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  "docSlug": "5bba60c0aabb",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "This is a page from a shareholder letter, likely from an activist investor (Arkhouse/Brigade) proposing a real estate JV strategy.",
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      "text": "We believe pursuing JV structures is the most prudent step for Macy's at this time to create significant value for shareholders given the wide discrepancy between the value of the real estate and the current enterprise value of the Company.",
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      "text": "i) Highlight the value of Macy’s underlying real estate... ii) Immediately take in cash to pay down debt... iii) Retain almost all of its cash flow... iv) Maintain the current investment grade rating... v) Further monetize minority interests... vi) Maintain flexibility...",
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      "text": "real estate value: $21 billion",
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      "kind": "paragraph",
      "text": "assets are worth $21 billion, which implies that the operating business is currently trading for a negative value.",
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      "text": "As we have outlined in our presentation materials to you and as discussed with you during our calls and meetings, we believe pursuing JV structures is the most prudent step for Macy’s at this time to create significant value for shareholders...",
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      "kind": "paragraph",
      "text": "As you know, we believe that the combination of these benefits not only creates substantial value, but also reduces risk, as the Company will have the ability to leave the OpCo with no net funded debt.",
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