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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "ADP",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "The slide uses a 'villain' framing to discredit Bill Ackman's claims regarding his firm's influence.",
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      "kind": "callout",
      "text": "Pershing Square owns 2.0% of common stock, not the 8.3% that the fund has claimed since the start of their campaign",
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      "text": "Points explaining why call options do not constitute ownership",
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      "text": "Description of Call Options constraints",
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      "text": "ownership percentage: 2.0%",
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      "kind": "quote",
      "text": "In summary – we want you to elect a major shareholder to the board, in this case it would be me representing Pershing Square. We own 8.3% of the company…",
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      "text": "\"In summary – we want you to elect a major shareholder to the board, in this case it would be me representing Pershing Square. We own 8.3% of the company… this has the effect of sending a very powerful message to the management and the board…\" — Bill Ackman, \"The Time is Now\" Presentation, August 17, 2017*",
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      "text": "Sources: SEC filings; Notes: 1. Pershing Square Press Release, August 21, 2017. 2. Cost basis for options is calculated as disclosed cost to purchase plus strike price.",
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      "text": "Pershing Square Is Not an 8.3% Owner of ADP",
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