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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-03-31 00:00:00",
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      "kind": "callout",
      "text": "Greg Hessler, Bank of America: “Can you highlight just sort of what, specifically, you're seeing in your bond or your debt covenants that would require you to make whole the capital structure?” Brad Richmond: “We think it's fairly clear in there that to the degree that we would need to pay off those bonds, there are certain provisions that those costs that we would have to incur. So we're fairly certain that those are there, and those are obligations that we would need to fulfill.” - Q3 Earnings Call, March 21, 2013",
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      "text": "It appears to us that management is looking only at the worst case scenario for a poorly-structured sale or spin-off of all of Darden’s real estate under which neither the operating company (“OpCo”) nor the real estate company would have the optimal capital structure.",
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      "text": "Management has declined to provide details on why it believes a real estate transaction would necessitate costly Make-Whole Payments on all of Darden’s debt.",
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      "text": "But does Darden need to pay off all of the bonds? We don't think so.",
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