Growth Properties (GGWPQ)
68 pages · 3 arc beats · 2 loops
General Growth Properties (GGWPQ)
Pershing Square · 2009-05 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 51 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 2 slides 100% 2/2 slides 100% 2/2 slides · 12 hits — 0/2 slides
— 0/2 slides
— 0/2 slides
100% 2/2 slides — 0/2 slides
Agitate (Make it worse) 15 slides 100% 15/15 slides 100% 15/15 slides · 74 hits — 0/15 slides
40% 6/15 slides 60% 9/15 slides 100% 15/15 slides 100% 15/15 slides Solution (Provide relief) 34 slides 100% 34/34 slides 100% 34/34 slides · 181 hits — 0/34 slides
14.7% 5/34 slides 50% 17/34 slides 100% 34/34 slides 44.1% 15/34 slides Slide inventory
68 every slide · same image gating as the playbook
05
Slide provides a high-level breakdown of the company's operational structure.establish_context
08
The slide uses a list-based segmentation to categorize assets by quality grade (A+, A, A-).summarize
10
The chart highlights that while other asset classes show high volatility, the 'Mall' line (blue) remains within a tighter band, particularly during market downtquantify_opportunity
11
The slide uses a callout box to emphasize the long-term nature of the lease portfolio.establish_context
12
The chart illustrates the potential for rent increases as leases expire and are renewed at higher market rates.quantify_opportunity
13
The chart uses a 3D pie representation to show debt categories: Secured Fixed, Unsecured Fixed, Secured Variable, and Unsecured Variable.analyze_data
14
The slide uses a simple process-flow diagram to show how specific asset characteristics lead to the conclusion of a high-quality business.summarize
17
The slide uses a line chart to visualize the stock price collapse, with callout boxes linking specific dates to market events.diagnose_problem
18
The slide uses a red callout box and a red arrow to visually emphasize the market collapse.diagnose_problem
Open slide detailBeat · Problem (Identify pain)
21
The chart includes a callout box explaining Glimcher's occupancy calculation methodology.compare_peers
22
The slide highlights the deceleration in growth rates by Q1'09.analyze_data
24
This is a single callout box on a plain background.frame_situation
25
The slide uses annotations to link specific corporate events to the stock price trajectory.illustrate_case
26
The slide uses a timeline-annotated line chart to highlight the contradiction between bankruptcy status and stock performance.expose_contradiction
27
The slide uses a causal chain to explain the bankruptcy, highlighting the impact of off-balance-sheet consolidation.diagnose_problem
28
The slide uses a Q&A format to address potential investor skepticism regarding bankruptcy recovery.preempt_rebuttal
29
The slide uses a direct excerpt from the U.S. Bankruptcy Code to establish the legal standard for plan confirmation.cite_precedent
30
The slide uses a direct quote from the Congressional Record to establish a legal precedent for creditor recovery limits.cite_precedent
31
The slide uses a comparison framework to reframe GGP's bankruptcy as a liquidity event rather than a fundamental insolvency.compare_peers
32
The slide uses a case study approach to demonstrate that equity value can be preserved or enhanced in specific bankruptcy scenarios.cite_precedent
33
The slide argues that conflicting incentives among stakeholders lead to the underpricing of post-reorganization equity.compare_peers
36
The slide outlines specific adjustments to debt, NOI, dividends, and capex for financial modeling purposes.analyze_data
37
Includes footnotes detailing assumptions for cash flow adjustments and valuation methodology.quantify_opportunity
38
Includes detailed footnotes regarding assumptions for cash flow, interest expense, and debt conversion.analyze_data
39
This slide addresses potential counter-arguments regarding the feasibility of the proposed solution.preempt_rebuttal
40
The slide uses a direct quote from Justice Stevens to define the 'cram down' standard.cite_precedent
42
The slide explicitly maps GGP to the 'formula approach' category.cite_precedent
43
The slide cites the legal precedent established by Justice Stevens in the 2004 Till v. SCS Credit Corp case.cite_precedent
44
The slide highlights the widespread application of the Till precedent in bankruptcy proceedings.cite_precedent
45
The slide highlights a legal precedent where the court opted for a formula approach despite arguments for an efficient market rate.cite_precedent
46
The slide uses a court ruling to justify a specific interest rate methodology, contrasting it with a creditor's higher market rate claim.cite_precedent
47
The slide uses a process-like flow to map legal criteria to a specific financial outcome (Prime-plus 0.5% - 1.0%).cite_precedent
48
The slide uses a legal precedent to preemptively justify a specific financial assumption regarding interest rates in a bankruptcy scenario.cite_precedent
50
Includes a circled total of $5,099 million for cash flow available for debt repurchase.analyze_data
51
The slide uses a bar chart to show that GGP's high leverage is common among peers, supporting the argument that liquidation is a bad precedent.preempt_rebuttal
Open slide detailBeat · Solution (Provide relief)
54
The slide includes a specific callout box explaining why Simon's metrics are slightly skewed by the Mills portfolio.compare_peers
Open slide detailBeat · Solution (Provide relief)
55
The slide uses a standard REIT valuation bridge to arrive at an implied cap rate.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
56
The slide uses a stacked bar chart to distinguish between secured and unsecured debt, with callouts explaining specific debt obligations.preempt_rebuttal
Open slide detailBeat · Solution (Provide relief)
57
Includes detailed footnotes explaining adjustments for debt, cash, and other assets.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
58
The slide uses a 'sum-of-the-parts' logic to argue for undervaluation.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
59
The chart highlights the 7.6% average cap rate for malls with a dotted horizontal line.analyze_data
Open slide detailBeat · Solution (Provide relief)
60
The slide uses a peer benchmark (CB Richard Ellis) to justify the valuation multiple range.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
61
The slide uses a bridge methodology to arrive at a per-share valuation range.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
62
The slide uses a quote from a former CFO to establish that management previously acknowledged the development potential of the land, which the activist is now uexpose_contradiction
Open slide detailBeat · Solution (Provide relief)
64
The slide uses an aerial photograph as evidence of under-utilization or under-earning potential.quantify_opportunity
Open slide detailBeat · Solution (Provide relief)
66
The slide uses a '?' for Hidden Asset Value, implying it is the residual or unknown variable to reach the total valuation.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
67
The table highlights the 9.4% cap rate column and the 5.5% ownership row as the break-even point.quantify_opportunity
Open slide detailBeat · Solution (Provide relief)