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  "documentTitle": "Macy's Inc. (M)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2016-01-11 00:00:00",
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      "kind": "callout",
      "text": "We believe pursuing the JVs that we outline in this presentation will create significant value for all of Macy’s shareholders AND actually improve the capital structure of the OpCo.",
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      "text": "1. Maintaining control of its properties;\n2. Maintaining almost all of its current cash flow at the Macy’s OpCo level;\n3. Maintaining its investment grade rating; and\n4. Leaving the OpCo net debt free, if the Company so chooses, or more likely, with substantially less funded debt.",
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      "text": "Source: Company filings and Starboard Value estimates.",
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      "text": "Permanent value creation for Macy’s shareholders (cont’d)",
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